USDA Rural Housing Program Changes

There were some changes to the USDA “Rural” Housing Program which still allows 100% financing.  The maximum income limit used to start at $50k/year but that limit has now been raised to $73,600 per year ($97,150 for a family of 5 or more).

If you are looking to live in parts of Pinal County, you can still buy a home with “no money down” if you qualify for a program called the USDA rural home loan program.

The USDA rural home loan program is designed to help people buy homes that are “designated” as rural areas with as little money out-of-pocket as possible. The average out of pocket expense for a borrower who was financing their home with a USDA loan was less than $200 for 2008.

Some of the cities in Arizona that have access to this program are Buckeye, Queen Creek, Florence, Maricopa (the city), Payson, Prescott Valley,  Kingman and parts of and Anthem to name a few.

The greater Phoenix and Tucson areas are excluded as is Flagstaff.  The property must be a primary residence and qualification for the loan includes the typical income, asset and 620 credit score.

Only those counties with ineligible areas are listed below. All other counties are completely eligible. Please select a county from the map or from the Quick list to view ineligible area.

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Quick list of Counties containing ineligible areas

Cochise
Coconino
Maricopa
Mohave
Pima
Pinal
Yavapai
Yuma
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About Candace

Candace Robinson is an Associate Broker with Red Hawk Realty and Property Management, a real estate brokerage serving the Phoenix metropolitan area. Candace is a member of our local Arizona Association of REALTORS® and the National Association of REALTORS®, she works with both Buyers and Sellers serving the East Valley and surrounding areas including Gilbert, Chandler, Tempe, Mesa, Fountain Hills, Apache Junction, Ocotillo, Scottsdale, Cave Creek, Phoenix, Queen Creek, Casa Grande, Maricopa, Ahwatukee and more.

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