We tend to picture a bustling metropolitan area when we talk about living in Southern California. But even here, there are rural zones.
If you are shopping for a home in one of these areas, you may be able to buy your home with a zero down USDA mortgage.
What is a USDA Loan?
USDA mortgages are income-based loans guaranteed by the US Department of Agriculture.
The guarantee on the loan protects your lender in case of default. Qualifying is easier than it is for some other lending products as a result, and there are other benefits that help make buying a home affordable.
What are the Benefits of a USDA Loan in Corona?
- You can move into a new home with no down payment.
- Credit qualifications are loose, but interest rates are still affordable.
- As there is no universal loan limit, you may be able to borrow quite a lot if your qualifications are competitive.
- There are no mortgage insurance premiums. The USDA loan guarantee fee is affordable by comparison.
- Even though there are income limits, a lot of homebuyers are able to qualify (more on that below).
Qualifying for a USDA Mortgage in CA
You might qualify for a USDA home loan in Corona or beyond if:
- Your income is within 115% of the median household income for your area.
- The home you are purchasing is in a rural zone as the USDA designates.
- Do not assume that the home that interests you is not rural because it is not surrounded by agricultural fields. There are areas that the USDA calls “rural” that do not look like stereotypical countryside.
Buy a Home with a USDA Loan Now
If you are buying a home in a rural region, you do not want to miss out on your chance to do so with zero down and affordable rates. Please contact us today at (951) 531-1399 to schedule your USDA mortgage consultation. We work with rural homebuyers throughout California, Florida, Oregon, Nevada, Colorado and Washington State.
