USDA Eligibility
Rural Housing Mortgage will help you find out if you have a qualifying credit score, household income, and are buying a home in a qualifying area. We then work with you to secure your USDA loan. Fill-out the form below to start your loan process.
Rural Housing Mortgage will help you find out if your have a qualifying credit score, household income, and are buying a home in a qualifying area. We then work with you to secure your USDA loan. Applicants must:
- Meet income-eligibility
- Agree to personally occupy the dwelling as their primary residence
- Be a U.S. Citizen, U.S. non-citizen national or Qualified Alien
- Have the legal capacity to incur the loan obligation
- Have not been suspended or debarred from participation in federal programs
- Demonstrate the willingness to meet credit obligations in a timely manner
- Purchase a property that meets all program criteria
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F.A.Q
We know you have more questions. Below are a few common questions we field from our customers. Take a look and if you still have more questions submit your information in the form and we will contact you.
What is a USDA Rural Home Loan?
The United States Department of Agriculture partners with approved local lenders to offer 100 percent financing to eligible borrowers. Borrowers must reside in rural areas. The program was created to assist rural homebuyers with competitive interest rates and loan terms.
Do I need to be a first-time home buyer?
No. There are no restrictions that prevent previous homeowners from using the USDA Loan program.
How much can I borrow?
The program doesn’t limit the amount that a homeowner can borrower. Most lenders conform to Fannie Mae and Freddie Mac loan limits and extend financing for up to $424,100.
How much are the closing costs?
Depending on lender and location, closing costs vary. It is possible to use gift funds from family and non-family members to pay for your closing costs. Ask your loan officer for a gift letter to accompany your loan application.
Do USDA Home Loan require a down payment?
Qualified borrowers can purchase a home with no required down payment, saving thousands of dollars in upfront costs.
What are the terms of USDA Loans?
Currently, USDA Loans offer the most flexible, 30-year fixed rate mortgage. The USDA does not offer adjustable-rate mortgages.
What Can I expect From USDA Loan rates?
USDA Home Loan rates are often lower than comparable, 30-year fixed-rate mortgages. This is due to higher lender confidence due to the USDA backing each loan.
What's the minimum credit requirement?
There is no minimum score required to get a USDA loan. Most lenders require a minimum credit score of 640; however it is possible to get approved with a lower score if the borrower has strong compensating factors.
Can I use this loan on an investment property?
No, the USDA Rural Housing Program is for primary residences only. Farms,vacation homes and other types of homes that are not intended as the primary residence do not qualify.