 |
| Blue sky |
Blue Skys with a USDA Home Loan
No money down, finance the costs, apply direct
Caroline Gerardo (949) 784-9699 NMLS 324982 Equal Opportunity Lender
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 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 Housing Loans are less common than USDA Guaranteed Loans and are only available for low and very low income households to obtain home ownership, 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
|
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
| ||
|