Home Loans California & Arizona

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.

Usda home loans in Adelanto ca


 

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

Posted by Nathan Rufty on February 27th, 2019 5:04 PM

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.
  


Weather you are looking to buy a house or refinance one, I welcome the opportunity to assist you with your home loan needs and discuss your financial goals. The home loan process is a very smooth transaction when working with the right dedicated Licensed Loan Officer such as myself. I have been a part of the lending community since 1988 and continue to assist "Making Homeownership a Reality." 

Searching for the best loan programs with cost, fees and interest rate is what every loan applicate is looking for, image having those great rates and fees, then add expectational customer service and communication in the process, there you have a great recipe for success.

Loan Officers do not have any control over market conditions but what we do have control of, is how we handle our customer service and how we deliver our communicate during the home loan process. I want you to experience first class service the moment you call me at 909-503-5600. Product knowledge is another key competent when looking for a Mortgage Professional who has your best interest in mind.

The mortgage industry updates it's self every few months with new underwriting and product guidelines. Working with a full time Loan Officer will ensure a smooth and on time closing. When looking for professional to assist you with your home loan, do some proper research of that individual. Online presence can inform you about this individual's work ethic. Also, make sure they hold a current lending license in the state your property is in. Look up their NMLS number of that person you are speaking with, anyone quoting you a rate and terms of a home loan must be licensed to do so through the Nationwide Mortgage Licensing System (NMLS).

Ontario CA is a growing community and I am eager to assist those individuals looking to buy a house or refinance a property with the available home loan programs here in California. It is my goal to inform, educate and present all lending programs based on your income, credit and assets. If current financial situation does not allow you to move forward with a home loan, I will work with you to create a road map to follow, to have a game plan to get you in the position to one day purchase or refinance a home.

I value your business and relationship, I am not a fly by night professional. Since 1988 I have been assisting borrowers fulfill their refinance and purchase loan needs. This is has been a career of mine for almost 30 years, dedication like this only comes for those professionals who's number one is your number one goal. 

I welcome the opportunity to discuss your goals of purchasing or refinancing a home at 909-503-5600. Please call or text me to connect on how I can be a key part of your home lending needs. You can also email me HERE to speak about your Ontario CA home loan. 

Posted by Nathan Rufty on June 13th, 2015 9:04 AM

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.



The USDA purchase home loan program is perfect for those homebuyers with no money for the down payment. Watch the above video to locate the approved lending area in the county in which you are looking to buy in.

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 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
There are income requirements that are determined by the numbers of dependents that will be living in the property and by which county the home is located in, click HERE to see what are the income limits and we use the "MOD.INC-GUAR.LOAN" line. If you feel you meet the income limit in the county, then you are one step closer in buying a house utilzing the USDA purchase home loan program.

The debt to income ratio is based on the monthly gross income claimed on your federal tax returns. The debts are based on what your credit report reports as debt, also the new house payment and any other debt such as child support, alimony and any deductions that are on your pay-stub, we will need to review all your income and credit documentation to determine that ratios meet USDA underwriting guidelines.

Also, determining on what your middle credit is you may not need reserve assets, what this is 2 months liquid cash that you will have on hand after closing escrow and the 2 months is of the total monthly mortgage payment. Having a higher credit score with reflect a compensating factor that you may not need to have reserves (based on a set middle credit scores, which can change without notice, that is why we need to review at the time of application).

To see if you fully qualify for the USDA purchase home loan program, call or text me at 909-503-5600, also can connect with me here by email nathan@nathanrufty.com. I welcome the opportunity to review your application to see what we can do for you on this great no money down home loan program.

Lets discuss how you can buy a house in California with the USDA home loan program today, we are about "Making Homeownership a Reality".
Posted by Nathan Rufty on May 3rd, 2015 5:01 PM
USDA home loan program will allow you to purchase a home in the state of California with no money, that's right 100% financing. We are making homeownership a reality in California with the USDA lending program. 

Click on the picture below to watch a video on where to find the approved designated areas of the county in which you are looking to purchase  a home in.



If you are limited on funds, then this is the program for you to purchase a home with. Lets explore your options on utilizing the USDA home loan program to purchase a property in California.
Posted by Nathan Rufty on January 24th, 2015 11:53 AM

Are you asking yourself "Is this a perfect time to buy a home in California?"


You hear it all the time from the real estate community, it is a perfect time to buy and sale real estate. That may should a little sales-z, but it is true. You have to live somewhere and that some where in California midas-well be your roof. With home loan programs that offer 100% financing, no money down and from 3% to 5% for the down payment, it does not take an enormous about of cash to purchase a home.

California real estate is experiencing some stabilization in home prices but as of this blog rates gave come down due to market volatility and with rental rates expected to increase in 2015, you should start you path towards homeownership. It does not hurt to explore your options in owning a home, you will at least know from a mortgage professional who can direct you in the right direction to purchase a house in California.

With the VA and USDA home loan program in Southern California, your are in luck, these 2 lending programs are the best purchase options on the market. Click on the link to learn more about these mortgage programs. It does not take an enormous amount of money to purchase a home in California with one of these 2 programs.

There are 2 additional loan programs that requires as little as 3% down payment with Fannie Mae and 3.5% down payment with FHA. The benefit with these 2 programs is that they allow gift funds and a down payment assistance home loan program to assist you the required buyer's contribution. As you can see we can locate money for you to purchase a home.

There are 3 buckets of cost when purchasing a property:
  1. Down payment, each lending program will have their own guidelines and this mostly based on your middle credit score
  2. Out off pocket costs, home inspection, termite report, credit report and appraisal
  3. Closing Cost, can be gifted, seller can pay for them, increase the interest to cover, down payment assistance
As I mentioned earlier, it does not hurt to explore your options in buying a home. You will at least know from a licensed mortgage professional if you meet all the lending guidelines to purchase now or will need to work on credit, income or down payment to purchase from 90 days or longer.

Click HERE and lets discuss your options of owning a home. We can create a blue print together that fits your budget and needs. Working with the right professionals that have your best in mind will make for a smooth and exciting home buying experience when looking to purchase property in Southern California!
Posted by Nathan Rufty on December 13th, 2014 4:39 PM

Archives:

Categories:

My Favorite Blogs:

Sites That Link to This Blog: