USDA Financing is a 100% financing with no down payment that is restricted to areas with lower populations. All communities in Kings County are eligible except for Hanford such as Lemoore, Corcoran, Armona and Avenal. Also many surrounding towns such as Coalinga, Selma, Laton, Riverdale, and Reedley are also eligible. There are income restriction with a family of four being able to earn up to $73,600 per year and larger families allowed up to $97,150 per year with some adjustment allowed for child care etc.
Common USDA Loans Questions:
What credit score do I need to qualify?
- USDA financing does not have a minimum credit score, but most lenders require a middle credit score of 580 or higher.
Does USDA require a down payment?
- USDA is a 100% loan that does not require a down payment for those that qualify for this amazing program
Can I buy an investment property with a USDA home loan?
- No, borrowers can only utilize a USDA loan when purchasing a primary residence.
What areas are eligible for USDA financing?
- USDA financing can be used in most towns with populations of 50,000 people or less.
Does USDA have any income restrictions?
- Yes, for a household of 1-4 people the max gross income limit is $103,500. For a home of 5 or more the max gross household income limit is $136,600.
Utilizing Seller or Lender credit could allow a buyer to purchase a home with no cash out of pocket. Give us a call at 559-589-6044 or email one of our experienced loan officers at loanofficers@macielmortgage.com for more information on this great loan 100% financed program.
