United States Department of Agriculture - Rural Development Loan
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Direct Loans from the USDA No Money Down Loan Program


Did you know that in Arizona you can get a no money down mortgage loan directly from the United States Department of Agriculture (USDA) to purchase a home. The USDA offers programs for people and families who are looking to purchase homes in certain areas of Maricopa County, Pinal County and all over Arizona. This is a true (100%) one hundred percent mortgage loan that allows even the closing costs to be financed.
The USDA No Money Down Mortgage Loan was designed for low to moderate level income families looking to purchase a home within a USDA designated rural development area.  Minimum qualifications such as family income and location of the property have to be met and our expert USDA No Money Down Mortgage loan experts can discuss these qualifications further, just fill out the form on the left.
USDA No Money Down Mortgage Loan, 100% LTV
USDA No Money Down Mortgage Loan Facts

  • 1.  The mortgage loan money comes directly from the (USDA) government. You will not have a guaranteed mortgage loan from another lender, but an actual mortgage loan from the government.


2.  You can get a mortgage loan to purchase a pre-existing home. The USDA offers mortgage loans for homes that are already for sale.


3.  You can get a mortgage loan to purchase land and construct your own home. For this option you will need to have the building contract and land purchase contract so that the USDA will know the full amount of the mortgage loan you are applying for. There may be some restrictions on the builder as far as a time frame for finishing the construction.

4.  You can get 100% financing to purchase a home. With the USDA Rural Home Loan Program you do not have to have any money down to purchase a home. The government offers the zero money down option in order to help low income rural families purchase homes. In many cases these families may be making just enough money to pay rent, and could pay the same amount on a mortgage to own their own home, but don't have any extra money left over to save for a down payment. That is why the USDA does not require any down payment on their direct loans for rural housing.

5.  Mortgage payments for the USDA loans are based on household income. They consider how much you earn and allow around 26% of that amount to be used towards a mortgage payment. This determines how much of a loan you can afford.


6.  The USDA Rural Home Loan Program is designed specifically for low and to moderate income families.


7.  Loan terms are for up to 33 years or 38 years if your income is so low that you could not afford the monthly payments unless the terms are stretched out for longer.


8.  If you have a manufactured home the USDA offers loans to help you move your home and purchase a piece of rural land. The maximum loan term for a manufactured home is 30 years.


9.  The interest rate is based on the rate the government is paying for the money borrowed. However, there is also a program that offers payment assistance in the form of subsidies. 

Just complete the form on the left to get all of your USDA No Money Down Mortgage Loan questions answered, or give us a call toll free.

 

 

Call Toll Free, Now!  1-877-300-USDA

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