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USDA Home Loans

We Provide Assistance with USDA Home Loans in the Santa Rosa, CA Area

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USDA Home Loans

Providing Mortgage Placement putting YOU First as our First Priority

Are you interested in buying a home in a rural area? If so, homeownership may be well within your reach thanks to mortgage programs run by the United States Department of Agriculture. USDA home loans were designed to help improve the economy and quality of life in rural America. They offer low interest rates and zero down payments, making them accessible to low-income borrowers with little savings. These loans help thousands of families buy and improve homes every year. You First Mortgage is a licensed mortgage brokerage firm that helps people find home financing options that meet their needs. We can help you assess the pros and cons of using a USDA mortgage loan vs an FHA loan or another type of loan. Our professionals can assist you throughout the USDA loan process in Sonoma County, CA.

Is a USDA home loan right for you? Do you qualify for one? You First Mortgage can help you answer those questions and weigh your various options. We also communicate with a large network of USDA-approved lenders to shop rates on your behalf and offer you a wide selection of mortgage options. Call (707) 919-3103 or fill out our online contact form to get in touch with us. We’re looking forward to meeting you and helping you find a home financing option that works for your unique situation.

What Is The USDA Loan Process?

From applying to processing to underwriting to closing the deal, You First Mortgage is with you every step of the way. We gather information and submit applications for you in order to make the USDA home loan process as simple and convenient as possible.

  1. Prequalify with a USDA-approved lender
  2. Apply for preapproval
  3. Find a USDA-approved home and sign a purchase agreement
  4. Processing and underwriting
  5. Close the deal on your loan

There are three basic USDA home loan programs:

  1. Loan Guarantees: These loans are issued by local lenders like banks and guaranteed by the USDA. They allow you to purchase a home with little to no down payment and get a low interest rate. However, if you don’t put money down, you will likely have to pay a mortgage insurance premium.
  2. USDA Direct Loans: These loans are issued directly by the USDA. They are for low-income borrowers.

Home Improvement Loans & Grants: These help homeowners in rural areas repair and renovate their houses. You may be able to get a loan and a grant bundled together, providing up to $27,500 in assistance.

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USDA Mortgage Loan Pros And Cons

USDA mortgage loans have varying pros and cons based on your individual circumstances and needs. You First Mortgage can help you assess your situation and determine whether a USDA home loan may be the right choice for you. These are the general advantages and disadvantages that come with these types of mortgages.

The Pros of USDA Home Loans:

  • Zero (or very low) down payment options
  • Flexible qualifying guidelines (available to lower credit score applicants)
  • Low, fixed interest rates
  • Use to purchase, refinance, or build a home
  • No penalty for pre-payment
  • Repairs and closing costs may be financed into the loan

The Cons of USDA Home Loans:

  • Restricted to certain geographic areas
  • Mortgage Insurance Premiums (MIPs)
  • Income limits based on location
  • Only applies to single-family, owner-occupied homes
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We’ll Help You Explore All Your Home Financing Options

FHA loans are another popular choice for first-time homebuyers and lower-income borrowers. They also offer low down payments and flexible qualification terms. However, a USDA home loan could potentially get you into a new home without having to pay anything from your own bank account. With an FHA loan, the lowest down payment is 3.5%. Homebuyers with little money saved up for a down payment should consider a USDA loan before an FHA loan.

You First Mortgage assists clients in the Santa Rosa, CA area.

About

You First Mortgage is a licensed mortgage broker based in Santa Rosa, CA. When you partner with us, we put your interests above all other priorities. With versatile real estate industry experience in the local market, our advisors can provide reliable guidance when it comes to choosing home financing options. We are CalHFA Certified for Government Down Payment Assistance.

Providing Mortgage Placement putting
YOU First as our First Priority
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Ashley D.
5 star rating
9/09/2019 - Yelp

Austin helped us buy our first home in under a month and we couldn't be happier as first time home... read more

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leslyecharlesworth
9/02/2019 - Zillow

Highly likely to recommend Austin helped make home ownership in Northern California a reality for our family. He was always on call to help... read more

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al nayeri
7/26/2019 - Zillow

Highly likely to recommend Austin is a true gentleman and a professional on top of his game. He not only knows the real estate... read more

DISCLAIMER:
The information contained on this website is presented for informational and marketing purposes only and is not to be understood as financial advice. You should consult with a representative from You First Mortgage for further information, the mere act of contacting You First Mortgage does not create a client relationship. As a result, you should never send any confidential information to our office until representation or client relationship has been established.

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