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AZIDA USDA-RD Purchase Loan

Best For: First Time Homebuyers, Zero Down

USDA rural develpment option for Arizona residents seeking down payment assistance, offered by The Arizona Industrial Development Authority (AZIDA).

AZIDA USDA-RD Purchase Loan

  • Introduction
  • Quick Facts
  • Pros & Cons
  • Availability
  • Occupancy & Property Type
  • Income & Purchase Price Limits
  • Key Features & Conditions
  • Other Limitations
  • Mortgage Insurance & Fees
  • Grant, Bond & Other Add-On Programs
  • Special Offers
  • Similar Loan Programs
  • Related Resources

Program Description

This 30-year fixed USDA loan program can be combined with the HOME+PLUS Down Payment Assistance Program, which provides an additional 2% of the loan amount that will most likely be used towards closing costs.

Tags
100% FinancingRural AreasState Housing Loan Program
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AZIDA USDA-RD Purchase Loan

Min. Credit Score

640

Min. Down Payment

0%

Max Loan Amount

$726,200

Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.

Pros & Cons
  • Up to 2% of the first loan amount available in closing cost assistance
  • Available in all of Arizona
  • Allows up to 45% DTI (Debt-to-Income)
  • Must be repaid if home is sold before 36 months
  • Subject to income limits
  • Only available in USDA rural areas
  • Requires the USDA funding and annual fees
Program Availability

AZIDA USDA-RD Purchase Loans are available in 1 state.

*Limited Availability: There are parts of Arizona that don’t qualify for a USDA Loan. To verify property or area eligibility, visit the official USDA website at https://eligibility.sc.egov.usda.gov/eligibility/.

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“AZIDA's zero down loan program for USDA homebuyers can help turn your homeownership dreams into reality with little to no money out of pocket!"

Occupancy & Property Types

Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.

Occupancy Types

Available Property Types for Primary Residence
Income & Purchase Price Limits

Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.

Debt-to-Income Limit

45.00%

Purchase Price Limit

No Limits

Income Limit

$103,500

Annual Household (1-2) Income

Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.

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Key Features
  • USDA loan program option from AZIDA
  • Credit scores as low as 640
  • Can be combined with "HOME+PLUS" down payment assistance
Additional Conditions
  • HOME+PLUS down payment assistance comes in the form of a 3 year, no interest, no payment, deferred soft second mortgage, forgiven monthly at a rate of 1/36 over the term of the loan.
  • Buyers must meet program guidelines, complete homebuyer education courses, occupy the property as a primary residence, and not exceed the income limits.
Other Limitations

In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.

No other program limitations

A Homebuyer Education Class is required for this loan program.

Class Name: CreditSmart® Homebuyer U or Other

To qualify for the AZIDA HOME+PLUS program, at least one borrower must complete a pre-purchase home buyer education course from an approved provider and provide a Completion Certificate. The education can be taken online or in-person, but must be completed before closing. The certificate has no expiration date, and providers may charge a small fee for the course.

Mortgage Insurance & Fees

Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.

Mortgage Insurance
No Mortgage Insurance

This program does not require Private Mortgage Insurance (PMI).

Funding Fee
Type: USDA Gurantee Fee

The USDA loan program requires the borrower to pay a funding fee called the "Upfront Guarantee Fee" that is equal to 1.00% of the loan amount and can be financed into the loan.

Annual Fee
Type: USDA Annual Fee

The USDA loan charges an annual fee based on the total remaining balance of the mortgage at a .35% rate.

Estimated Closing Costs: 2.5%

These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.

Grants, Bonds & 2nd Mortgages

There are certain programs that can be combined with this AZIDA USDA program to help cover all or a portion of your down payment and closing costs, or provide additional borrower benefits.

AZIDA HOME+PLUS 2% Assistance
|AZIDA USDA

The HOME+PLUS program provides up to 2% down payment and closing cost assistance for your Arizona home purchase.

Max. Loan Amount

$726,200

Min. Credit Score

640

Min. Down Payment:

0%

Details
Special Offers

Occasionally, there are special offers that can be added to this mortgage program that provide additional benefits, such as a reduction in your federal taxes (mortgage credit certificates), extra cash for your down payment, and more.

Arizona Mortgage Credit Certificate (MCC)

CIC Tucson's Mortgage Credit Certificate (MCC) is an interest tax credit that is used to reduce your federal income tax responsibility each year. It is specifically for first time homebuyers and veterans and can be paired with most Arizona down payment assistance programs.

Details
Similar Loan Programs

If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.

IHFA Tax-Exempt RD Targeted

Best For: First Time Homebuyers, Lowest Rates, Zero Down

Tax-Exempt RD rural development loan program for targeted Idaho Counties with below market interest rates and down payment assistance options.


Details
Pinellas County HFA HOME KEY USDA-RD Loan Program

Best For: First Time Homebuyers, Zero Down

USDA program for Pinellas, Pasco, and Polk County, FL residents seeking down payment assistance, offered by the Pinellas County HFA


Details
TSAHC USDA Purchase Loan

Best For: Low Credit Scores, Zero Down

USDA program for Texas residents seeking down payment assistance, offered by the Texas State Affordable Housing Corporation (TSAHC).


Details
GSFA Platinum® USDA Loan

Best For: First Time Homebuyers, Zero Down

Rural Housing mortgage option from GSFA for California USDA-designated rural areas that can be combined with closing cost assistance.


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TDHCA USDA Purchase Loan

Best For: First Time Homebuyers, Zero Down

USDA program for Texas residents seeking down payment assistance, offered by the Texas Department of Housing and Community Affairs (TDHCA).


Details
IHFA RD Purchase Loan

Best For: First Time Homebuyers, Zero Down

RD rural development loan program for Idaho residents with competitive interest rates and down payment assistance options.


Details
GSFA OpenDoors® USDA Loan

Best For: First Time Homebuyers, Zero Down

Rural Housing mortgage option from GSFA for California USDA-designated rural areas that can be combined with closing cost assistance.


Details
FHFC First USDA Purchase Loan

Best For: First Time Homebuyers, Lowest Rates, Zero Down

USDA rural development loan program for Florida residents with below market interest rates and down payment assistance options.


Details
IHFA First Loan RD

Best For: First Time Homebuyers, Zero Down

RD rural development loan program for Idaho first time homebuyers with competitive interest rates and down payment assistance options.


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MFA FirstHome USDA Loan

Best For: First Time Homebuyers, Zero Down

Rural Housing mortgage option from MFA for New Mexico USDA-designated rural areas that can be combined with down payment and closing cost assistance.


Details
Related Resources
Tips for a Simple Loan Approval

Believe it or not, following these simple tips can not only make or break your home buying experience, but it can also either save or cost you valuable time and money. If you aren’t completely sure if something you’re planning to do will help or hurt the status of your loan approval, you should always contact your loan officer to advise before you act.

Read More
2023 USDA Loan Guide

The U.S. Department of Agriculture is a complex, multifaceted entity that wears multiple hats. Under this umbrella is Rural Development, an agency part of USDA with the ultimate goal to help improve the economy and quality of life for Americans living in rural communities.

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First Time Homebuyer Guide

Being a first-time homebuyer has its fair share of challenges. One of your biggest obstacles will be competing against other new or seasoned buyers. While bidding wars have tapered since the previous buying season, they can still occur.

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Visit our Mortgage Education Center for more resources.

* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers

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