Yuma is big on agriculture, and the USDA loan program is designed to encourage home ownership in rural areas. Some of the excellent benefits of USDA loans include:
- Zero down payment
- Attractive interest rates
- Low monthly mortgage insurance
- Ability to finance closing costs in some cases.
What makes a USDA loan so different?
- You can have the seller pay up to 6% of the sales price toward your closing costs so you can buy a home with zero down!
- Monthly mortgage insurance is less than most other loan programs so you will have a lower monthly payment!
- No reserves requirement, which means you don’t have to have a lot of money in the bank to buy a house!
- Not limited to first time buyers!
- Minimum credit score required is only 640!
While most neighborhoods within the City of Yuma are not considered rural, several other parts of Yuma County are: Somerton, San Luis, AZ and Wellton are all currently 100% eligible for this type of financing. You can check the eligibility of the home or neighborhood you are considering here.
There are income limits and debt-to-income ratio rules that must be followed, so contact us for more details, and to see if you qualify!