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1/09/2013

USDA Mortgage Loans Zero Down Payment

Blue Skys with a USDA Home Loan
No money down, finance the costs, apply direct
 Caroline Gerardo (949) 784-9699
USDA Guaranteed Rural Housing Loans No Money Down, call and ask how you can buy a home with $450.00
USDA Guaranteed Home Mortgage Loans are the most common type of USDA Loan in California and allow for higher income limits and 100% financing for home purchases. USDA Guaranteed Loan applicants may have an income of up to 115% of the median household income for the area. Area income limits for this program can be viewed here. All USDA Guaranteed Loans carry 30 year terms and are set at a fixed rate.
USDA Direct Rural Housing Loans
USDA Direct Housing Loans are less common than USDA Guaranteed Loans and are only available for low and very low income households to obtain homeownership, as defined by the USDA. Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI.
What factors determine if I am eligible for a USDA Loan in California?
To be eligible for A USDA Rural Loan in California, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income (29% ratio). Your credit background will be fairly considered. A 620 FICO credit score is required to obtain a USDA Rural Housing Loan approval through most lenders. You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio). These ratios can be exceeded somewhat with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. Maximum USDA Guaranteed Loan income limits for your area can be found at: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?About
Maximum USDA Direct Loan income limits for your area can be found at their website. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance. Some of these income numbers are suitable for wage earners at the lower end of the spectrum.
The maximum amount for an USDA home loan is determined the area (the address you are purchasing).
Maximum Dollar Amount Per Loan
There is no written maximum loan amount allowed for USDA Rural Home Loans. Instead, a borrower’s debt-to-income ratios dictate how much home they are allowed to purchase (29/41 ratios). Additionally, total household monthly income must be within USDA allowed maximum income limits for your area. Maximum USDA Guaranteed Loan income limits do limit the total dollar amount per area that the subject property resides.
Maximum financing: The maximum USDA Rural Development Loan amount is 102% of the appraised value of the home (100% plus the 2% USDA RD Loan guarantee fee).
How much money will I need for the down payment and closing costs?
USDA Rural Development Mortgage Loans require no down payment and they allow for the closing costs to be included in the loan amount (appraisal permitting) A borrower may have to pay for only up front credit and appraisal fees of $450.
What property types are allowed for USDA Rural Loan Mortgages?
While USDA Mortgage Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and single family residences
California USDA Loan Adjusted Maximum Income Limits by County
Updated 05/01/2012

County Name

1-4 Person Households
(Guaranteed Loans)

5-8 Person Households
(Guaranteed Loans)

ALAMEDA

1,094,625

1,094,625

OAKLAND-FREMONT-HAYWARD, CA METROPOLITAN DIVISION

ALPINE

503,750

1,094,625

NON-METRO

AMADOR

417,000

1,094,625

NON-METRO

BUTTE

417,000

1,094,625

CHICO, CA (MSA)

CALAVERAS

417,000

1,094,625

NON-METRO

COLUSA

417,000

1,094,625

NON-METRO

CONTRA COSTA

1,094,625

1,094,625

OAKLAND-FREMONT-HAYWARD, CA METROPOLITAN DIVISION

DEL NORTE

417,000

1,094,625

CRESCENT CITY, CA (MICRO)

EL DORADO

516,000

1,094,625

SACRAMENTO–ARDEN-ARCADE–ROSEVILLE, CA (MSA)

FRESNO

417,000

1,094,625

FRESNO, CA (MSA)

GLENN

417,000

1,094,625

NON-METRO

HUMBOLDT

417,000

1,094,625

EUREKA-ARCATA-FORTUNA, CA (MICRO)

IMPERIAL

417,000

1,094,625

EL CENTRO, CA (MSA)

INYO

417,000

1,094,625

BISHOP, CA (MICRO)

KERN

417,000

1,094,625

BAKERSFIELD, CA (MSA)

KINGS

417,000

1,094,625

HANFORD-CORCORAN, CA (MSA)

LAKE

417,000

1,094,625

CLEARLAKE, CA (MICRO)

LASSEN

417,000

1,094,625

SUSANVILLE, CA (MICRO)

LOS ANGELES

737,500

1,094,625

LOS ANGELES-LONG BEACH-GLENDALE, CA METROPOLITAN

MADERA

417,000

1,094,625

MADERA, CA (MSA)

MARIN

1,094,625

1,094,625

SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA METROPOLITAN

MARIPOSA

417,000

1,094,625

NON-METRO

MENDOCINO

417,000

1,094,625

UKIAH, CA (MICRO)

