The USDA loan offers a low rate and flexible qualification for middle- to low-income buyers in rural areas.
Much of San Luis Obispo County counts as “rural” and is eligible for USDA financing. Qualifying households may have up to 115 percent of the median income in the area.
Enjoy down payments as low as 0%
Total Debt to Income ratio can be as high as 43%
Credit Score as low as 550
Gift payments are allowed
The USDA loan targets rural, middle- to low-income borrowers that don’t have the means to make a down payment and pay large mortgage insurance premiums. The primary two qualification standards are location (rural) and income (up to 115% of area’s median).
In San Luis Obispo County, families of 1-4 people can make a maximum of $93,950 to qualify and families of 5-8 people can make a maximum of $124,000.
Foreclosure: 3 years from completion date
Short Sale: 3 years from completion date
Bankruptcy (Chapter 7): 3 years from date bankruptcy was completed
Bankruptcy (Chapter 13): 1 year from date of repayment was completed and bankruptcy completed
Deed-in-Lieu: 3 years from transfer of deed date
The GSFA Platinum down payment assistance program was created to help low to moderate income homebuyers in the state of California purchase a home by providing down payment and/or closing cost assistance in the form of a non-repayable grant.
The Program Income Limit for FHA, VA, and USDA First Mortgages
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