-There are thousands of lenders to talk to when it comes time to find a home loan. Those discussions can be confusing, frustrating and even discouraging, especially for those prospective home buyers who may have trouble getting a traditional mortgage.
If you find yourself being told “Sorry, you just don’t qualify,” you might want to take a close look at a USDA loan, backed by the United States Department of Agriculture. These are zero-down payment loans for buyers who are considering a rural property, aren’t rich, and can’t qualify for a traditional mortgage.
The person to see for answers to your questions about a residential loan in Paso Robles or anywhere on California’s Central Coast is Marc Coons.
Marc Coons and his team serve all of San Luis Obispo County and Santa Maria. A Central Coast resident since 1990, Marc has a thorough understanding of the kinds of mortgages that are in the marketplace and with access to hundreds of lenders, can help streamline the entire loan process from pre-qualifying to picking up the keys to the front door.
Marc can also answer questions about USDA loans, explain the process, and help you get the loan you need. USDA home loans often work well for people who are without a “decent, safe and sanitary” place to live, are unable to get a traditional loan and have an adjusted income at or below the low-income in their area of residence.
- The loans are usually for rural areas, but sometimes a metropolitan area might qualify and the home is usually 2000 square feet or less. Other requirements include:
- U.S. citizenship or permanent residency
- The monthly payment needs to be 29% or less of your monthly income
- Other monthly debt payments must be 41% or lower of your income, with some exceptions for credit scores above 680
- A dependable income for at least 24 months
- A credit history without any accounts in collection for 12 months, however circumstances beyond your control, such as a medical emergency, may still work in your favor
- Credit scores of 640 or higher can qualify you for streamlined processing
A meeting with Marc Coons about your application for a USDA residential loan in Paso Robles or on the Central Coast will help you know which USDA loan is best for your circumstances.
What kind of loans does the USDA offer?
The USDA offers loan guarantees, direct loans and home improvement loans and grants.
- The USDA guarantees mortgages from participating local lenders and Marc Coons and his team can make sure you are connected with the most promising lenders. A USDA backed loan qualifies you for low interest rates.
- Direct loans issued by the USDA are for low income buyers and interest rates can be as low as 1%. Low income thresholds are different by region.
- Loans or grants, or a combination of both, up to $27,500 help homeowners repair or make improvements to their homes.
Marc has been assisting Central Coast and Paso Robles residents obtain loans since 2004. He and his team apply superior resources to streamline the entire loan process for each customer’s unique needs. Buying a home, especially for the first time, can be nerve-wracking. So many questions:
- How do I prequalify for a loan?
- Who do I see for a loan?
- How long will it take?
Marc and his team answer every question and help you through the loan process with respect and your best interest in mind.