The USDA Loan and Its Requirements

The USDA Loan and Its Requirements

A loan option that could make a big difference in your real estate goals.

Do you love the idea of investing in real estate to save for your retirement but don’t have the money for the down payment to get started? If so, I have the answer for you: USDA loan. It’s a loan program that many people—even some real estate agents—don’t know about.

Fortunately, many cities in our southern California area qualify for this loan. Many cities that you’ve heard of in the San Bernardino Mountain resort, like Lake Arrowhead, Big Bear, and Crestline. Also, in Riverside County is Winchester, Homeland, Lake Matthews, Cherry Valley, etc. The program is for non-military citizens, and the great thing about it is it doesn’t require a down payment. There is no credit score requirement, and you do not have to be a first-time homebuyer. This loan is available for so many people!

The only limit this loan program has is income. In our area, the income limit for a family of one to four people is $138,000, and the limit for families of five to eight people is $186,000. Just remember the restrictions change based on your location.

One of the most appealing aspects of this loan currently is the interest rate. As of June, the rate is 3%. This number scales up as your income increases, but not by much. This small number is very enticing today, especially as regular interest rates are around double that.

If you want to know more about this loan or how it works in your area specifically, don’t hesitate to call, text, or email me—I’d love to hear from you!

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