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in Corte Madera, CA
Corte Madera sits in Marin County, where home prices typically exceed USDA rural eligibility zones. Most properties here qualify for FHA loans but not USDA financing.
Both programs offer lower down payments than conventional loans. The catch: USDA requires zero down but limits where you can buy and how much you earn.
FHA loans need just 3.5% down with credit scores as low as 580. You pay an upfront mortgage insurance premium of 1.75% plus annual premiums of 0.55% to 0.85%.
The loan limit in Marin County is $1,149,825 for single-family homes. FHA works in any neighborhood, regardless of home price or your income level.
Sellers can contribute up to 6% toward your closing costs. This flexibility helps when cash is tight after your down payment.
USDA loans require zero down payment if you meet income limits. In Marin County, household income cannot exceed $123,400 for most applicants.
The property must sit in a USDA-designated rural area. Corte Madera's proximity to San Francisco typically disqualifies it from USDA eligibility.
USDA charges a 1% upfront guarantee fee plus 0.35% annual fee. These costs run lower than FHA insurance, but the geographic restrictions eliminate most Marin properties.
FHA accepts any location; USDA restricts you to specific zones that rarely include Marin suburbs. Check the USDA eligibility map before assuming you qualify.
USDA caps your income at $123,400 in this county. FHA has no income ceiling, making it the only option for higher earners.
USDA's 0.35% annual fee beats FHA's 0.55%-0.85%, but you save nothing if the property doesn't qualify. FHA's higher costs buy you geographic freedom.
Check USDA's eligibility map first. If Corte Madera properties qualify and your income stays under $123,400, USDA saves money with zero down and lower fees.
Most Corte Madera buyers use FHA because the town fails USDA's rural definition. FHA's 3.5% down payment still beats conventional 5-10% requirements.
Higher earners have no choice—USDA's income cap forces you into FHA or conventional financing. The FHA route makes sense when you want lower down payments despite earning above USDA limits.
Most Corte Madera properties fall outside USDA rural zones due to the town's proximity to San Francisco. Check the USDA eligibility map to confirm.
USDA charges 0.35% annually versus FHA's 0.55%-0.85%. Both require upfront fees, but USDA's ongoing cost runs lower when you qualify.
FHA accepts 580+ scores for 3.5% down. USDA typically requires 640+ for automated approval, though manual underwriting may accept lower scores.
FHA has no income cap. You can earn any amount and still qualify based on debt-to-income ratio and credit.
FHA allows 6% seller concessions. USDA permits up to 6% as well, giving both programs similar flexibility for closing cost assistance.