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Can I get a USDA home loan in Riverside, CA?

I'm looking to buy a new home and I've heard a little bit about USDA home loans for rural areas. Now the home I'm looking at is roughly worth $285,000 and it's pretty secluded out here in Riverside. Can I use this type of mortgage to get a low down payment or am I limited to other programs such as FHA or others? I'm looking to move as soon as possible, my credit is doing good at 760ish, I am self-employed however and I can show a net income of roughly 55k a year. Pleas help. by gnewca_601_890 from Riverside, California. Jan 12th 2012 Reply


Austin Soutas (ocforeclosurehelp)
#444 ranked lender in California - 10 contributions

Hello, we may have a few options available for you. Give me a call so that I can go over the programs available currently and see how we can assist you in your lending experience.Austin S.949-229-1652

Jan 12th 2012
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Mark Gonzales (mgonza_248_701)
#562 ranked lender in California - 6 contributions

Yes! You're right in that USDA loan might help you if the property is on a designated rural area, and FHA loan can help you also. The fact that you have a fico of 760ish will also give you an advantage for the loan process; but your net income needs to be clarify by your tax returns and if your income is 55K per year net income but if you filed a schedule 1026 with your tax returns then that amount has to be deducted from the gross income and if your net income is 55K then that is what the loan officer will use as income. Plus how long have you been self employed will play a part on the qualifying process also. please call Mark Gonzales at Mission Hills Mortgage Bankers at 909.222.3858 if you have other questions.

Jan 12th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

If you go to USDA's website, you can type in the address of the property you're looking at and it should tell you if it qualifies or not. You can also ask your realtor.. He/she should know if it does or not... WilliamAcres.com

Jan 12th 2012
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,020 contributions

The Short answer is yes. To find out if the home (or neighborhood) you are looking in is USDA eligible, go to USDA's website, http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do . USDA borrowers must meet both minimum AND maximum income limits. My best advice is to contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Jan 12th 2012
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Michael Chandler (mchandler15)
#559 ranked lender in California - 7 contributions

Yes you can if the home is eligible for a USDA home loan. Check if the home is eligible- http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.doIf not, you should not have a problem qualifying for an FHA loan. You would need a minimum 2 years verified being self employed. Your net income should be fine, actually you might be able to add some more income in, however I would have to look at your 1040 in detail. As long as your debt load isn't too high, this shouldn't be a problem. It sounds like the down payment is the only issue for you, I would make sure you have a really good realtor that makes sure that the seller is taking care of the majority of closing costs if not all of them. Make sure your realtor requests a seller concession giving you both recurring and non/recurring closing costs credit. I specialize in purchase loans, if you have further questions, please do not hesitate to email me. mchandler@mylenderdirect.com

Jan 12th 2012
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