USDA Financing – No Down Payment

For a while there was a scare about lack of funding and additional reasons as to why this loan product would soon be unavailable – but it’s still here! And for how long… nobody knows. Technically, Casa Grande doesn’t qualify due to our growing population but we were kept in under an exception and will continue to utilize it as long as possible.

This loan program allows first time homebuyer, and in some cases, second home purchasers relocating, to purchase homes without a down payment. The loan provides up to 102% of appraised value in financing which means some of the closing costs and guarantee fees can be financed, depending on the appraised value. The loan also doesn’t require cash reserves and gift funds are acceptable for closing costs.

Another great feature is that sellers can contribute up to 6% towards the buyer’s closing costs – this means that a buyer could potentially purchase a property with no money down – and the mortgage payment will probably be less than rent!

Rates are comparable to FHA financing and flipped properties are allowed. The property must be owner occupied and there are some household income limits, but most first time homebuyers will fit into the program guidelines.

About Melissa Yost Fuentes

Melissa specializes in residential real estate in the Central Arizona market which includes the communities of: Casa Grande, Maricopa, Arizona City, Coolidge, Florence, Chandler, Gilbert, Mesa, Queen Creek, San Tan Valley and everything in between. She has a drive for excellence which has earned her the following designations and certifications that add to her ability to effectively work for you: the Certified Distressed Property Expert designation, the Certified Investor Agent Specialist designation, the Accredited Buyer Representative designation, the Short Sale & Foreclosure Resource certification, the Graduate Realtor Institute designation, and the ePro designation which is designed to help utilize the most current and innovative technology tools when searching for or selling your home. In addition, an Associate of Arts degree in Visual Communications with an emphasis in Multimedia helps Melissa put every piece of the marketing puzzle together to work for you when selling your home in this difficult market.

Posted on April 1, 2012, in Loan Programs and tagged , , , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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