What is the USDA Home Loan Program?
The USDA Guarantee loan is a 100% financing mortgage for moderate-to-low-income homebuyers in eligible rural and suburban areas.
USDA Home Loan Benefits
- Zero down payment
- Low mortgage rates
- Low PMI (mortgage insurance)
- 30 year and 15 year fixed rate options available
- Easier to qualify for than conventional mortgages
USDA Loan Requirements
- Meet the income limit
- Be a U.S. citizen or qualified alien
- Must be your primary residence
- Pay your bills on time consistently
- The property must be in an eligible location -You can check the USDA Property eligibility.
- Work with a USDA-approved lender
- Must wait 36 months after a bankruptcy/foreclosure to qualify
- Have an adequate credit score for the loan
|How much can you borrow from a lender? Use this calculator to calculate the amount you can afford from the lender's point of view.