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USDA Loans in Exeter
Exeter qualifies for USDA financing because it sits outside major metro boundaries. Most single-family homes here meet USDA property standards.
Agricultural workers and families priced out of Visalia often overlook this program. Income limits work differently than most borrowers expect.
USDA treats household income strictly. A family earning $110,000 won't qualify even with perfect credit.
The zero down structure means you can buy in Exeter without years of saving. Closing costs still apply but sellers can contribute up to 6%.
You need 640 credit minimum with most lenders. Some approved USDA lenders go to 620 but pricing worsens.
Income limits adjust for household size. A four-person household caps around $103,500 in Tulare County.
The property must be your primary residence. Investment properties and second homes don't qualify.
Debt-to-income can stretch to 46% with strong compensating factors. Most approvals land between 41-43%.
Not every lender handles USDA loans. Many credit unions avoid them because processing takes longer than conventional.
Guarantee fees replace mortgage insurance. You pay 1% upfront and 0.35% annually, both lower than FHA.
Appraisals must meet USDA property standards. Wells, septic systems, and outbuildings get scrutinized more than conventional appraisals.
Processing typically takes 35-45 days. Budget extra time if the property needs USDA-required repairs.
I see Exeter buyers skip USDA because they assume income limits disqualify them. Run the numbers first.
Farm income gets treated differently than W-2 wages. If you work in agriculture, two years of stable employment matters more than job title.
The guaranteed underwriting system flags applications automatically. Small collections under $2,000 often don't stop approval.
Exeter properties with acreage over one acre face extra scrutiny. USDA wants assurance the land serves the residence, not commercial farming.
FHA requires 3.5% down and charges higher mortgage insurance. USDA costs less monthly if you qualify.
Conventional loans need income verification but skip property restrictions. You gain flexibility but lose zero down access.
VA loans beat USDA if you have military service. No income caps and no guarantee fee make VA superior for veterans.
The real comparison comes down to what you have saved. USDA works when savings sit below $10,000 but income stays reasonable.
Exeter sits firmly in USDA eligible territory. The entire city qualifies, unlike Visalia where only fringe areas work.
Water rights matter on rural parcels. USDA appraisers verify adequate domestic water supply before approval.
Most homes built before 1978 need lead paint inspections. Budget $400-600 for testing and any required remediation.
Tulare County processing happens through the Sacramento USDA office. Local title companies familiar with USDA requirements move deals faster.
All household members over 18 count, even if they're not on the loan. This includes adult children still living at home.
The property must be move-in ready at closing. USDA doesn't allow renovation contingencies or repair escrows beyond minor fixes.
Expect 35-45 days total. The conditional approval comes quickly but final USDA sign-off adds 7-10 days.
Yes, but the well needs testing for flow rate and water quality. Contamination or inadequate production kills the deal.
Sellers can contribute up to 6% of the purchase price. That typically covers your entire closing cost burden.
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.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
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-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.