Arizona is known for its breathtaking desert vistas. Do you dream of owning a home in a rural part of the state? Then you are going to want to apply for a USDA mortgage so you can purchase your home with zero down.
What is a USDA Home Loan?
A USDA mortgage is a loan that is backed by the US Department of Agriculture. While they are income-based, their relaxed eligibility requirements mean that many homebuyers can qualify.
Benefits of USDA Mortgages in Arizona
Qualifying for a USDA loan means enjoying these benefits:
- You can qualify for an affordable interest rate without a perfect credit score.
- Zero down payment is required, making it easy to move forward with your home purchase immediately.
- You will pay less for the USDA loan guarantee fee than you would for FHA mortgage insurance premiums (MIP).
- How much you qualify for is individually-based. There is not a set loan limit for USDA mortgages.
We can tell you about these and other advantages of USDA loans in detail during your consultation.
Do You Qualify for a USDA Mortgage?
Arizona homebuyers who fit the following criteria may qualify for a USDA home loan:
- Your income does not exceed 115% of the median household income for your location.
- You are shopping for a home in a USDA rural zone.
What does the USDA say is a “rural” zone? You will discover that their definition is unexpectedly broad. In fact, for this reason, a USDA loan is often worth looking into even when you think it will not be applicable.
Apply for a USDA Loan in Maricopa County or Beyond
Misty Garrison can help you figure out if you qualify to buy a home anywhere in AZ with a USDA mortgage. Please contact Misty at (480) 618-5358 to schedule your consultation.