Arizona USDA Loans
Over the last couple of years, the number of true 100% financing loan programs has dwindled down to just a couple. The USDA loan program is the most popular 100% financing loan program in areas in Arizona.
Note that not all properties in Arizona qualify for the USDA loan program!
To find out if the property that you are considering meets the Arizona USDA loan requirements by checking the USDA loan eligibility database.
Arizona USDA Loan Highlights:
- 100% financing
- No down payment required
- No up front or monthly mortgage insurance
- No cash reserve requirements
- Officially – no minimum credit score – unofficially – need at least a 620 credit score
- No loan limits
- Down payment assistance (if it ever comes back) is okay
- Can finance up to 102% of the appraised value of the home
- Seller concessions are allowed (seller can pay the closing costs)
- Rates are usually about the same as FHA loans
When choosing a lender to work with regarding your USDA loan options, be sure to speak with an expert who will know about the USDA loan rules and what your best options are regardless of your situation. Not all lenders offer USDA loans, so be sure to shop for the right lender who can help you get into the right house with the USDA loan program.