Question 1

Is Wasco eligible for USDA loans?

Accepted Answer

Many parts of Wasco fall in USDA-eligible zones, but not all addresses qualify. Check the USDA eligibility map with your exact property address before applying.

Question 2

Which loan has lower mortgage insurance?

Accepted Answer

USDA's annual rate of 0.35% beats FHA's annual MIP in most cases. Over a 30-year loan, that difference adds up significantly.

Question 3

Can I use USDA if I have a higher income?

Accepted Answer

No. USDA sets household income limits based on county and family size. Kern County limits are moderate — check current USDA guidelines to confirm.

Question 4

What credit score do I need for each loan?

Accepted Answer

FHA allows scores down to 500 with enough down payment. Most USDA lenders want a 640 or higher for automated approval.

Question 5

Do both loans allow seller concessions?

Accepted Answer

Yes. Both FHA and USDA allow sellers to cover closing costs. This can reduce your cash needed at closing on either program.

Question 6

Which loan closes faster in Wasco?

Accepted Answer

FHA typically has fewer eligibility hoops to clear. USDA requires a separate rural development approval that can add days to the timeline.

FHA vs USDA Loans in Wasco, CA