USDA “REDREW” so in with the “New”
As you may or may not know by now, USDA,
redrew the boundaries for their Rural Housing
loans. Regretfully, The City of Maricopa was
excluded, so that loan program is no longer available for the purchase of homes in Maricopa. The
USDA does redraw the lines periodically, and
because Maricopa has grown in population, the
homes are no longer eligible for the USDA Rural
Housing Program. However, many borrowers may
qualify for the new ½ % down payment program.
This is an FHA loan, and it is helping many people. It has a Second Mortgage of up to 3% of either
the lower of the sales price or appraised value, and
that is used as purchase money or towards closing
costs.
The Mortgage Industry is constantly changing,
and it is good to have an experienced Loan Officer
that you can call with any questions.
There is no cost for our prequalification process.
Please call me at 602-525-7344, or email to [email protected]
*Example of 99.5% total financing utilizing the NHF FIRSTDOWN Loan program is based
on the combination of a 30 year fixed-rate FHA first mortgage and a 15-year fixed-rate NHF
FIRSTDOWN second mortgage on a home with a sales price of $200,000. The payment on
the 30 year fisted rate FHA loan at 4.5% interest rate and 96.5% loan to value (LTV0 is $995.01
(principal and interest) with an annual percentage rate (APR) of 6.1308%. The payment on the
15 year fisted rate NHF FIRSTDOWN second mortgage at 8.25% interest rate and 3% LTV is
$