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Old 04-24-2015, 04:17 PM
 
892 posts, read 1,503,218 times
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Late last year, roughly October/November 2014, I started looking into buying a house here in Phoenix. I started with one financial institution that quickly glossed over some of the "benefit" programs, such as USDA loans, even said I would qualify for several, but quickly wanted to push me into conventional financing. I had similar experiences with a few realtors, who praised the benefits of these programs, but only sending my listings of homes in areas that wouldn't qualify under these programs. Just as an example - while I specifically stated I want a rural property within USDA boundaries, I would get listings sent to me of homes in central Phoenix, many of which were cash only homes as well Ironically, the bank I initially went through was listed on the USDA webpage of approved lenders, and one of the realtors made a big point of having monthly workshops on buying a home with these programs...(I went to the workshop that was an hour drive away, and it was just general info on buying a home, with zero details of the various programs....again - )

I got so frustrated with the whole experience that I just stopped looking altogether for a while, and am just now starting to get serious about looking again. I know it's likely more hassle for the bank and realtor to do these things, and it's not that I'm in financial need of the programs, or have poor credit that would make it difficult to get "normal" financing, but I see it more as if some government agency is going to cover part of the down payment or closing costs, or give me money in some other way as part of this, or get better terms such as the USDA Rural loan programs, it would be awfully foolish of me NOT to at least fully look into them.

That said, is there a good way to find realtors and banks that ARE open to these things? I know there are income limits for the USDA stuff that I do fall within, as well as geographic boundaries, which do fall in the areas that I want to purchase, so that's not an issue (In fact, I WANT to get out of the city, and go more rural). I also once tried calling the realtor that was listed on the sign in front of a home I was interested in that also had a sign that it was a HomePath property, but as soon as I mentioned HomePath, I felt like I was getting blown off.
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Old 04-24-2015, 04:21 PM
 
4,624 posts, read 9,290,684 times
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Check with Peoples Mortgage, they are one of the major mortgage players here. Or Academy Mortgage. They probably have Realtors they can refer you too. I know that USDA changed a little recently as far as what qualifies.
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Old 04-24-2015, 07:15 PM
 
784 posts, read 924,586 times
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I don't believe HomePath is offering financing any longer, if I read that right on their website.

asufan is right about Academy...I know they were able to get a loan for someone others turned down.

https://academymortgage.com

I think you may be limited somewhat using USDA...they have a lot of rules others don't...but I think they do offer 0% down right.
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