Question 1

Is San Leandro eligible for USDA loans?

Accepted Answer

Most of San Leandro is not USDA-eligible. Check the USDA property eligibility map for any specific address before applying.

Question 2

Which loan has lower mortgage insurance costs?

Accepted Answer

USDA mortgage insurance is generally cheaper than FHA's. FHA charges both an upfront premium and monthly premiums.

Question 3

Does USDA have income limits?

Accepted Answer

Yes. USDA caps total household income, not just the borrower's. FHA has no income ceiling.

Question 4

What credit score does each loan require?

Accepted Answer

FHA requires 580 for the 3.5% down option. Most USDA lenders want 640 or higher.

Question 5

Can I use either loan to buy 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.

Question 6

Which loan closes faster in Alameda County?

Accepted Answer

FHA typically moves faster. USDA loans require an extra USDA approval step that can add two to four weeks.

FHA vs USDA Loans in San Leandro: Which One Fits?