Question 1

Does Beaumont qualify for USDA loans?

Accepted Answer

Parts of Beaumont are USDA-eligible. Check the USDA property eligibility map with your exact address before assuming you qualify.

Question 2

Which loan has lower mortgage insurance?

Accepted Answer

USDA's annual fee of 0.35% beats FHA's annual MIP in most cases. FHA also charges 1.75% upfront versus USDA's 1%.

Question 3

Can I use USDA if I have a higher income?

Accepted Answer

USDA sets household income limits by county. Exceed that limit and you don't qualify — FHA has no income cap.

Question 4

What credit score do I need for each loan?

Accepted Answer

Most lenders want 640+ for USDA. FHA allows 580 for 3.5% down, or 500 with 10% down.

Question 5

Which loan closes faster in Riverside County?

Accepted Answer

FHA typically closes faster. USDA requires an extra eligibility review that can add time to the process.

Question 6

Can I use either loan for a fixer-upper?

Accepted Answer

FHA has a 203k rehab option for fixer-uppers. USDA requires the home to meet minimum condition standards at purchase.

FHA vs USDA Loans in Beaumont, CA