Loading
USDA Loans in Paramount
Paramount sits in a gray zone for USDA eligibility. Most of the city falls outside designated rural areas, but specific census tracts near the borders may qualify.
USDA updated their eligibility maps in 2023. Properties that qualified two years ago might not qualify now. Always verify the exact address before making offers.
USDA requires household income under $103,500 for Los Angeles County. That includes everyone over 18 living at the property, not just borrowers on the loan.
You need 640 minimum credit score at most lenders. Zero down payment required. Debt-to-income can go up to 41% with strong compensating factors.
Not every lender underwrites USDA loans. Banks advertise them, then turn away borrowers with credit under 680. We work with lenders who actually close at 640.
USDA processing runs 45-60 days on average. The government guarantee adds underwriting steps that conventional loans skip. Plan your closing timeline accordingly.
FHA makes more sense for most Paramount buyers. You're already in a dense suburban area with median prices that don't favor USDA income limits.
The few Paramount properties that qualify tend to be on the east side near the city limits. You'll find better inventory and easier approvals with FHA at 3.5% down.
FHA costs 3.5% down but accepts credit scores to 580. You'll close in 30 days instead of 60. No property location restrictions in Paramount.
VA offers zero down for veterans without USDA's income caps or location limits. Conventional goes to 3% down for first-time buyers without rural requirements.
Paramount borders Bellflower and Downey, both fully ineligible for USDA. The eligible pockets sit near Lakewood Boulevard and South Street.
Check USDA eligibility before touring homes. Sellers won't wait 60 days for a USDA approval when they have FHA offers closing in 30.
Most of Paramount falls outside USDA eligible areas. Check the property address on the USDA eligibility map before shopping.
Household income cannot exceed $103,500 for Los Angeles County. This includes all adults over 18 living at the property, regardless of whether they're on the loan.
USDA loans average 45-60 days from application to closing. The government guarantee requires additional underwriting steps that conventional loans skip.
USDA allows 640 credit scores, but most lenders require 680 or higher. We work with lenders who approve USDA loans at the actual 640 minimum.
FHA makes more sense for most Paramount buyers. You'll close faster, have no location restrictions, and find more inventory that qualifies.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.