Home Loans California & Arizona

What is Quartzsite AZ USDA Home Loans?

Quartzsite AZ USDA Purchase Loan Program, also known as the Section 502 Direct Loan Program, this program assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time.

The amount of assistance is determined by the adjusted family income. 

USDA Home Loans in Quartzite az

In some areas, USDA Rural Development provides funds to local organizations, called
“intermediaries,” who use funds to offer loans and grants for business startup or expansion. These re-lending options include:

  • Intermediary Relenting Program - offers low-interest loans for business and community development.
  • Rural Economic Development Loan and Grant Program - offers affordable loans through local utilities for business development that help to create or save rural jobs. 
  • Rural Micro-entrepreneur Assistance Program - offers micro-loans to businesses with 10 or fewer employees through intermediaries.

Who in Quartzsite AZ may apply for this program?

A number of factors are considered when determining an applicant’s eligibility for Single Family Direct Home Loans. At a minimum, applicants interested in obtaining a direct loan must have an adjusted income that is at or below the applicable low-income limit for the area where they wish to buy a house and they must demonstrate a willingness and ability to repay debt.

Applicants in Quartzsite AZ must:

  • Be without decent, safe and sanitary housing
  • Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet
  • Agree to occupy the property as your primary residence
  • Have the legal capacity to incur a loan obligation
  • Meet citizenship or eligible noncitizen requirements
  • Not be suspended or debarred from participation in federal programs

Quartzsite AZ properties financed with direct loan funds must:

  • Be modest in size for the area
  • Not have market value in excess of the applicable area loan limit
  • Not have in-ground swimming pools
  • Not be designed for income producing activities

Borrowers are required to repay all or a portion of the payment subsidy received over the life of the loan when the title to the property transfers or the borrower is no longer living in the dwelling.

Applicants must meet income eligibility for a direct loan. Please contact your local RD office to ask for additional details about eligibility requirements.

Who does USDA Home Loans in Quartzsite?

  • Contact your local USDA Rural Development office for application information. Nathan Rufty at (623) 850-1210.
  • Funding cycles depend on the program you are interested in; they can be annual, quarterly, or continuous.
  • Program resources like forms, guidance, certifications, checklists, and more are available online.
Posted by Nathan Rufty on July 17th, 2019 1:25 PM
With loans available to home buyers in rural areas and financing assistance to those who qualify, a USDA loan can help you make the dream of homeownership a reality in Yuma Arizona.

Yuma AZ USDA loans are mortgages backed the U.S. Department of Agriculture as part of its USDA Rural Development Guaranteed Housing Loan program. USDA loans are available to home buyers in rural areas and offer 100% financing with reduced mortgage insurance premiums, and feature below-market mortgage rates.


The USDA Rural Development loan program provides low- and moderate-income households the opportunity to own a primary residence in eligible rural areas. It provides options for no down payment and low monthly mortgage insurance which saves you thousands. 

With a USDA loan, eligible applicants may build, rehabilitate, improve or relocate a dwelling in a rural area. You do not need to be a first time homebuyer to be eligible for this program. Gift funds are also accepted for any out of pocket fees including closing costs.

USDA Guaranteed Home Mortgage Loans are the most common type of USDA Loan in Yuma AZ and allow for higher income limits and 100% financing for home purchases. USDA Guaranteed Loan applicants may have an income of up to 115% of the median household income for the area. Area income limits for this program can be viewed here. All USDA Guaranteed Loans carry 30 year terms and are set at a fixed rate.

USDA Direct Housing Loans are less common than USDA Guaranteed Loans and are only available for low and very low income households, as defined by the USDA. Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI. Click here to see area income limits for this program.

Yuma Arizona USDA Home Loan Benefits

  • No down payment
  • Low mortgage insurance premium
  • Competitive mortgage rates
  • High debt-to-income ratios accepted
  • Great for low income households

Eligibility Factors for a Yuma AZ Rural Development Loan?

There are several things used to determine a borrower’s eligibility.  The first thing to consider is credit score. While USDA doesn’t set a min score most lenders require a 640 or higher. The next consideration is debt to income ratio. A standard approval requires a housing ration of no more than 29%. This means the total home payment each month cannot exceed 29% of the borrower’s gross income. Additionally a borrower’s total debt including the housing payment cannot exceed 41% of the monthly gross income. These ratios can be exceeded with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. Maximum USDA Guaranteed Loan income limits for your area can be found at here. Maximum USDA Direct Loan income limits for your area can be found at here. Eligible families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.

Maximum USDA Loan Amount

USDA Loans actually do not have a maximum loan amount. The debt-to-income ratio will determine the maximum loan amount on each loan because the borrowers will be limited on loan amount by the ratios set forth. As stated earlier, the max ratios are 29% and 41%. Additionally, your total household monthly income must be within USDA allowed maximum income limits for your area. Maximum USDA Guaranteed Loan income limits for your area can be found at here. 

