The overall goal of USDA Financing & Rural Development’s Single Family Housing Guaranteed Loan Program is to facilitate low to moderate income rural home buyers achieve their dream of home-ownership You may qualify for USDA financing San Diego, CA?
Rural Development partners up with approved local lenders to extend financing opportunities to eligible rural individuals and families for the purchase of safe and sanitary dwellings. Guaranteed loans have managed to assist thousands of homeowners to purchase a home with affordable interest rates and loan terms. Applicants must purchase a home within the qualified rural areas for the USDA Financing program, and contain a household income that does not exceed the established limits where the home is located. Additional Guaranteed Loan Features include but are not limited to:

• 100% financing and no down payment is required. The loan amount may not exceed 100% of the appraised value, plus the guarantee fee may be included.
• Guarantee Fee applies: may be rolled into the loan amount.
• Flexible credit guidelines. Non-traditional credit histories may possibly be accepted.
• Fixed 30 year interest rates apply. Lenders and applicants must agree upon interest rate.
• Qualifying ratios are 29% for housing costs and 41% for total debt. Lenders may request an exception to exceed these ratios when only strong compensating factors are identified.
• There is no maximum purchase price. Qualifying ratios and the applicant’s stable and dependable income will determine home affordability.
• Eligible property types include existing homes, new construction, modular homes, Planned Unit Developments (PUD’s), eligible condominiums and new manufactured homes.
• Eligible closing costs and lender fees may be included in the loan or paid by the applicant.
• Gift/Grant Funds/Mortgage Credit Certificates (MCC’s)/Seller Concessions are allowed.
• Eligible repairs and improvements may be included in the loan.
• Applicants must apply with an approved lender of their choice.
• Not limited to only first time homebuyers.

Please call San Diego Mortgage & Realty to see if you qualify for USDA Financing San Diego, CA: (858) 487-2208.