USDA Loans In Arizona

By
Mortgage and Lending with Joe Mortgage - Precision Mortgage Inc. NMLS 217716 AZ LO0911403

USDA Loans in Arizona are available today.  0 down, USDA, 100% financing for homes in Arizona.  Get pre-qualified for USDA financing in Arizona.  With no money down and the option to have closing costs paid by the seller little to no money down is required to buy a home using USDA financing in Arizona.  Contact Joe Hansen your Arizona USDA home financing specialist.

USDA Arizona Home Loan Tips:USDA Loans Arizona,  USDA Loans Maricopa County,  USDA Loans Anthem, USDA Laons Buckeye

  • 100% home loan for Arizona
  • No monthly mortgage insurance
  • No cash reserve requirements
  • Need at least a 620 or highercredit score
  • No loan limits for Arizona
  • You are able to finance up to 102% of the appraised value of the home
  • Seller is allowed to pay closing costs
  • Rates are comparable to FHA loans

What are the USDA Mortgage Loan Qualifying Requirements in Arizona?

Your income and your monthly expenses are taken into consideration. Standard debt-to-income ratios are 29/41 for USDA Loans. These ratios may be exceeded with compensation factors e.g. – good credit, large reserves etc.

Your credit history (this is important, but USDA's credit standards are flexible). A FICO score of 620 to 640 or above is required for all loans through most banks.

With USDA loans in Arizona banks will look at your loan much like applying for any other mortgage.  Your debt to income assets and credit are all taken into consideration.

The items needed for qualification of a USDA loan in Arizona:

  • Legible copy of a photo ID (driver license)
  • Copy of the social security card
  • 30 continuous days of pay-stubs from work (or any additional applicable proof of income)
  • 2 months of ALL asset statements
  • 2 years of Federal Income Tax returns with ALL schedules
    2 years of W2s
  • Signed letter of explanation for any derogatory items showing on the credit report

Can I get an USDA Mortgage Loan in Arizona after bankruptcy?

YES -Criteria for USDA loan approvals for Arizona state that if you have been discharged from a Chapter 7 bankruptcy for three years or more, you are eligible to apply for an USDA mortgage. If you are in a Chapter 13 bankruptcy and have made all court approved payments on time and as agreed for at least one year, you are also eligible to make a USDA Loan application. You must have re-established credit if you have filed for bankruptcy in the past and a clean credit history for the most recent 12 months.

USDA LOANS ARizona Map.  USDA Loans Maricopa CountyWhat are the USDA Down Payment Requirements?

USDA Mortgages in Arizona have no down payment requirement. Other loan programs don't allow this. (excluding VA financing)

 

What types of property are eligible?

While USDA Mortgage Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and single family residences.  Financing for manufactured homes can be very difficult and most lenders do not allow for USDA home financing on manufactured homes.

What is the maximum amount that I can borrow for a USDA loan in Arizona?

Maximum loan amount: The is not a set maximum loan amount allowed for an USDA Mortgages in Arizona. Instead, your debt-to-income ratios will dictate how much home you can afford (29/41 ratios). Also, your total household monthly income must be within USDA allowed maximum income limits for your area. Maximum USDA Loan income limits for Arixona are:

Arizona  1-4 member family $73,600    5-8 member family$97,150

Maximum financing: The maximum USDA Mortgage amount will be 100% of the appraised value of the home.

What kinds of loans does USDA offer in Arizona?

Fixed rate loans – All USDA Loans in Arizona are based off a 30 year fixed rate.

What is considered a Rural Area by the USDA in Maricopa County?

Rural areas include all or parts of – Anthem, Buckeye, Queen Creek,   including more rural areas outside of Maricopa County.   To find out if the home you are looking at is available for USDA financing CLICK HERE.

Contact Joe Hansen your Arizona USDA home loan specialist to be qualified today.

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