MERCED

417,000

1,094,625

MERCED, CA (MSA)

MODOC

417,000

1,094,625

NON-METRO

MONO

575,000

1,094,625

NON-METRO

MONTEREY

525,000

1,094,625

SALINAS, CA (MSA)

NAPA

643,750

1,094,625

NAPA, CA (MSA)

NEVADA

518,750

1,094,625

TRUCKEE-GRASS VALLEY, CA (MICRO)

ORANGE

737,500

1,094,625

SANTA ANA-ANAHEIM-IRVINE, CA METROPOLITAN DIVISION

PLACER

516,250

1,094,625

SACRAMENTO–ARDEN-ARCADE–ROSEVILLE, CA (MSA)

PLUMAS

417,000

1,094,625

NON-METRO

RIVERSIDE

417,000

1,094,625

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (MSA)

SACRAMENTO

516,250

1,094,625

SACRAMENTO–ARDEN-ARCADE–ROSEVILLE, CA (MSA)

SAN BENITO

937,500

1,094,625

SAN JOSE-SUNNYVALE-SANTA CLARA, CA (MSA)

SAN BERNARDINO

417,000

1,094,625

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (MSA)

SAN DIEGO

593,750

1,094,625

SAN DIEGO-CARLSBAD-SAN MARCOS, CA (MSA)

SAN FRANCISCO

1,094,625

1,094,625

SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA METROPOLITAN

SAN JOAQUIN

417,000

1,094,625

STOCKTON, CA (MSA)

SAN LUIS OBISPO

610,000

1,094,625

SAN LUIS OBISPO-PASO ROBLES, CA (MSA)

SAN MATEO

1,094,625

1,094,625

SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA METROPOLITAN

SANTA BARBARA

656,250

1,094,625

SANTA BARBARA-SANTA MARIA, CA (MSA)

SANTA CLARA

937,500

1,094,625

SAN JOSE-SUNNYVALE-SANTA CLARA, CA (MSA)

SANTA CRUZ

805,000

1,094,625

SANTA CRUZ-WATSONVILLE, CA (MSA)

SHASTA

417,000

1,094,625

REDDING, CA (MSA)

SIERRA

417,000

1,094,625

NON-METRO

SISKIYOU

417,000

1,094,625

NON-METRO

SOLANO

435,000

1,094,625

VALLEJO-FAIRFIELD, CA (MSA)

SONOMA

566,250

1,094,625

SANTA ROSA-PETALUMA, CA (MSA)

STANISLAUS

417,000

1,094,625

MODESTO, CA (MSA)

SUTTER

417,000

1,094,625

YUBA CITY, CA (MSA)

TEHAMA

417,000

1,094,625

RED BLUFF, CA (MICRO)

TRINITY

417,000

1,094,625

NON-METRO

TULARE

417,000

1,094,625

VISALIA-PORTERVILLE, CA (MSA)

TUOLUMNE

417,000

1,094,625

PHOENIX LAKE-CEDAR RIDGE, CA (MICRO)

VENTURA

650,000

1,094,625

OXNARD-THOUSAND OAKS-VENTURA, CA (MSA)

YOLO

516,250

1,094,625

SACRAMENTO–ARDEN-ARCADE–ROSEVILLE, CA (MSA)

YUBA

417,000

1,094,625
 
 
 




 The Housing and Community Facilities Programs is an agency
of the U.S. Department of
Agriculture (USDA).      
Located within the Department's Rural Development mission area,
HCFP operates many programs:
Homeownership options to individuals;
Housing rehabilitation and preservation funding;

Help to developers of multi-family housing projects, such as:
assisted housing for the elderly,        disabled, or apartment complexes
HCFP administers direct loans, loan guarantees and grants. Direct loans are made and serviced by USDA staff; loan guarantees are made by W J Bradley and serviced by W. J. Bradley Mortgage Capital LLC. directly.

Q Why does the USDA exist?

This goes back to American history of fairly populating the “plains” and rural farmer subsidies.

Q. What is the HCFP service area?

A. HCFP programs are available to eligible applicants in rural areas, typically defined as open country or rural towns with no more 20,000 in population.

·          Copies of USDA regulations, instructions, and handbooks can also be viewed in any Rural Development office, or can be downloaded and viewed online.

If you can’t locate the regulation you want online, you can order a copy at any Rural Development office, or contact Rural Development, FC-313, 1520 Market Street, St. Louis, MO 63103.

Or Call Caroline Gerardo Barbeau directly and she will assist you

(949) 784-9699


NMLS # 324982

 
     

copyright Caroline Gerardo © 2013 all rights reserved
 

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