With the downturn in Arizona’s real estate market, there really has never been a better time to buy a home. The good news is that with the USDA Loan Program, traditional hurdles like strict credit guidelines and large down payments no longer have to hold you back from realizing your dreams of the homeownership. For Arizona residents who want the security of a government backed loan, but do not qualify for a traditional loan, the USDA Home Loan program offers a viable alternative, including:
100% Financing Up to the Appraised Value
New and Existing Homes are Eligible
No Maximum Loan Amount
Low Fixed Interest Rates
Arizona Areas that Qualify for a USDA Loan
The USDA Loans program is often referred to as the Rural Development Loan Program. Take note, however, that this does not restrict qualifying homes to farmland. Instead, to qualify, the property in question simply has to be located outside the limits of a major city and in an area of 20,000 residents or less.
So while a house located directly in Phoenix may not qualify, a house located just outside the surrounding metropolitan area may qualify. For more information, Consumer Real Estate Finance Co. offers a USDA property eligibility wizard. Or, you can call one of our certified USDA loan agents at 1-866-854-4242.
Arizona’s USDA Loan Income Limits by County
The good news is that if the Arizona home is located within a qualifying area, there are only a few other usda eligibility requirements to meet. While one is a credit evaluation, you should note that these USDA Loan Credit History guidelines are flexible – meaning that you must demonstrate the ability and willingness to meet obligations as they become due.
The other is a maximum income limit. Your income cannot exceed the limit set for your county: