USDA Mortgage applications are complicated. There are tons of different factors involved, and it can feel overwhelming to try to figure out what you should include in your application.Canopy Mortgage, LLC makes applying for a USDA mortgage easy. We understand that getting approved for a loan isn’t always straightforward, and we’re here to make sure you get the information you need to apply for a loan quickly and easily.
Whether you’re looking to buy a new home or refinance an existing one, we can help. We’re dedicated to helping you find the best rate possible, and we’ll go above and beyond to ensure that you get the best deal possible. So if you’re ready to get prequalified for a mortgage in Fresno, let us help you get started!
USDA Loans in Fresno
A USDA loan is offered by the U.S. Department of Agriculture and is mainly for low to middle income borrowers. It’s not exactly a loan, but a guarantee program instead. USDA funding can be used for the purchase of a home in rural areas, providing the borrower meets the requirements for eligibility, which include the following: low income and/or moderate income, credit worthy, applicants who do not exceed the maximum income limitations as permitted for family size, debt-to-income ratios meet minimum requirement, decent repayment history, no ownership interest in a property that is not a primary residence and property must be located in an approved rural area as defined by the USDA’s Single Family Housing Guaranteed Loan Program.
Qualifying for a USDA Loan
The maximum annual household income that can be used to qualify for a home loan guarantee varies by location. You can consult this USDA map and table to see the maximum income allowed for loan guarantees in the county where you reside.
Only owner-occupied main residences may be financed using USDA-guaranteed mortgages.
Other prerequisites for qualifying include:
- U.S. nationality (or permanent residency)
- A monthly payment that is 29% or less of your monthly income, including principle, interest, insurance, and taxes. Your total monthly loan payments cannot be more than 41% of your income. However, if your credit score is more than 680, the USDA will take into account larger debt ratios.
- Consistent income, often for at least 24 months
Among other things, you need to have a good credit history and no accounts that went into collections in the past year. You could still be eligible if you can demonstrate that temporary or uncontrollable circumstances, such as a medical emergency, had an impact on your credit.
Processing is sped up for applicants with credit scores of 640 or above. Those who get less than that must pass stricter underwriting requirements. Additionally, persons who have little or no credit history or a low credit score may be eligible with “nontraditional” credit references such rental and utility payment histories.
Looking for today's USDA rates?
Get a fresh, free, no obligation quote now.
About Fresno, CA
- Fresno, California is located in the heart of Central California. that Fresno has to offer. From the many lakes in the area to the beautiful scenery of the Sierra Foothills;
- Fresno is one of California’s most beautiful cities, where residents and visitors alike enjoy spending their free time outdoors enjoying the many outdoor activities.
- Fresno is also served by some of the finest hotels in the country such as the Hilton Garden Inn Clovis.
- Fresno has a population over 500,000 and is growing fast as more and more people and businesses discover all that this quaint city in central California has to offer.
- Fresno is home to several colleges and universities including California State University of Fresno. Fresno is also home to many major businesses including Frito-Lay, Ralcorp, Hunter Industries and General Foods/Kraft Foods.
- Fresno holds several annual events including the Chevron National Street Rod Association’s Nats Option and the Kings Island Dream Cruise.
- Fresno’s main financial and commercial district is downtown and encompasses the area from Tulare to Tulare and from McKinley to Clovis avenues.
- Fresno is beautiful all year around, however, the best time to visit really depends on what you want to see and do while you’re here. Spring in Fresno
- To the south and the west of Fresno are the flatlands of the San Joaquin Valley.
- To the north of Fresno, the Sierra Nevada mountains provide visitors with plenty of opportunities to enjoy the great outdoors such as Yosemite National Park where visitors can see spectacular scenery and abundant wildlife.
- Although Fresno is not a top ranked tourism destination, the city and surrounding area has many attractions to offer visitors and residents alike.
- The climate of Fresno can be described as having all the seasons of the year. Summers are generally hot with temperatures in the 80’s with high humidity. Winters are mild with temperatures in the 50’s and 60’s with the occasional snowfall in the mountains. Spring and autumn are nice as temperatures usually sit between 50 and 70 degrees.
- Fresno is bordered by the cities of Clovis, Madera and Selma to the south and west. The city of Visalia borders it to the north and Merced is bordered by Merced County to the west.