Question 1

Do I need to put money down to get a USDA loan in Kerman?

Accepted Answer

No. USDA loans require zero down payment. You finance 100% of the purchase price with no down payment required. That's the core advantage over conventional and FHA loans.

Question 2

What's the monthly payment on a $200,000 USDA loan at today's rate?

Accepted Answer

At 6.125% with 0.429 discount points, the principal and interest payment is $1,215 monthly on a $200,000 loan. Add property taxes, insurance, and the 0.35% annual USDA fee for your total monthly cost.

Question 3

What credit score do I need to qualify for USDA in Kerman?

Accepted Answer

Most lenders require a 740 FICO minimum. Some brokers work with 700+ scores, but 740 is the standard floor. Your income and debt-to-income ratio matter more than a perfect credit score.

Question 4

How much income do I need to qualify for a USDA loan in Fresno County?

Accepted Answer

You must earn under 115% of the county's median household income, roughly $82,150. Most lenders allow up to 43% debt-to-income ratio, so a $71,434 household income comfortably qualifies for a $200,000 loan.

Question 5

Will I pay mortgage insurance on a USDA loan?

Accepted Answer

No. USDA loans have no mortgage insurance. Instead, you pay a 0.35% annual fee on the loan balance—roughly $70 per year on a $200,000 loan. That's far lower than PMI on conventional or FHA loans.

USDA 30-Year Fixed in Kerman: Zero-Down Financing for Central Valley Homebuyers