Maximum financing: The maximum USDA Rural Development Loan amount is 102% of the appraised value of the home (100% plus the 2% USDA RD Loan guarantee fee).

How much money will I need for the down payment and closing costs?

USDA Rural home loans do not require a down payment. Borrowers can get 100% no money down loans.

What are the allowable property types for USDA Home Loans?

USDA requires all loans to be for Owner Occupied properties. The different types of allowable properties are SFR, Condos, Manufactured Homes, and PUDs. Lenders will determine whether or not a property is eligible.

Please call Nathan Rufty at (623) 850-1210 to receive a free consultation on USDA Home Loans in Yuma Arizona.

Posted by Nathan Rufty on July 10th, 2019 2:55 PM

100% Financing in Surprise Arizona

Home Buyers in Surprise Arizona love seeing and hearing those words - Buy A House with 0 Down Payment. And why wouldn't they? First-time buyers make up 40% of the home buying market. This is nearly half of all homes sold in the United States.

The mortgage market in Surprise AZ and nationwide flourished over the last few years in large part to 100% financing for first-time homebuyers. Now, buying a home is possible for nearly everyone. More first-time buyers have been able to enter the marketplace than ever before. Banks have become more liberal and lending standards have loosened. There are many, many ways to get 100% financing.

There are many programs that offer 100% financing in Surprise AZ, making it possible for first-time home buyer to qualified with zero down payment. Some national loan programs also have features that can benefit first-time home buyers. Browse the options below to find the right mortgage for your needs.

100% financing in surprise az infographic

USDA Home Loans: 100% Financing, Zero Money Down

The USDA’s Rural Development mortgage guarantee program is very popular and sometimes runs out of money before the fiscal year ends.

Many borrowers are surprised to learn that Rural Development loans aren’t limited to farmland in Surprise Arizona. The U.S. Department of Agriculture has maps on its website that highlight eligible areas.

Besides geographical limits, the USDA program has restrictions on household income, and it is intended for first-time buyers, although there are exceptions.

The USDA mortgage comes from a bank, and there is no mortgage insurance. Instead, the USDA levies a 1% upfront guarantee fee, which can be rolled into the loan amount, and an annual guarantee fee of 0.35% of the loan balance.

VA Home Loans: 100% Financing, Zero Money Down

The VA guarantees purchase mortgages with no down payment required for qualified Surprise Arizona veterans, active-duty service members and certain members of the National Guard and Reserves.

Private lenders originate VA loans, which the VA guarantees. There is no mortgage insurance. The borrower pays a funding fee, which can be rolled into the loan amount.

For purchase and construction loans, the VA funding fee varies, depending on the size of the down payment, whether the borrower served or serves in the regular military, Reserves or National Guard, and whether it’s the veteran’s first VA loan or a subsequent loan. The funding fee can be as low as 1.25% or as high as 3.3%.

For first-time buyers making no down payment, the funding fee is 2.15% for members or veterans of the regular military, and 2.4% for those who qualify through their service in the Reserves or National Guard.

No money down: Navy Federal Credit Union

Navy Federal, the nation’s largest credit union in assets and membership, offers 100% financing to qualified members who buy primary homes. Navy Federal eligibility is restricted to members of the military, some civilian employees of the military and U.S. Department of Defense, and family members.

The credit union’s zero-down program is similar to the VA’s, though Navy Federal’s funding fee is 1.75%.

FHA Home Loans: Low Down Payment, 3.5% Down

Federal Housing Administration, or FHA, loans require 3.5% down, which can still be quite a lot of money — for a $300,000 home, that’s $10,500. But, there’s an FHA rule that allows you to get around the down payment requirement in a way. According to FHA guidelines, you can receive a gift for the entire down payment. The gift can be from a family member, non-profit organization, fiancee, or other eligible down payment source.

FHA also offers a niche offering called the Good Neighbor Next Door loan. Teachers, police officers, firefighters, and some other public employees, if eligible, can purchase a home with just $100 down. That’s not quite 100% financing, but very close to be one.

Low down payment: The HomeReady™ Mortgage (3% down)

The HomeReady™ mortgage is special among today’s low- and no-downpayment mortgages.

Backed by Fannie Mae and available from nearly every U.S. lender, the HomeReady™ mortgage offers below market mortgage rates, reduced mortgage insurance costs, and the most innovative underwriting idea on more than a decade.

Via HomeReady™, the income of everybody living in the home can be used to get mortgage-qualified and approved.

For example, if you are a homeowner living with your parents, and your parents earn an income, you can use their income to help you qualify.

