Loading
FHA Loans in Livingston
Livingston sits in Merced County's agricultural heartland, where FHA loans open doors for families who can't swing 20% down. Many buyers here work in food processing, farming, or service jobs where saving cash is harder than qualifying for credit.
FHA's 3.5% down payment makes sense in this market. You can buy without draining your emergency fund. That matters when your income fluctuates with harvest cycles or seasonal production schedules.
You need a 580 credit score for 3.5% down, or 500-579 if you put down 10%. Most Livingston buyers we help fall in the 620-680 range and qualify without issue.
Debt-to-income can go up to 50% with strong compensating factors. FHA allows sellers to cover up to 6% of closing costs, which helps when cash is tight. You'll need two years of steady employment, though gaps for seasonal work get more flexibility than conventional loans.
Not every lender prices FHA the same way in Merced County. Some add overlays that kill deals for self-employed farmworkers or buyers with recent credit events. We shop your scenario across 200+ wholesale lenders to find who actually wants your profile.
Big banks often price FHA higher than non-bank lenders who specialize in government loans. Rate differences of 0.375% to 0.5% are common between lenders on the same borrower. That's $50-70 monthly on a $300K loan just from choosing the wrong lender.
Livingston buyers often underestimate how much home they can afford with FHA. We see families renting for $1,800 who qualify to buy at $2,000 monthly including taxes and insurance. The mortgage insurance costs more than conventional PMI, but it gets you in the door.
Two things kill Livingston FHA deals: undisclosed debts and appraisal issues. Properties on well water or septic need FHA-approved inspections. Older manufactured homes often don't meet guidelines. Get pre-qualified before falling in love with a property.
USDA loans beat FHA if the property qualifies as rural, which covers parts of Livingston. USDA requires zero down but income limits apply. If you're over the income cap or buying in town, FHA is your move.
Conventional loans cost less long-term if you have 5-10% down and a 680+ credit score. You'll pay lower mortgage insurance that drops off at 20% equity. But FHA gets you approved with credit and income situations that conventional underwriters reject.
Merced County property taxes run around 1.1% of purchase price. On a $350K home, that's $3,200 annually. Flood zones affect parts of Livingston near the Merced River—FHA requires flood insurance if you're in a FEMA zone.
Appraisers look hard at properties here. Peeling paint, broken windows, or roof issues will stop an FHA loan cold. The property has to be move-in ready. If you're buying a fixer, expect the seller to handle repairs before closing or use an FHA 203k renovation loan.
You need 580 for 3.5% down, or 500-579 for 10% down. Most lenders add overlays requiring 600-620 minimum regardless of FHA's published minimums.
Only if it's a manufactured home on a permanent foundation built after June 1976. The home must meet HUD standards and be titled as real property, not personal property.
Expect 2-5% of the purchase price, typically $7,000-$17,500 on a $350K home. Sellers can contribute up to 6% toward your costs, which significantly reduces cash needed to close.
Only if you put down 10% or more, then it drops after 11 years. With 3.5% down, it stays for the loan's life unless you refinance to conventional later.
Yes, but you need two years of consistent seasonal work with the same employer or in the same field. Gaps between seasons are acceptable if documented properly with employer letters.
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.
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-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.