Buy A Foreclosure Home in Phoenix For Less Than $800 Per Month!

Buy a Phoenix foreclosure home for less than $800 a monthPhoenix ranks as one of the “10 Great Places to Buy a Home For Less Than $800 a Month”, according to a recent article by Luke Mullins, On Friday September 10, 2010 in U.S. News & World Report.

Lower property values and dirt-cheap mortgage rates have combined to restore affordability to many real estate markets that were once wildly overpriced. “Right now, housing is about as affordable as it has been since at least the 1970s,” says Patrick Newport, a U.S. economist for IHS Global Insight.

Mullins writes… 

“Phoenix, Ariz.: After appreciating substantially during the real estate boom, the median home price in the Phoenix area has dropped nearly 44 percent since 2007. Despite the recent turmoil, the area’s sunny climate and abundance of outdoor activities continue to offer a wonderful quality of life for retirees or growing families. The median home price in the Phoenix area was nearly $145,000 in the second quarter of this year. After putting 20 percent–or $29,000–down, monthly payments for mortgage principal and interest on a median-priced home in the Phoenix area total about $575.”

Most first time home buyers are not putting 20% down but more often the required 3.5% down required for FHA loans which would equate to only $5075 down for the same median priced home example above. 

Also, there are many Neighborhood Stabilization Programs available in Phoenix as well as $0 down or low down home loan programs. For example Phoenix HUD governement foreclosures require only $100 down and rural communities such as Queen Creek, San Tan Valley, Apache Junction and Maricopa are eligible for the very popular Phoenix USDA $o Down Home Loan Program.  Veterans, active duty personnel, as well as some members of the National Guard and military reserves can qualify for zero-down-payment mortgages through the U.S. Department of Veterans Affairs.

Here is an example of a home in Queen Creek that qualifies for the USDA $0 down loan;

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Ask Joe Weekly Vlog-Can I buy a home with $0 Down?

Yes you can buy a home in Arizona with $0 down and little out-of-pocket expense.

$0 down home loan + foreclosure pricing + historically low mortgage rates = a win-win formula for any Arizona homebuyer.

Below this weeks video is one of our foreclosure homes in Queen Creek/San Tan Valley area just listed for $89,900. This home is just one example of a foreclosure home availabe right now that qualifies for the USDA $0 Down Home Loan program.

httpv://www.youtube.com/watch?v=DjOHYX6k5AI

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$0 Down Payment Required–Queen Creek and San Tan Valley Foreclosure Homes Qualify!

San Tan Valley and Queen Creek homes are eligible for the USDA Single Family Home LoanUSDA Eligible Foreclosure Homes In Arizona--San Tan Valley and Queen Creek Program.

San Tan Valley and Queen Creek are great areas for First Time Home Buyers for several reasons, mainly because buyers can easily buy a home for under 85K and the homes are new and primarily in great condition.  Add that with the USDA $0 down loan program (compared to  the 3.5% required as a minimum down payment for FHA loans) and you have a win-win for any First Time Home Buyer.

There are income and property eligibility requirements that have to be met in order to qualify to buy a home with this loan program and YES foreclosure homes do qualify!

Income Eligibility: Applicants for loans may have an income of up to 115% of the median income for the area and families must be be able to afford the mortgage payments, including taxes and insurance. 

Property Eligibility:  The home to be purchased must be located in an eligible rural area as defined by USDA.

For additional foreclosure homes that qualify for $0 down payment USDA Loan Program follow these links:

San Tan Valley foreclosures or Queen Creek foreclosures

If you want to find out if you qualify just fill out the form below and we will contact you right away.