Home Loans Arizona - California - Nevada - Utah

Home buyers in Borrego Springs, California can take advantage of a special type of a no money down mortgage that eligible home buyers in rural and suburban areas can get through the USDA Loan Program, which is backed by the United States Department of Agriculture (USDA).

The USDA backs a variety of loans to help low- or moderate-income people buy, repair or renovate a home in a rural area. For eligible buyers, they feature great benefits such as 100% financing with no down payment and below-market mortgage rates.

USDA Home Loan Types in Borrego Springs CA

• The single family direct homeownership loan
• Single family guaranteed homeownership loan
• Rural repair and rehabilitation loan or grant and the mutual self-help loan

• Property must be located in a rural area
• Household income limited to 115% of area median
• Must be owner-occupied
• Not limited to first-time home buyers!

• Technically no minimum score
• However most lenders impose overlays
• Requiring credit scores of 640 or higher
• To gain USDA loan approval

• USDA loans require mortgage insurance
• Including an upfront premium of 1%
• And a monthly premium of 0.35%
• Both used to be higher and are cheaper than FHA loans

For a free consultation on getting a USDA loan please call Nathan Rufty at 909-503-5600.