USDA update

If you're working with a local lender, you may already know about the USDA's Single Family Housing Guaranteed Loan Program. It works when buying in our zip code and allows for no down payment.

The catch? There are income limits involved. That is, for a 4-person household you'd need to make less than $82,700 per year, in total. For larger families, the limit is $109,150 per year.

These figures are an increase of about $5,000 over last year's income limits. What it means in practical terms is that a family of four might be able to use this program to purchase a home worth up to about $290,000 without a down payment.

Here's the "of course" part: Lending guidelines apply, and not everyone will qualify. But keep knowledge about this program in mind if you are looking to buy in Tehachapi. Working with a local lender who knows the ins and outs could make you a homeowner.

Tammy Engel is your local Mortgage Advisor. She's been working form your best interest since 1990, and can be reached at 661/822-7325 for your purchase, refinance and reverse mortgage loans. NMLS #235051 CaDRE#01273839