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Mortgage Broker Oakhurst CA | Home Loans | Granite West Funding

If you are looking for a competitive loan for home purchase, refinance or construction in Oakhurst or anywhere in the state of California, Granite West Funding can connect you with a loan suitable for your needs.

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USDA Loans
in Oakhurst, CA

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While there are many reasons to consider settling down in Oakhurst, one of the biggest draws to this beautiful town is the breathtaking countryside which surrounds it.

If you are interested in purchasing a rural home in or around Oakhurst or anywhere else in California, you might be eligible for a USDA home loan.

What is a USDA Mortgage?

A USDA mortgage is a lending product which the US Department of Agriculture (USDA) insures. Sometimes, the USDA loan program will be referred to as the “Rural Development Guaranteed Housing Loan” program. This is no longer the program’s official name, but many people are unaware that the name has changed.

As the USDA considers an area to be rural so long as the population is no more than 35,000, there are many opportunities to purchase homes in the Oakhurst region using a USDA mortgage.

Benefits of USDA Mortgages in Oakhurst

Having the government insuring your mortgage entitles you to the following benefits:

A USDA mortgage may allow you to move into a rural home in California with zero down payment.

USDA loans feature fixed interest rates. Because the loan is insured, the interest rate may be more affordable than it would be for a corresponding conventional loan.

There is a cap placed on the closing costs for a USDA mortgage.

While you may need to purchase mortgage insurance, your premiums can be discounted.

You do not need perfect credit to qualify for a USDA loan and enjoy the benefits listed above. In fact, USDA loans are targeted toward low to moderate income homebuyers. That means that many applicants may not have perfect credit.

Along with home purchase, USDA loans can also be used to buy vacant lots, build homes, or repair them.

USDA Mortgage Eligibility Guidelines

To qualify for a USDA home loan, you will need to meet these requirements:

You can only apply for a USDA mortgage as a US legal resident.

This is an income-based mortgage program, which means that you cannot exceed the income cap for your family size.

USDA mortgages can only be used to buy homes that are 2,000 square feet or less and which pass the USDA’s appraisal guidelines.

The home that you are trying to finance must be located in an area with a population that is no more than 35,000.

If you are not sure whether you are shopping for a home in a USDA-defined “rural” area, we can look up that information for you during your free consultation.

Apply for a USDA Loan in California Now

If you are ready to move into a beautiful rural home in California with zero down, we can help you figure out if you are eligible for a USDA mortgage. To apply today, please call 559-540-2275.

Get Pre-Approved Today!