Home Loans California & Arizona

USDA Home Loans Brawley CA

 

USDA loan is a no down payment mortgage option available to homebuyers in the Brawley CA who are looking to purchase a home in a qualified rural or suburban area. United States Department of Agriculture (USDA) loans are issued by private lenders and guaranteed by the U.S. Department of Agriculture (USDA). The USDA home loan’s purpose is to provide affordable homeownership opportunities to low-to-moderate income households to stimulate economic growth in rural and suburban communities throughout the United States.



Also known as the Section 502 Direct Loan Program, this program assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income. 

 

To Apply for USDA Loan in Brawley CA the applicant must be:

 

  • Be without decent, safe and sanitary housing
  • Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet
  • Agree to occupy the property as your primary residence
  • Have the legal capacity to incur a loan obligation
  • Meet citizenship or eligible noncitizen requirements
  • Not be suspended or debarred from participation in federal programs 

 

Properties financed must: 

 

  • Be modest in size for the area
  • Not have market value in excess of the applicable area loan limit
  • Not have in-ground swimming pools
  • Not be designed for income producing activities

 

What is the interest rate and payback period? 

 

  • Fixed interest rate based on current market rates at loan
  • Approval or loan closing, whichever is lower interest rate when modified by payment assistance can be as low as 1%.
  • Up to 33 year payback period - 38 year payback period for very low income applicants who can’t afford the 33 year loan term. 

Who does the USDA purchase home loan program in Brawley CA?

 

Nathan Rufty is a loan officer that specializes in USDA Home Loans Brawley CA, for a free consultation please call him at: 909-503-5600 

Posted by Nathan Rufty on January 17th, 2019 1:02 PM

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