USDA Loans, the only ZERO DOWN payment loan available.
USDA loans are also known as Rural loans. This is the only No Down Payment loan available. Although things sometimes seem too good to be true, there are certain restrictions/limitations for these loans.
- First off these loans are only eligble to properties located in “rural areas”. Ie. Town of Maricopa, Queen Creek and Goodyear to name a few.
- Income limitations See Chart Below
Maricopa County- 1 to 4 Person Household – $75,750 5 to 8 Person Household – $100,000
Pinal County- 1 to 4 Person Household – $73,600 5 to 8 Person Household – $97,150
A USDA/RURAL loan virtually allows you to buy a home without spending a dime. USDA allows the seller to contribute up to 6% of the purchase price towards borrower’s closing costs which in most cases covers all of the borrower’s closing costs. These loans can be used on new and resale homes as well as bank owned, foreclosed homes.
Posted in USDA loans 9 months, 2 weeks ago at 3:00 PM. Add a comment
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