Question 1

Are any properties in Belmont eligible for USDA loans?

Accepted Answer

Most Belmont properties fall outside USDA eligible zones due to urban designation. Check the USDA eligibility map for specific addresses, but alternatives like FHA or VA loans serve local buyers better.

Question 2

What income limits apply to USDA loans in San Mateo County?

Accepted Answer

Household income cannot exceed 115% of area median income. San Mateo County's high income levels make this threshold difficult to meet even if geographic eligibility exists.

Question 3

Can I use a USDA loan for a condo in Belmont?

Accepted Answer

USDA loans can finance approved condos, but the property must first be in a USDA-eligible area. Most Belmont condos fall outside eligible zones regardless of approval status.

Question 4

What credit score do I need for a USDA loan?

Accepted Answer

USDA prefers 640 or higher for streamlined processing. Manual underwriting considers lower scores but adds time and documentation requirements to the approval process.

Question 5

How do USDA loans compare to FHA loans in Belmont?

Accepted Answer

FHA loans work for all Belmont properties with just 3.5% down, while USDA loans face geographic restrictions. For this area, FHA provides more practical zero or low down payment financing.

USDA Loans in Belmont: Understanding Rural Home Loan Eligibility in San Mateo County