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USDA Home Loans in Cherry Valley, California

Cherry Valley, California USDA stands for United States Department of Agriculture. USDA mortgages provide low-cost insured home mortgage loans with no down payment requirement. A USDA mortgage might be right for you if you are interested in buying a rural property as your primary home with a low out of pocket investment

Why USDA Loans in Cherry Valley, CA

USDA Guaranteed Rural Housing Mortgage USDA Guaranteed Loans are the most common type of USDA mortgage and allow for higher income limits and 100% financing for home purchases.  USDA in Cherry Valley, CA 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.  We can help you with this type of loan. USDA Direct Rural Housing Mortgage USDA Direct Housing Loans are less common than USDA Guaranteed Loans and are only available for low and very low income households to obtain home ownership, 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. We cannot help you with this type of loan.

USDA Benefits in Cherry Valley, California

• USDA Loans require NO money down – up to 103.5% financing (includes funding fee).
• Closing costs can be rolled into the loan or paid by the seller.
• There is NO maximum loan amount.
• You do NOT need assets to qualify.
• Qualifying for a USDA loan with lower credit scores is possible.  (Current min required credit score is 640)
• USDA Mortgages are secure 30-year fixed terms at low market interest rates.
• USDA Loans are for ANY new & existing single family residence located in a USDA eligible area.
• Property being purchased can be a regular sale, short sale, foreclosure home, etc.

Ready to see if you qualify for USDA Home Loan? Call Nathan Rufty at 909-503-5600 for a free consultation.