Low down payment: Conventional loan 97 (3% down)

The Conventional 97 program was originally discontinued in December 2013. It was later reinstated by the Federal Home Finance Agency in late-2014. This section has been updated to reflect the new product’s guidelines.

The Conventional 97 program is available from Fannie Mae and Freddie Mac. It’s a 3% downpayment program and, for many home buyers, it’s a less-expensive option as compared to an FHA loan.


Most home buyers may need to put down at least 3% to 5% or more of the cost of the home to get a mortgage. But no matter what kind of loan you get — with a down payment or without — make sure you can truly afford the mortgage payments and the other costs of homeownership (insurance, repairs, etc.) every month. 

Not sure where to start? Call Nathan Rufty Today at (623) 850-1210 to see which one of these no money down programs that are available in Surprise AZ can be beneficial for you. 
Posted by Nathan Rufty on July 3rd, 2019 2:41 PM
USDA Home Loan Parker AZ
Have you had trouble qualifying for a traditional home loan in Parker AZ? Then why not apply for a government backed USDA Home Loan. Approved and backed by the U.S. Department of Agriculture, these loans are specifically designed to help build many of Parker AZ’s smaller rural communities.


Advantages of seeking a USDA Loan to Finance Your Parker AZ Property Include:

  • Finance 100% of Your Parker AZ Home Loan
  • Flexible Credit Guidelines
  • Low Fixed Interest Rates
  • No Loan Amount Limitations on Parker AZ Property
  • Parker AZ areas that Qualify for a USDA Loan
  • Do not let the word Rural Development Loan fool you. Sure, these loans are aimed at helping smaller communities thrive – but this does not mean that you have to buy farmland. Available for a variety of homebuyers, properties located all throughout the state of California are USDA Loan eligible.

Basic USDA Loan property eligibility requirements include:

  • Communities located outside of city limits
  • Communities with less than 20,000 people
  • Because many of the qualifying Parker AZ homes are located just outside of major metropolitan areas, you should never assume that your property will not qualify. The experts here at Consumer Real 

Nathan Rufty can help you determine property eligibility. Call Today at (623) 850-1210.
Posted by Nathan Rufty on June 26th, 2019 2:11 PM
3 down payment surprise az
For prospective homeowners is Surprise, Arizona, the idea of saving up for a 20% down payment which is usually tens of thousands of dollars can often be paralyzing. As a result, small or no down payment mortgages are extremely attractive.

But as usual, taking a shortcut financially can come back to bite you. Mortgage loans that have a low-minimum down payment usually require extra fees or insurance to make it worth the lender’s while.

To determine whether a small down payment mortgage is right for you, it’s important that you know what you’re getting yourself into and how much it can cost you in the end.

Small down payment mortgages are attractive primarily because they allow people to buy a home sooner than if they had to put a full 20% down.

This can be appealing for personal reasons since owning a house often makes it feel more like home. And it can occasionally be attractive for financial reasons, potentially saving you money compared with renting, particularly if you stay in the house for an extended period of time.


Additionally, there are several home loan programs that offer small or no down payment mortgages to those who qualify:

Veterans Affairs (VA) loans Surprise AZ
These loans are insured by the U.S. Department of Veterans Affairs for certain veterans, service members, spouses and other eligible beneficiaries.

They don’t require a down payment or mortgage insurance but do charge a one-time funding fee of 0.5% to 3.3%, depending on the type of loan, the size of the down payment and the nature of your military service.

U.S. Department of Agriculture (USDA) loans Surprise AZ
The U.S. Department of Agriculture insures home loans for low- to moderate-income homebuyers in eligible rural areas.

Like VA loans, there is no down payment for a USDA loan. But there is an upfront fee of 1% and an ongoing annual fee of 0.35%, both of which apply to purchases and refinances.

Federal Housing Administration (FHA) loans Surprise AZ
Insured by the U.S. Department of Housing and Urban Development (HUD), borrowers can get an FHA loan with a down payment as low as 3.5%.

Additional fees include an upfront mortgage insurance premium of 1.75% and an annual mortgage insurance premium of 0.45% to 1.05%, depending on the type, size and length of the loan and the size of the down payment.

Conventional loans Surprise AZ
Some mortgage lenders offer small down payment mortgages — as little as 3% down payment — to borrowers who qualify.

These loans, however, aren’t insured by a government agency, so the lender will require private mortgage insurance (PMI). The cost of PMI varies but is often between 0.5% and 1% of the loan amount. You can typically request to have your PMI dropped once you have at least 20% equity in the home.

Do you have more questions about purchasing a house with 3% down in Surprise AZ? Call Nathan at (623) 850-1210

3% down payment home loan surprise az, low downpayment home loan surprise Arizona
Posted by Nathan Rufty on June 19th, 2019 2:59 PM

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