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It’s back… 100% financing is available again!

USDA funds have been replenished – this is one of the biggest sources of funding in the Casa Grande area for first time home-buyers!
This is a fantastic first time home-buyer financing option – there are no cash reserve requirements, only a 620 minimum FICO score is required, there is no down payment required, 30 year fixed rates that are comparable to FHA, and up to 6% seller contribution is allowed.

This program allows borrowers to purchase with as little as $500! Items such as appraisal and credit report fees can be paid at closing or the seller can contribute to closing costs to help cover other prepaid items.
There are a few differences with the USDA program versus other loan programs, rates tend to be a bit higher and the funding fee is now 3.5%, up from 2% prior to the depletion of funds. Keep in mind, the funding fee can be financed into the loan amount, resulting in 103.5% financing. On the other hand, there is no mortgage insurance – making this an excellent option for many buyers.

The catch is that this program is only available in certain counties and cities – areas that are still considered ‘rural’. What this means for Casa Grande is that once the 2010 Census data is released – we will no longer be able to utilize this loan program within city limits.

If you’re interested, I have several of the best lenders in the area ready to help you pre-qualify to use this fantastic loan program!

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