Mortgage applications are stressful. There’s so much information to sift through, and so many different terms and conditions to understand. The last thing you want to deal with is getting stuck in a long application process because you didn’t understand some of the finer details.Canopy Mortgage, LLC is here to help. We’re dedicated mortgage professionals who always put our clients first. Whether you’re looking to buy a new home or refinance an existing loan, we’ll guide you every step of the way.
And once you find the right loan for you, we’ll close fast and efficiently. We’ll handle everything from pre-approval to closing, and we’ll do it all with speed and efficiency. So if you’re looking for a lender who puts your interests first, look no further than Canopy Mortgage, LLC!
USDA Loans in Los Angeles
The USDA loan is provided by the United States Department of Agriculture and is intended primarily for low to moderate income borrowers. USDA funding can be used to buy a home in rural areas if the borrower meets the eligibility requirements, which include the following: low and/or moderate income, credit worthiness, 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 a rural area.
Qualifying for a USDA Loan
Each location has a different maximum yearly household income that can be utilized to be eligible for a home loan guarantee. To find out the maximum income permitted for loan guarantees in the county where you live, refer to our USDA map and table.
Mortgages backed by the USDA are only permitted for owner-occupied primary residences. Additional requirements for qualification include:
- U.S. citizenship (or permanent residency)
- A total monthly payment, including principal, interest, insurance, and taxes, that is 29% or less of your monthly income. The total amount of your monthly loan payments cannot exceed 41% of your income. However, the USDA will consider higher debt ratios if your credit score is higher than 680.
- Regular income, frequently for at least 24 months
You must, among other things, have a clean credit history and no accounts that have gone into collections recently. If you can prove that temporary or unforeseen circumstances, such a medical emergency, had an effect on your credit, you can still be qualified.
For candidates with credit scores of 640 or higher, processing is expedited. Less recipients are subject to tighter underwriting standards. Additionally, those with “nontraditional” credit references, such as rental and utility payment histories, may be eligible, even if they have a poor credit history or credit score.
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About Los Angeles, CA
- Los Angeles is located on the West Coast of the United States and is the second largest city in the country.
- Los Angeles has a population in excess of 4 million people, which makes it one of the most populated cities in the United States.
- The metropolitan area of Los Angeles has a population of over 18 million residents and covers approximately 500 square miles of land. With a population of nearly one fifth of the population of the state of California, it is home to one of the largest urban economies in the world.
- The economy of Los Angeles is driven by international trade, tourism, entertainment production, aerospace, technology, petroleum refining and manufacturing.
- Los Angeles has major facilities such as Warner Bros Studios, Universal Studios Hollywood and Universal CityWalk Hollywood.
- Los Angeles is also home to the Staples Center, home of the Los Angeles Lakers and Los Angeles Clippers as well as Live Nation’s Forum, a 19,000 seat indoor arena that hosts major touring acts.
- Los Angeles is the home of many professional sports franchises such as the Los Angeles Lakers basketball franchise, the Los Angeles Kings hockey franchise and the Los Angeles Dodgers baseball team. Other popular attractions include the Los Angeles Zoo in Griffith Park and Disneyland in Anaheim.
- To the south and the west of the Los Angeles is the Inland Empire region which is primarily a suburban area but also encompasses some urban areas.
- To the east and the north of Los Angeles is Orange County which is home to the world famous Disneyland in Anaheim as well as the South Coast Plaza shopping mall and the Newport Harbor Marina.
- To the north and south of the Los Angeles is San Bernardino County which is home to the San Bernadino Valley and Victorville.
- The climate of Los Angeles is best described as Mediterranean with wet winters and dry summers.