Paul Dunn - Arizona's #1 USDA Loan Originator and FHA Loan Specialist

What Areas of Queen Creek AZ Qualify For The USDA Loan?

Queen Creek Arizona is an area where, if you find a home you like, you can use our USDA Loan to buy a home and get these really awesome benefits:

• Not any down payment at all
• Lower monthly payments than ANY FHA loan
• Low closing costs
• Quick closing (as little as 15 days)
• Get your Earnest Money Deposit back at closing

How great would it be to buy a home in Queen Creek with no money down, go to closing and instead of writing a big fat check; getting a big fat check?

The USDA Loan has been a terrific tool for our first time home buyers here in Arizona.

Check out this map of Queen Creek.  The areas South of E Germann Road and East of S Power Road are areas that qualify for the USDA Loan.

To get qualified for the USDA Loan in Arizona, give me a call at (520) 225-0380, then you can go shopping!

Also remember that in today's market the seller are paying for buyers closing costs, even if the seller is a bank or Fannie Mae or Freddie Mac.  So be sure that your agent knows to ask for seller paid closing costs.  If you need a good agent, I would be happy to make a recomendation.

I hope you found this Arizona Home Loan tip useful and please, leave a comment below.  If there is an area of Arizona you would like to see a USDA Loan map for, just let me know.

To find out if you qualify for a USDA Loan call Paul Dunn at (520) 225-0380 or click on the Get Started on USDA tab at USDARuralHomeLoans and ask a question if you like.  If you are ready to go ahead and get your application in, you can print out my Arizona USDA Loan Application here.

Fannie Mae Is Making Our USDA Loan Program Much Cheaper

I’ve been helping people for years to get the cheapest, easiest loan possible to buy a home in Arizona with the USDA Loan Program. Now, in a recent article in USA Today it is reported that Fannie Mae and Freddie Mac are raising their loan costs to home buyers. This will make the USDA Loan Program even cheaper than it is now. Fannie and Freddie fund home loans that are known as Conventional loans and have been the largest supply of home loans forever.

While the USDA Loan Program has limits on the fees that can be charged, Fannie and Freddie are introducing new fees to be charged to consumers based on your credit score and how much you are putting down.

If you plan to put more than 25% down and have a credit score higher than 720, you won’t notice a difference in the new Fannie and Freddie price hikes. Everyone else will see a substantial price increase, only if you apply for conventional financing.

The Fannie Mae & Freddie Mac price increases go into effect on April 1, 2011.

Just to give you an idea, for someone buying a $150,000 home with 5% down and a 620 middle credit score, Fannie Mae will charge that borrower an extra $4,631 at closing once April 1st hits.

With the USDA Loan Program, not only do you keep that 5% down payment in your bank account but you get to keep the extra fee the Fannie Mae would charge you.

Proof once again that the USDA Loan Program is the cheapest loan available to buy a home in Arizona.

We are seeing the use of the USDA Loan Program increase in popularity all over Arizona, especially in Sahuarita, Anthem, Buckeye, Maricopa and Queen Creek.

I hope you found this Arizona Home Loan tip useful and please, leave a comment below.

To find out if you qualify for a USDA Loan call (520) 225-0380 or click on the Get Started on USDA tab at USDARuralHomeLoans and ask a question if you like. If you are ready to go ahead and get your application in, you can print out my Arizona USDA Loan Application here.

We are funding USDA Loans pretty darn fast right now... watch my latest 30 second video..

Do You Make Too Much Money To Qualify For A USDA Loan In Arizona?

While the USDA Loan does not have a maximum loan size they do have a maximum qualifying income limit.

People ask me all the time, what are the income limits for the USDA Loan. So let’s take a moment and define really quickly what an income limit is. The USDA defines income limit as the Adjusted Household Annual income, that's it.

Did you catch that? There is an important point there that many people naturally overlook, it’s the Household Annual Income.

What that means is that the USDA Loan Program will look at the total income coming into the household over the entire year. If you have a son or daughter or parent, friend or spouse living in the household that will not be on the loan; their annual income will count against the limit.

What are the income limits based on for USDA Loans?

They are based on geographic region and number of people in the household. The different groupings are 1-4 people, 5-8 people and any number over 9.

The majority of Arizona has a USDA Loan Income limit of $74,050 for a 1-4 person household. For the 5-8 person household the income limit is generally $97,750. However certain areas allow up to $76,600 for the 1-4 person household and up to $101,100 for the 5-8 person household.

You can find the most current chart of income limits on my USDA Loan Income Limits post. Just select the category, INCOME QUALIFYING and you’ll get the charts as well as information on allowable deductions.

I hope you found this Arizona Home Loan tip useful and would love to hear your comments.

To find out if you qualify for a USDA Loan call (520) 225-0380 or click on the Get Started on USDA tab at USDARuralHomeLoans.com and ask a question if you like. If you want to go ahead and get your application in, you can fill out my Arizona Home Loan Application Online here.

Even When They ALL Say You Can’t..Yes You Can!

I get this question quite a bit, probably because I’m in Arizona right? And a pool is a great way to keep cool in our fairly hot summers.

But a lot of lenders will just say NO when it comes to using a USDA loan to buy a home with a swimming pool. They probably shy away because a property with an in ground swimming pool not only has to get the local Rural Development office to approve the Guarantee in order to get a USDA Loan, but they also have to get what’s known as a POOL WAIVER from the NATIONAL Rural Development office.

Sounds like a lot of extra work, doesn’t it?

The reality is that it isn’t that bad.

Here’s how to get a USDA Loan on a home that has an in ground swimming pool.

The USDA Loan has some additional calculations that help determine the value of a home with a swimming pool. They do this because the USDA is not in the business of financing luxury items, and an in ground pool could be considered just that.

So we need to have the appraiser provide a value for the home AS-IS, with the pool. And we also will need the appraiser to provide a value for the home as if it did NOT have a swimming pool.

The appraiser will basically create a duplicate appraisal. One shows comparable properties WITH swimming pools, and the other will show comparable properties without swimming pools.

And no, they don’t charge you for two appraisals.

So as long as the value without the pool supports the sales price, and it usually does, then you should qualify for the Pool Waiver.

I hope you found this Arizona Home Loan tip useful and would love to hear your comments.

To find out if you qualify for a USDA Loan call (520) 225-0380 or click on the Get Started on USDA tab over at USDARuralHomeLoans.com. If you want to go ahead and get your application in, you can fill out my Arizona Home Loan Application Online here.