Question 1

Can I use a USDA loan for a condo in Half Moon Bay?

Accepted Answer

No. USDA loans require single-family homes on eligible rural land. Condos and properties in city centers don't meet program requirements.

Question 2

What are the income limits for USDA loans in San Mateo County?

Accepted Answer

Limits vary by household size and update annually. Most San Mateo earners exceed the caps, especially dual-income households in tech or professional fields.

Question 3

How long does USDA loan approval take in Half Moon Bay?

Accepted Answer

Plan for 45-60 days from application to closing. The two-step approval process and rural property inspections add time compared to conventional loans.

Question 4

Do USDA loans have mortgage insurance?

Accepted Answer

Yes. USDA charges an upfront guarantee fee and annual fee, similar to FHA mortgage insurance. The annual fee stays for the loan's life.

Question 5

Can I refinance a USDA loan later?

Accepted Answer

Yes. You can refinance to conventional, FHA, or another USDA loan. Refinancing removes geographic and income restrictions that applied to the original purchase.

USDA Loans in Half Moon Bay: Zero Down in San Mateo County