You do not need 20% down payment to buy a house in California or Arizona. You can buy a house with no money down to as little as 3% down payment of the purchase price. You must qualify with income, debt ratio and credit for each home loan program with USDA, FHA, VA, and Conventional.
here is the podcast that goes over credit https://www.podbean.com/eu/pb-s6569-d13f94
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Nathan RuftyMortgage Loan Originator
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?The USDA purchase programs is one of the most under utilized home loan program in California to buy a house. One of the reason why is not to many home buyers know about the program and not enough real estate agents are informed about the program to present it properly to their buyers. The USDA home loan program is designed to create home ownership to rural areas of a county, not every area in a particular s approved for this program, if you have not done so already click on the link HERE and watch a video a on how to fine the approved areas to buy a house utilizing the USDA home loan program in California.
Here are some of the benefits about the USDA loan program in California.
The benefits to this program are:
No money for the down payment (will have to come in with a little money to open escrow with and you will need to discuss that amount with your real estate agent)
If the appraised value comes in higher than the agreed purchase amount, we can use that extra equity to finance your closing cost
Also, if elected the seller can contribute up to 6% of the purchase amount towards the buyers closing cost
No limited to first time home buyers, can not own or be on title of any other residential property at the time of closing escrow on the USDA loan
No prepay penalty, can pay off the loan at any time without a penalty
Very small monthly mortgage insurance, the MI will remain through out the term of the loan
No Maximum purchase amount, still need to qualify for the payment within the required debt to income ratio
Primary purchase only, can not be used to buy a 2nd home or an investment property
Interest rates are just as low as other home loans that require money for the down payment