Qualifying for a USDA rural home loan in Buckeye AZ

Qualifying for a USDA rural home loan in Buckeye AZ

Is a zero down home in Buckeye AZ really a myth? Actually, qualifying for a USDA loan is easier than you think. What exactly is a USDA loan you might ask? Yes, it is through the US Department of Agriculture. It is a loan that is intended to help people buy homes for zero down in rural areas. Here's a map of eligable areas.

Buckeye is one of the fastest growing areas of the country. In fact, a report came out that said the Buckeye area is the 7th fastest growing area in the United States.

Things to consider when qualifying for a USDA home loan:

There are a few things to consider when purchasing a home in Buckeye using a USDA home loan.

1. Credit score to qualify for a USDA loan- One of the biggest questions I get is what your credit score needs to be to qualify. Typically lenders look for a credit score of 630 or higher in order to qualify for a USDA loan in Buckeye AZ. One of the most important things to do when first starting out is to verify your own credit score. You can get 1 free report per year at annualcreditreport.com

2. USDA loan closing costs- Typically closing costs on a USDA loan will average around 3% of the purchase price. That means that a $100,000 house would average about $3,000 in closing costs. There are ways to get the seller to pay the closing costs. Read on to learn more. Also, your closing costs can be gifted to you which would be a true zero money down loan.

3. Income limits for USDA- Believe it or not, there are limits on how much each household can make in order to qualify. For the Phoenix area the income limit for 2 people in a house hold is $53,300. For one person the income limit is $46,700.

4. Can you buy an investment home using a USDA loan- No, any home purchased using a USDA loan must be primary owner occupied.

5. Can you buy a resale home or a new build using a USDA loan- Newbuild homes and resale homes are both eligable for a USDA loan in Buckeye AZ. If you purchase a new build, a big advantage is that the builder will almost always pay your closing costs. We are very familiar with all of the new home builders offering the USDA loan in Buckeye AZ so be sure to call our team first.

Qualifying for a USDA home loan in Buckeye AZ is easier than most people think. Call our team hotline at 623-777-3302 for more information or visit our website at www.HomeBuyerAdvantageTeam.com