USDA Loans Maricopa AZ – The Essentials

USDA Loans Maricopa AZ - The Essentials

USDA loans are an excellent option for purchasing a rural home in Maricopa, AZ. These loans are available through the United States Department of Agriculture and offer buyers several benefits that other types of mortgages don’t. Here’s what you need to know about USDA loans in Maricopa, AZ.

What are USDA Loans? 

USDA Loans are a type of mortgage offered by the United States Department of Agriculture. They are available to home buyers in rural areas who meet specific income requirements.

USDA Loans have various benefits, including low-interest rates and no down payment required. They are an excellent option for those who want to buy a home but don’t have enough money saved up for a traditional down payment.

Types of USDA loans? 

The USDA offers three main mortgage programs: 

1) USDA Direct Loans: for qualified low-income borrowers with interest rates as low as 1%. 

2) USDA Loan Guarantees: from participating lenders who offer minimal down payments and interest rates near zero percent!

3) USDA Home improvement loans: given to homeowners who need assistance making repairs or improving their homes.

The benefits of getting a USDA Loan 

USDA loans offer several advantages over other types.

1- you can qualify with credit scores as low as 640!

2- The USDA loans require no down payment, unlike FHA and conventional loan programs. They’re specifically designed for people who want to buy homes in areas with higher mortgage default rates or where there’s not enough supply because it is an interest rate that can be accessed by many borrowers – which means you could save money on your interest if you qualify!

3- The USDA monthly guarantee fee is usually lower than FHA mortgage insurance. This means that you can roll these fees into your loan! 

4- If you have a USDA loan, there’s no need to worry about refinancing. You can change your property’s mortgage type and continue as before!

So if you’re looking for a low-risk, affordable financing option, USDA loans are worth considering! Contact one of our loan officers today to learn more about how this program could benefit you.

How do I qualify for a USDA Loan? 

USDA Loan Eligibility Requirements are pretty straightforward. To be eligible for a USDA loan, you must:

1- Residence 

You must have a U.S residence, noncitizen national or permanent resident alien status to apply for a USDA loan. 

2- Income 

Your adjusted gross income cannot exceed 115% of the median income in your area, and there is an additional requirement that requires stable employment with at least 12 months’ worth of credit history based on current assets/savings accounts as well as how much debtors owe nothing else but themselves (DTI).

3- Location 

USDA loans can help you purchase or refinance your home. Visit the USDA’s eligibility site to see if it’s in an area that is approved for this type of financing and call them directly so they may guide you through all steps before accepting any commitments with regards to what kind (or how much) mortgage loan would work best based on the information given by the customer during the application process. 

That’s essentially it! If you meet those requirements, you’re good to go and should contact a USDA-approved lender to start the application process.

Need Help? 

To sum it up, if you want to purchase a rural home in Maricopa County and need a USDA loan, the easiest way forward is to contact your local lender, the Stone Tree lending team. We specialize in lending to our neighbors in the Maricopa County, AZ region, and we look forward to helping you secure financing for your next home! Give us a call today to learn more about our services!

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