Loading
in Woodlake, CA
Woodlake sits in an area where both FHA and USDA loans work. One requires 3.5% down, the other requires nothing.
Most Woodlake buyers qualify for at least one of these programs. The right choice depends on your income, where you're buying, and how much cash you have.
FHA loans require just 3.5% down with a 580 credit score. You can buy anywhere in Woodlake regardless of income level.
You'll pay mortgage insurance for the life of the loan unless you refinance. FHA works for single-family homes, condos, and multi-units up to four.
Closing costs run typical for government loans. You can roll them into your rate or ask the seller to contribute up to 6%.
USDA loans require zero down payment if you're in an eligible area. Most of Woodlake and surrounding rural Tulare County qualifies.
You must meet household income limits based on county medians. Rates run slightly lower than FHA, and mortgage insurance costs less monthly.
USDA only finances single-family homes, not condos or multi-units. Processing takes longer than FHA due to the extra USDA approval layer.
Down payment is the big split. FHA requires 3.5%, USDA requires nothing if your property is in an eligible zone.
USDA caps your income based on household size and county limits. FHA doesn't care what you earn as long as your debt-to-income ratio works.
FHA mortgage insurance runs higher and stays for life. USDA insurance costs less monthly and drops off once you hit 20% equity through payments or appreciation.
Choose USDA if your property is eligible and your household income falls under the limit. Zero down beats 3.5% down every time.
Go FHA if you're over the income cap, buying a condo, or need faster closing. Also pick FHA if your property sits outside USDA zones.
Most rural Woodlake areas qualify for USDA. We check eligibility in five minutes using your address and income.
Most of Woodlake and surrounding Tulare County areas qualify as eligible rural zones. We verify your specific address against current USDA maps.
Limits vary by household size and change annually. A family of four typically caps around 115% of county median income.
Yes, FHA finances up to four units if you live in one. USDA only covers single-family homes with no rental income.
USDA typically runs lower due to no down payment and cheaper mortgage insurance. FHA catches up if you have cash to put down.
USDA adds 7-10 days for their separate approval layer. FHA moves faster with standard underwriting timelines.