The USDA Rural Housing lending program is designed to help low-income families purchase homes in outlying and rural communities. In Arizona, those communities include places in the far West and East Valley cities. This may be a great way to market those attractively priced homes and fit potential buyers with a program that will satisfy their needs.
Here are some of the benefits:
- Provide up to 102% LTV financing for existing homes or new construction based on appraised value (the extra 2% can be the financed mortgage insurance fee)
- Available to low and moderate-income rural households
No requirement to be a "first-time" home buyer.
- Less up-front cash to close requirements than for conventionally insured or FHA loans.
- No monthly mortgage insurance required. One-time guarantee fee, payable to Rural Development at closing.
- 30 YR fixed rate loans
- No PPP
These benefits may help some homebuyers who fit this specific product. You can look up more information regarding the program and benefits at the Rural Housing website.
Good luck and don't hesitate to let me know if you have any further questions.