Question 1

Can I use a USDA loan to buy a home in Cerritos?

Accepted Answer

Cerritos has limited USDA-eligible areas due to its urban development. However, surrounding communities in Los Angeles County may qualify. Check the USDA eligibility map for specific addresses.

Question 2

What income limits apply for USDA loans in Los Angeles County?

Accepted Answer

Income limits vary by household size and cannot exceed 115% of area median income. Contact a mortgage broker for current limits specific to your situation and family size.

Question 3

Do USDA loans require mortgage insurance?

Accepted Answer

Yes, USDA loans include an upfront guarantee fee and annual fee. These are typically lower than FHA mortgage insurance premiums. The costs can be financed into your loan.

Question 4

How long does USDA loan approval take?

Accepted Answer

USDA loan processing typically takes 30 to 45 days from application to closing. Timeline depends on lender efficiency and completeness of your documentation.

Question 5

Can I refinance later if I get a USDA loan?

Accepted Answer

Yes, you can refinance a USDA loan into another USDA loan or different program. USDA offers streamlined refinancing options for existing borrowers to lower rates.

USDA Loans in Cerritos: Zero Down Payment Home Financing for Los Angeles County Buyers