USDA Loans

The USDA Rural Development loan is one of the last remaining 100% financing programs left and is the perfect way to finance your home without coming up with a down payment. These programs offer flexible, common sense underwriting guidelines, relaxed credit requirements, no PMI (private mortgage insurance), the ability to finance closing costs into the loan amount, lenient seller concessions, and rates that are comparable to, if not better than, conventional fixed rate mortgage programs.
Features include:

  • purchase or refinance
  • up to 102% financing
  • one-time 3.5% Guarantee Fee on purchase transactions (can be financed into the loan)
  • 0.5% Guarantee Fee on refinance transactions (can be financed into the loan) loans up to $417,000
  • low 30 yr fixed rates
  • no monthly mortgage insurance premium
  • no cash reserves required
  • unrestricted gifts
  • excellent credit not required
  • do not have to be a first-time buyer
  • finance new construction or an existing property

Property requirements:



 ATTENTION

Home Buyers & Brokers:

  620 Scores to 102%!

No Scores to 102%!

Now Lower Fees and Better Rates!

 

  AND 24-48Hour Underwriting!

 

Great service & lower Rates & Fees!

 

24-48 Hour Turn Times!

 

See Link Below for News on USDA! It is the best product in the market place on score and LTV!

 Bankerbroker.com

USDA-RD California Lender

 Rural Communities Program

Up to 100% Financing Program

Here are the highlights:

  • 620 FICO Score
  • SFR, Condo’s and PUDs (no units, investment or manufactured)
  • Finance the full appraised value plus the 2% up-front Mortgage Insurance for a total of 102% of the appraised value.
  • Seller may contribute up to 6% of the purchase price toward closing costs and/or prepaids.
  • 100% gifting permitted for all closing costs
  • No post-closing reserves requirements.
  • 29/41% Debt-to-income ratios.
  • NOT limited to First-Time Homebuyers.
  • No loan limits ( based on income requirements)
  • NO MONTHLY MORTGAGE INSURANCE - the One-Time MIP fee at closing keeps the monthly payment lower than FHA financing.
  • 30 year fixed-rate, fully amortized loans only

To Check your Eligibility for this Program

Don't delay - this program may not last!  Call your loan officer today

Click here to check USDA Property Eligibility on USDA map

**** USDA Eligibility Map ****
Find USDA eligibility map



 

Call for questions or email

Contact Massey Kouhssari 949.244.1880

massey@bankerbroker.com

BankerBroker.com

Your National USDA-RD Lender for Today and Tomorrow!


All of this with 24-48 HOUR SERVICE and you CAN talk direct to our Underwriters!





 

USDA - Home Lending Guide

Check out our articles below to learn more about the USDA Lending process, who is eligible, and how the program can benefit you and your family.

  • Basic Information
    • USDA Loan Facts
    • Starting a Farm with a USDA Loan
    • More Information on USDA Farm Loans
    • USDA awards will help 85,000 rural customers
    • The 2008 Farm Bill
    • USDA Loan Benefits
  • USDA Loan Eligibility
  • USDA Refinancing & Home Improvement
    • USDA Housing Repairs & Improvements
    • Rural Housing Repair
  • Special Circumstances
    • USDA Grants

California USDA Loans

What are USDA Home Loans? 
USDA stands for United States Department of Agriculture. A USDA Mortgage provides a low-cost insured home mortgage loan that suits a variety of options. A USDA mortgage is likely the best home loan option if you want to purchase a home with no down payment. If you're unsure about your credit rating, or have concerns about a down payment when you're doing a home loan comparison, USDA Rural Mortgage Loans can give you piece of mind with zero-down, super low closing costs and no monthly mortgage insurance.

What Types of Loans does USDA offer in California? 
Currently, there are two kinds of USDA Home Loans available in California for single family households:

. USDA Guaranteed Rural Housing Loans 
USDA Guaranteed Home Mortgage Loans are the most common type of USDA Loan in California and allow for higher income limits and 100% financing for home purchases. USDA Guaranteed Loan applicants may have an income of up to 115% of the median household income for the area. Area income limits for this program can be viewed here. All USDA Guaranteed Loans carry 30 year terms and are set at a fixed rate. 

. USDA Direct Rural Housing Loans 
USDA Direct Housing Loans are less common than USDA Guaranteed Loans and are only available for low and very low income households to obtain homeownership, as defined by the USDA. Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI. Click here to see area income limits for this program.

What factors determine if I am eligible for a USDA Loan in California?
To be eligible for A USDA Rural Loan in California, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income (29% ratio). Your credit background will be fairly considered. A 620 FICO credit score is required to obtain a USDA Rural Housing Loan approval through ENG Lending. You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio). These ratios can be exceeded somewhat with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. Maximum USDA Guaranteed Loan income limits for your area can be found at here. Maximum USDA Direct Loan income limits for your area can be found at here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.

What is the maximum amount that I can borrow? 
The maximum amount for an USDA home loan is determined by: 

Maximum Loan Amount: The is no set maximum loan amount allowed for USDA Rural Home Loans. Instead, your debt-to-income ratios will dictate how much home your can afford (29/41 ratios). Additionally, your total household monthly income must be within USDA allowed maximum income limits for your area. Maximum USDA Guaranteed Loan income limits for your area can be found at here.

Maximum financing: The maximum USDA Rural Development Loan amount is 102% of the appraised value of the home (100% plus the 2% USDA RD Loan guarantee fee).

How much money will I need for the down payment and closing costs?
USDA Rural Development Mortgage Loans require no down payment and they allow for the closing costs to be included in the loan amount (appraisal permitting).

What property types are allowed for USDA Rural Loan Mortgages? 
While USDA Mortgage Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and single family residences.



