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Zero-down USDA Guaranteed Loans are the most popular rural development mortgage program in Lake Arrowhead CA. These loans are available for anyone with low to moderate income to purchase a home in approved rural areas with no down payment.  Other USDA loan limits and resources can be viewed here:

USDA doesn’t set specific maximum loan limits for guaranteed mortgages. Instead, local limits are determined by a combination of the area USDA maximum income limit and the borrowers debt-to-income ratio. This approach means that guaranteed maximum USDA loan limits are fluid and based upon numerous factors, unlike low-income USDA Direct Loans, which have set maximum limits. The figures listed below are based on approximate calculations. Actual guaranteed maximum loan limits may vary.

The USDA Home loan program in Lake Arrowhead CA assists approved lenders in providing low- and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas. Eligible applicants may build, rehabilitate, improve or relocate a dwelling in an eligible rural area. The program provides a 90% loan note guarantee to approved lenders in order to reduce the risk of extending 100% loans to eligible rural homebuyers.

USDA Home Loans - Applicants must:

• Meet income-eligibility
• Agree to personally occupy the dwelling as their primary residence
• Be a U.S. Citizen, U.S. non-citizen national or Qualified Alien
• Have the legal capacity to incur the loan obligation
• Have not been suspended or debarred from participation in federal programs
• Demonstrate the willingness to meet credit obligations in a timely manner
• Purchase a property that meets all program criteria

How may funds be used in USDA Home Loans

• New or existing residential property to be used as a permanent residence.  Closing cost and reasonable/customary expenses associated with the purchase may be included in the transaction
• A site with a new or existing dwelling
• Repairs and rehabilitation when associated with the purchase of an existing dwelling
• Refinancing of eligible loans
• Special design features or permanently installed equipment to accommodate a household member who has a physical disability
• Reasonable and customary connection fees, assessments or the pro rata installment cost for utilities such as water, sewer, electricity and gas for which the buyer is liable
• A pro rata share of real estate taxes that is due and payable on the property at the time of loan closing.  Funds can be allowed for the establishment of escrow accounts for real estate taxes and/or hazard and flood insurance premiums
• Essential household equipment such as wall-to-wall carpeting, ovens, ranges, refrigerators, washers, dryers, heating and cooling equipment as long as the equipment is conveyed with the dwelling
• Purchasing and installing measures to promote energy efficiency (e.g. insulation, double-paned glass and solar panels)
• Installing fixed broadband service to the household as long as the equipment is conveyed with the dwelling
• Site preparation costs, including grading, foundation plantings, seeding or sod installation, trees, walks, fences and driveways

Ready for your USDA Home loan in Lake Arrowhead, California? Call Nathan Rufty at (909) 503-5600