Looking to buy a house in California or Arizona and limited on money for the down payment. Here are three purchase loan programs that you can explore.

In this Podcast, we will review the VA home loan, USDA Home loan, and Down Payment Assistance loan programs. I welcome the opportunity to discuss with you these three loan programs to be able to buy a house in Arizona or California. 

What is the USDA purchase home loan program in California and Arizona and who does them? Here is a video to look up the approved lending areas https://www.youtube.com/watch?v=tbzzRB43vXg This is still a no money down purchase home loan programs in California and Arizona known as the USDA home loan program. Explore your options on buying a house in California or Arizona using the USDA home loan. 

Perhaps you feel more at home surrounded by pastures than pavement. If so, buying a home might be well within reach, thanks to the U.S. Department of Agriculture mortgage program. In fact, the USDA might have one of the government’s least-known mortgage assistance programs.

A USDA home loan is a zero down payment mortgage for eligible rural and suburban homebuyers. USDA loans are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, by the United States Department of Agriculture.

USDA Home Loan Income Limits Adelanto, California

• NO down payment – Finance 100% of your home
• NO maximum loan amount in Adelanto, California.
• NO assets needed to qualify
• Flexible credit guidelines
• Competitive, fixed interest rates so payments do not increase
• USDA Loans are for new and existing properties
• Start your Alabama USDA home loan now! Just fill out this quick form to get started & a USDA loan specialist will contact you with your options.

How USDA loan programs work

There are three USDA home loan programs:

Loan guarantees: The USDA guarantees a mortgage issued by a participating local lender — similar to an FHA loan and VA-backed loans — allowing you to get low mortgage interest rates, even without a down payment. If you put little or no money down, you will have to pay a mortgage insurance premium, though.

Direct loans: Issued by the USDA, these mortgages are for low- and very low-income applicants. Income thresholds vary by region. With subsidies, interest rates can be as low as 1%.

Home improvement loans and grants: These loans or outright financial awards permit homeowners to repair or upgrade their homes. 

Qualifying for a USDA-backed mortgage guarantee

Income limits to qualify for a home loan guarantee vary by location and depend on household size. To find the loan guarantee income limit for the county where you live, consult this USDA map and table.

USDA guaranteed home loans can fund only owner-occupied primary residences. Other eligibility requirements include:

• U.S. citizenship (or permanent residency)
• A monthly payment — including principal, interest, insurance and taxes — that’s 29% or less of your monthly income. Other monthly debt payments you make cannot exceed 41% of your income. However, the USDA will consider higher debt ratios if you have a credit score above 680.
• Dependable income, typically for a minimum of 24 months
• An acceptable credit history, with no accounts converted to collections within the last 12 months, among other criteria. If you can prove that your credit was affected by circumstances that were temporary or outside of your control, including a medical emergency, you may still qualify.

To apply for a USDA home loan in Adelanto, California please call Nathan Rufty at (909) 503-5600

Loan Officer in Ontario CA specializing in purchase and refinance home loans with programs such as FHA, VA, USDA, Conventional and Down Payment Assistance loan programs.
  

Buy a house with no money for the down payment in California on the USDA home loan program, not limited to first time homebuyers, Call Direct 909-503-5600.

• No money for the down payment (will have to come in with a little money to open escrow with and you will have to discuss that amount with your agent)
• This benefit has to be by far one of the best reason to explore the USDA program, if the appraised value comes in higher than the agreed purchase amount, we can use that extra equity to finance your closing closet.
• Also, if elected the seller can contribute up to 6% of the purchase amount towards the buyers closing cost
• No limited to first time homebuyers, 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 ay any time with a penalty of doing so
• Very small monthly mortgage insurance, the MI will remain through the term of the loan
• No Maximum purchase amount, still need to qualify for the payment within the required debt to income ratio requirements
• Primary purchase only, can not be used to buy a 2nd or investment property