Uncle Sam has been handing out some big benefit packages to hopeful homeowners in rural Arizona. A recent news article in the Arizona Daily Star detailed a special US Department of Agriculture home financing campaign. Its primary aim is promoting “rural” home purchases.
Currently, single-family Tucson homes for sale situated north of W. Tangerine Road can be bought with this bounty from Uncle Sam. Houses located within certain subdivisions near W. Valencia Road and Ajo Highway are also eligible.
The main operative feature underlying this unique funding is a government guarantee that protects lenders in event of subsequent borrower default. This home purchase assistance is meant for fiscally responsible first-time Tucson home buyers of modest means.
Qualifications standards are relatively flexible. Basic eligibility criteria include a minimum credit score at or near 680, certain income restrictions, and subsequent borrower occupancy as a primary residence.
That is the good news
According to regional USDA officials, local areas like Marana are soon likely to lose “rural” classification. This precarious positioning is primarily due to major inroads by progressive realty developers during recent years.
This and many other government-backed home loan programs are often criticized as contributing to current housing slumps. Supposedly, less-affluent buyers become burdened with unaffordable mortgages. Others rush to the defense of assisted home financing by citing relatively stringent credit qualifications as the main redeeming feature of USDA-backed home loans.
Depressing media depictions of recent downward price spirals of AZ real estate add fuel to controversial fires. Also tossed into the fray are pessimistic portrayals of Tucson homes for sale touting fallen home values.
What’s a buyer to do?
It’s enough to make any buyer downright wary of spending nary a penny. Don’t fall into this trap. Now is a time like never before to buy your first house. Mortgage interest rates are rising rapidly. Home prices are at all time lows all over urban, suburban, and rural America.
Today’s isolated outskirts rapidly emerge as tomorrow’s bustling metropolis. How many true stories have you heard about long-time owners of barren desert plots attaining overnight fame and wealth with the arrival of a major interstate onto their previously obscure territory?
Rush-hour commuters rush urban subway platforms for ideal positioning for quick entry into fast-approaching trains. Likewise, prospective purchasers of Tucson homes must move quickly. This gravy train’s lifespan of low-interest with no down payment is very limited. For more information, visit www.petersaavedra.com.