California USDA Loan Adjusted Maximum Income Limits by County
Updated 05/01/2009
County Name                
1-4 Person Households 
(Guaranteed Loans)
5-8 Person Households 
(Guaranteed Loans)
ALAMEDA 
1,094,625
 
1,094,625
OAKLAND-FREMONT-HAYWARD, CA METROPOLITAN DIVISION
ALPINE 
503,750
 
1,094,625
NON-METRO
AMADOR 
417,000
 
1,094,625
NON-METRO
BUTTE 
417,000
 
1,094,625
CHICO, CA (MSA)
CALAVERAS 
417,000
 
1,094,625
NON-METRO
COLUSA 
417,000
 
1,094,625
NON-METRO
CONTRA COSTA 
1,094,625
 
1,094,625
OAKLAND-FREMONT-HAYWARD, CA METROPOLITAN DIVISION
DEL NORTE 
417,000
 
1,094,625
CRESCENT CITY, CA (MICRO)
EL DORADO 
516,000
 
1,094,625
SACRAMENTO--ARDEN-ARCADE--ROSEVILLE, CA (MSA)
FRESNO 
417,000
 
1,094,625
FRESNO, CA (MSA)
GLENN 
417,000
 
1,094,625
NON-METRO
HUMBOLDT 
417,000
 
1,094,625
EUREKA-ARCATA-FORTUNA, CA (MICRO)
IMPERIAL 
417,000
 
1,094,625
EL CENTRO, CA (MSA)
INYO 
417,000
 
1,094,625
BISHOP, CA (MICRO)
KERN 
417,000
 
1,094,625
BAKERSFIELD, CA (MSA)
KINGS 
417,000
 
1,094,625
HANFORD-CORCORAN, CA (MSA)
LAKE 
417,000
 
1,094,625
CLEARLAKE, CA (MICRO)
LASSEN 
417,000
 
1,094,625
SUSANVILLE, CA (MICRO)
LOS ANGELES 
737,500
 
1,094,625
LOS ANGELES-LONG BEACH-GLENDALE, CA METROPOLITAN
MADERA 
417,000
 
1,094,625
MADERA, CA (MSA)
MARIN 
1,094,625
 
1,094,625
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA METROPOLITAN
MARIPOSA 
417,000
 
1,094,625
NON-METRO
MENDOCINO 
417,000
 
1,094,625
UKIAH, CA (MICRO)
MERCED 
417,000
 
1,094,625
MERCED, CA (MSA)
MODOC 
417,000
 
1,094,625
NON-METRO
MONO 
575,000
 
1,094,625
NON-METRO
MONTEREY 
525,000
 
1,094,625
SALINAS, CA (MSA)
NAPA 
643,750
 
1,094,625
NAPA, CA (MSA)
NEVADA 
518,750
 
1,094,625
TRUCKEE-GRASS VALLEY, CA (MICRO)
ORANGE 
737,500
 
1,094,625
SANTA ANA-ANAHEIM-IRVINE, CA METROPOLITAN DIVISION
PLACER 
516,250
 
1,094,625
SACRAMENTO--ARDEN-ARCADE--ROSEVILLE, CA (MSA)
PLUMAS 
417,000
 
1,094,625
NON-METRO
RIVERSIDE 
417,000
 
1,094,625
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (MSA)
SACRAMENTO 
516,250
 
1,094,625
SACRAMENTO--ARDEN-ARCADE--ROSEVILLE, CA (MSA)
SAN BENITO 
937,500
 
1,094,625
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (MSA)
SAN BERNARDINO 
417,000
 
1,094,625
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (MSA)
SAN DIEGO 
593,750
 
1,094,625
SAN DIEGO-CARLSBAD-SAN MARCOS, CA (MSA)
SAN FRANCISCO 
1,094,625
 
1,094,625
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA METROPOLITAN
SAN JOAQUIN 
417,000
 
1,094,625
STOCKTON, CA (MSA)
SAN LUIS OBISPO 
610,000
 
1,094,625
SAN LUIS OBISPO-PASO ROBLES, CA (MSA)
SAN MATEO 
1,094,625
 
1,094,625
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA METROPOLITAN
SANTA BARBARA 
656,250
 
1,094,625
SANTA BARBARA-SANTA MARIA, CA (MSA)
SANTA CLARA 
937,500
 
1,094,625
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (MSA)
SANTA CRUZ 
805,000
 
1,094,625
SANTA CRUZ-WATSONVILLE, CA (MSA)
SHASTA 
417,000
 
1,094,625
REDDING, CA (MSA)
SIERRA 
417,000
 
1,094,625
NON-METRO
SISKIYOU 
417,000
 
1,094,625
NON-METRO
SOLANO 
435,000
 
1,094,625
VALLEJO-FAIRFIELD, CA (MSA)
SONOMA 
566,250
 
1,094,625
SANTA ROSA-PETALUMA, CA (MSA)
STANISLAUS 
417,000
 
1,094,625
MODESTO, CA (MSA)
SUTTER 
417,000
 
1,094,625
YUBA CITY, CA (MSA)
TEHAMA 
417,000
 
1,094,625
RED BLUFF, CA (MICRO)
TRINITY 
417,000
 
1,094,625
NON-METRO
TULARE 
417,000
 
1,094,625
VISALIA-PORTERVILLE, CA (MSA)
TUOLUMNE 
417,000
 
1,094,625
PHOENIX LAKE-CEDAR RIDGE, CA (MICRO)
VENTURA 
650,000
 
1,094,625
OXNARD-THOUSAND OAKS-VENTURA, CA (MSA)
YOLO 
516,250
 
1,094,625
SACRAMENTO--ARDEN-ARCADE--ROSEVILLE, CA (MSA)
YUBA 
417,000
 
1,094,625
YUBA CITY, CA (MSA)

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