3 Eligibility Requirements of this ZERO DOWN program- USDA loans in 2017 | Your San Diego Lender


What is the deal with USDA Financing? We’re going to take a look at that in this week’s The Mortgage Minute. The Mortgage Minute presented by me Laura Borja, Your San Diego Home Loan Expertv A USDA loan is a loan that is guaranteed by the US Department of Agriculture It allows for 100% financing for owner-occupied properties that are located in the less populated or more rural areas of the county. —blowing wind sound— Let’s look at the current areas surrounding San Diego County. Any properties in the lighter tan areas are eligible for USDA financing . That includes places like Fallbrook, Bonsall, Valley Center, Ramona, Alpine and Julian There are income limits, however, they are pretty high. They based on the number of people in the household In San Diego County they begin at $100,500 for a household of one person. The program does have both an upfront guarantee fee of 1% plus monthly mortgage insurance of currently .35%. Now, that upfront guarantee fee does not have to be paid in cash at closing. You are allowed to roll it into your financing>>>squeeling tires>>>Wait, wait, wait! I totally forgot to include include in the video that you do not have to be a first-time homebuyer to use USDA financing Are USDA loans want to explore further ? By all means, reach out to me. send me an email Give me a call shoot me a text or connect with me through social media Don’t forget to hit the like button and subscribe to my channel and of course share the video with your friends. Thanks for watching this week’s The Mortgage Minute I’ll see you next time

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