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in Sutter Creek, CA
Both FHA and USDA loans target buyers who can't swing a 20% down payment. The difference comes down to where you're buying and how much you earn.
Most of Sutter Creek qualifies for USDA loans because Amador County counts as rural. FHA works anywhere in the city but requires more upfront cash.
FHA loans let you put down just 3.5% with a credit score as low as 580. You'll pay mortgage insurance for the life of the loan unless you refinance later.
These loans work for any property type in Sutter Creek—historic downtown homes, newer builds, or fixer-uppers. No income caps or location restrictions apply.
USDA loans require zero down payment if you're buying in an eligible rural area. Most of Sutter Creek qualifies because Amador County meets USDA rural definitions.
You'll face income limits—typically around $103,500 for a household in this county. Credit requirements are flexible, often accepting scores around 640 with strong payment history.
Down payment separates these options first. FHA needs 3.5% saved while USDA needs nothing down but caps your income and restricts property location.
Mortgage insurance costs differ too. USDA charges a 1% upfront fee and 0.35% annual premium. FHA hits you with 1.75% upfront and 0.55%-0.85% annually depending on your loan size.
Choose USDA if your household income falls under county limits and you're buying in an eligible area. The zero down and lower insurance make it the better deal when you qualify.
Go FHA if you earn too much for USDA, need to buy in a non-eligible zone, or have credit below 640. It works anywhere without income restrictions.
Most of Sutter Creek qualifies because Amador County meets USDA rural definitions. Check the USDA eligibility map for your specific address before applying.
Income limits typically cap around $103,500 for a household in this county. Limits adjust based on household size and county median income.
Yes, FHA 203(k) loans let you finance both purchase and renovation costs. The property must meet minimum safety standards before closing.
Both charge similar closing costs. USDA's 1% upfront fee is lower than FHA's 1.75%, but your rate and lender fees matter more than the loan type.
With FHA you can refinance to conventional once you hit 20% equity. USDA insurance stays until you refinance or pay off the loan completely.