Looking for a USDA Loan?
Check out the information below and let us know if we can help
What is a USDA Loan?
Home loans guaranteed by the United States Department of Agriculture (USDA) provide affordable financing options for properties located in designated small towns, suburbs and rural areas. This program helps eligible low to moderate income families achieve homeownership by offering a no down payment option.
Eligibility is based on the property size, location and condition along with income and other qualifying factors. Some of these requirements include:
- Property must be located in a USDA designated rural area
- Maximum loan limits vary based on location
- Household members can have a total income of up to 115% of the medial income as determined by Rural Development
- Household must be able to afford the mortgage payment, including property taxes, homeowner’s insurance and the annual guarantee fee payable on a monthly basis
- If you qualify for a Conventional loan you may not qualify for a USDA loan, talk to a loan professional
USDA Loan Highlights
- 100% financing + required guarantee fee = 102% of the appraised value
- 1% guaranteed fee is rolled into the loan plus .25% annual guaranteed fee as well
- Low FICO score requirements
- Primary residence
- Low closing costs
- Gift funds can be used for closing costs
- 30-year fixed-rate mortgage
Loan Programs
