What is a USDA Home Loan?
- Arizona Mortgage Broker, Arizona Home Loans
If you are wondering what a USDA home loan Arizona
is, let me fill you in! A USDA home loan Arizona
is essentially a mortgage loan, but offered mainly to those who own rural property. It is offered by the United States Department of Agriculture. This loan’s purpose is to provide loans and grants to those who want to buy a home in a rural area, as well as to those who are very low income homeowners in order that they may make repairs, improvements and to modernize. It is also to make sure that their homes are up to date and modernized so that there are no health or safety hazards. It is not the typical mortgage in that USDA home loan Arizona
requires no down payment, and may be financed up to one hundred percent of the property value. You also must meet the income limit restrictions in the county you reside in. The property must also be in a rural area as defined by the USDA.
How can I qualify for a USDA Home Loan Arizona?
- Arizona Home Loan
To qualify for a USDA home loan Arizona you must live in a rural area, and one that is defined by the USDA. The property you are looking for a home loan on, must be owner-occupied. That means that you cannot use a USDA home loan Arizona if you are looking for an investment opportunity. The owners must also not be able to get credit anywhere else. You also must be over the age of 62. You can only use the loan to make repairs to the dwelling in order that it be more habitable and safe. The family must be without adequate housing, but must also be able to make the payments, including taxes and insurance. You must also have a reasonable credit history.
If you are looking to make repairs so that your dwelling is safe, cannot get the loan somewhere else, and live in an USDA approved rural area, a USDA home loan Arizona is right for you!
- Loan Officer Level 4 Funding
Level 4 Funding LLC
Tel: (623) 582-4444 | Fax: (888) 279-6917
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027