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in Angels Camp, CA
Angels Camp sits in USDA-eligible territory, giving buyers two solid government loan options. FHA requires 3.5% down while USDA offers zero down for qualifying borrowers.
Both programs accept lower credit scores than conventional loans. The right choice depends on your down payment savings, income level, and where you're buying in Calaveras County.
FHA loans work anywhere in Angels Camp with just 3.5% down if your credit score hits 580. You'll pay an upfront mortgage insurance premium of 1.75% plus annual premiums for the life of most loans.
These loans cap your debt-to-income ratio at 43% with flexibility up to 50% in some cases. You can buy single-family homes, condos on the FHA-approved list, or manufactured homes on permanent foundations.
USDA loans require zero down payment but only work in designated rural areas across Calaveras County. You must meet income limits set at 115% of median income for the area and demonstrate stable employment.
The program charges a 1% upfront guarantee fee plus 0.35% annual fee, significantly lower than FHA insurance. Property must be your primary residence and meet USDA's modest standards for size and value.
USDA beats FHA on upfront and monthly costs if you qualify. The annual fee runs 0.35% versus FHA's 0.55% to 0.80%, saving you $50 to $150 monthly on a $400,000 loan.
FHA works everywhere and accepts higher income levels with no caps. USDA restricts income and location but eliminates your down payment entirely, freeing up cash for repairs or reserves.
Choose USDA if the property falls in an eligible zone and your household income stays under program limits. You'll save thousands over FHA by putting zero down and paying lower insurance.
Go FHA if you exceed USDA income caps, need faster closing timelines, or want to buy in city limits where USDA doesn't apply. The 3.5% down payment still beats conventional 5% minimums for similar credit profiles.
Most of Calaveras County qualifies, but specific addresses need verification through USDA's eligibility map. Some town center areas may be excluded.
Only if you put down 10% or more at purchase. Otherwise, FHA insurance stays for the loan's life unless you refinance to conventional.
Limits vary by household size and update annually. For 2024, expect caps around $103,500 for a family of four in Calaveras County.
FHA typically closes quicker since USDA requires additional rural property certifications and income verification steps. Expect 30-45 days for FHA versus 45-60 for USDA.
Yes, you can use 100% gifted funds from family members. USDA also allows gifts but requires you to have some verified reserves.