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in Ross, CA
Ross sits squarely outside USDA eligibility zones. This affluent Marin town doesn't qualify as rural or suburban under USDA guidelines, making FHA your only government-backed option here.
If you're set on Ross, FHA offers a path with 3.5% down. If zero down payment matters more than location, you'll need to look at USDA-eligible areas outside central Marin.
FHA loans work in Ross with 3.5% down and credit scores as low as 580. You'll pay mortgage insurance for the life of the loan unless you refinance, but approval standards stay more flexible than conventional.
These loans cap at $1,089,300 in Marin County for 2024. That limit covers many Ross properties, though some estate homes will push you toward jumbo financing instead.
USDA loans require zero down payment and offer competitive rates for eligible rural and suburban properties. Borrowers must meet income limits based on household size and location.
The program targets areas outside major metro cores. Ross's designation as an established, affluent community disqualifies it from USDA eligibility entirely.
The critical split: FHA works in Ross, USDA doesn't. Beyond geography, FHA requires 3.5% down while USDA offers zero down in eligible zones.
FHA charges upfront and annual mortgage insurance. USDA also has upfront and annual fees, but typically lower. Income limits restrict USDA but not FHA, though Marin's high costs make USDA income caps tough to hit anyway.
If you're buying in Ross, FHA is your government-backed option. USDA simply won't approve loans here due to location rules.
If zero down matters more than your exact address, explore USDA-eligible zones in western Marin or nearby counties. Those areas offer the same government backing without requiring cash upfront.
No. Ross doesn't meet USDA's rural or suburban eligibility requirements. You'll need FHA, conventional, or jumbo financing instead.
3.5% with a credit score of 580 or higher. Scores between 500-579 require 10% down, though most lenders set higher minimums.
Yes. FHA charges 1.75% upfront plus 0.55%-0.85% annually. USDA charges 1% upfront plus 0.35% annually where eligible.
Rates vary by borrower profile and market conditions. Both offer competitive government-backed rates when available in eligible areas.
Some western Marin areas qualify, along with parts of Sonoma and Napa counties. Check USDA's eligibility map for specific addresses before house hunting.