3br - 100% Financing Available in Auburn (Auburn)
The USDA loan program is a 30 year fixed zero down payment mortgage. If you're looking to buy a home in these areas & considering an FHA or Conventional loan putting less than 20% down you need to strongly consider a USDA Loan. You do not have to be a first time homebuyer in order to qualify for this program.
Q. Can I use the USDA loan program if I am not a first-time homebuyer?
A. Yes you can! You do not have to be a first-time homebuyer in order to use the USDA loan.
Q. What if I do not have money for closing cost? Can the seller pay my closing cost? Can I get a gift?
A. Yes, USDA will allow both gift funds and also for the seller to pay closing cost as well.
Q. Can I buy an investment property or vacation home using the USDA home loan?
A. No, the USDA home loan is for owner occupied homes only
Q. What's the minimum credit score I need to use the USDA home loan?
A. Currently USDA requires a minimum 640 credit score. However, if you are below that you need to be ready to explain why and USDA is known to make exceptions if the rest of the file is strong enough!
A. Are USDA Guaranteed loans only for low-income borrowers?
Q. No, USDA Guaranteed loans are for Moderate- to Low-Income borrowers. For example, in most counties in California, a 1-4 person family can earn up to $73,600 per year and in some counties the income limit is as high as $92,000 per year. Income limits also increase for families greater than 4. To check the USDA income limits for your area, visit the USDA Income Eligibility page.
Q. I own my own business (Self Employed) can I use USDA?
A. Yes, if you are self -employed, you are allowed to use this program. You will need to provide 2 years of federal tax returns, all schedules.
Q. Can I take cash out on a refinance?
A. No you cannot. USDA only allows for rate term refinances.
Q. Is there a minimum down payment I need to use the USDA home loan?
A. No, you are not required to provide a down payment. You can finance 100% with a USDA home loan.
Q. Can I have an adjustable rate mortgage with a USDA loan?
A. No, the USDA home loan only offers a 30 year fixed rate.
Q. What are the mortgage rates on the USDA loan?
A. Mortgage rates with the USDA home loan program are very good. They are typically lower than Conventional 30 year fixed rate mortgages. Mortgage insurance is also cheaper than that of an FHA home loan.
Q. How do apply for a USDA home loan?
A. Simple, give us a call 916-726-7777
Loan City Home Loans (Read Our Reviews on Yelp)
9270 Madison Ave.
Orangevale, CA 95662
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