Question 1

Is Hayward eligible for USDA loans?

Accepted Answer

Most of Hayward is not USDA-eligible. Check the USDA property eligibility map before assuming any property qualifies.

Question 2

Which loan has a lower down payment?

Accepted Answer

USDA requires zero down. FHA requires at least 3.5% with a 580 credit score.

Question 3

Do both loans require mortgage insurance?

Accepted Answer

Yes. FHA charges an upfront and monthly premium. USDA charges an upfront guarantee fee plus an annual fee.

Question 4

What credit score do I need for FHA in Hayward?

Accepted Answer

580 gets you 3.5% down. Below 580, lenders typically require 10% down. Rates vary by borrower profile and market conditions.

Question 5

Are there income limits for USDA loans in Alameda County?

Accepted Answer

Yes. USDA sets income caps by county and household size. Alameda County limits are higher than many rural counties, but limits still apply.

Question 6

Can I use either loan for a multi-unit property?

Accepted Answer

FHA allows up to four units if you occupy one. USDA is limited to single-family primary residences only.

FHA vs USDA Loans in Hayward, CA