Question 1

Is Barstow eligible for USDA loans?

Accepted Answer

Parts of Barstow and San Bernardino County may qualify. SRK CAPITAL can run the address through USDA's eligibility map before you go further.

Question 2

Which loan has lower mortgage insurance?

Accepted Answer

USDA mortgage insurance is generally lower than FHA. FHA charges both an upfront premium and monthly MIP for the life of most loans.

Question 3

Can I use USDA with a low credit score?

Accepted Answer

Most USDA lenders want a 640 score. FHA goes down to 580 for 3.5% down, making it more accessible for buyers rebuilding credit.

Question 4

Do both loans require owner-occupancy?

Accepted Answer

Yes. FHA and USDA are both for primary residences only. Neither works for investment properties or vacation homes.

Question 5

What are USDA income limits for San Bernardino County?

Accepted Answer

USDA sets limits by household size and county. Limits change periodically. SRK CAPITAL can pull the current figures for your household.

Question 6

Which loan closes faster?

Accepted Answer

FHA timelines are generally more predictable. USDA requires a file submission to the USDA office, which can add days to closing.

FHA vs USDA Loans in Barstow, CA