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May Q&A: Available now
This month, the Making Sense team answers client questions related to trade policy developments and their impacts on key economic issues.
The United States Department of Agriculture, or USDA, offers affordable home loans with no down payment and low interest rates. If you're buying a home in a rural or suburban area, a USDA home loan could be the perfect financial option for you.
100% financing
USDA rural development loans may cover up to 100% of the purchase price.
Enjoy low rates
Rates on USDA home loans can be lower than conventional mortgages.
Live off the land
The property you intend to purchase must be on USDA-eligible land.D
USDA rural development loans can cover 100% of the purchase price.
USDA mortgage loans offer lower interest rates than conventional mortgages.
Borrowers can save each month with a USDA mortgage by avoiding costly private mortgage insurance, or PMI.
USDA loans make rural homeownership possible for those who don't qualify for conventional loans.
Create an account in our online application platform. Here's what you'll need to apply for a USDA home loan.
Start your rural or suburban homebuying journey today.
Contact a USDA loan mortgage advisor to assess your readiness. Discuss terms, pricing, options and payments. We can help you find a mortgage banker.
Use our online platform to apply for a USDA mortgage and submit supporting documentation that will be used to process your USDA loan application.
Underwriting will process your USDA loan application and review your documentation. Provide answers to questions and additional documentation as requested.
You'll receive your closing date and meet with your lender and closing attorney to close on your new mortgage.
A USDA home loan is a special type of mortgage backed by the US Department of Agriculture. These mortgages are part of the USDA's Rural Development Guaranteed Housing Loan Program. With great interest rates and no down payment necessary, USDA loans make homeownership more affordable to people in rural areas who might not qualify for conventional mortgage loans.
USDA home loans offer a unique financing option when conventional mortgages aren't an option. There are three types of USDA loans.
Get started by getting prequalified for a USDA mortgage online or by calling us at 888-280-2885. You can also search our local directory to find a mortgage banker near you. Once you're prequalified, you can apply for a USDA rural development loan and turn your dream of buying a rural or suburban home into a reality.
To qualify for a USDA home loan, the house you're purchasing must be in an eligible rural area and your income must be below the eligibility cap for that area. Lenders will also consider your debt-to-income ratio, or DTI, and your credit score. Preferred borrowers will typically have a DTI under 43% and a credit score of 640 or higher.
USDA loans differ from conventional mortgages in their eligibility and insurance requirements, as well as their geographic availability. Unlike most conventional mortgage loans, USDA home loans also don't require a down payment. They do require mortgage insurance, but it differs from private mortgage insurance, or PMI, because it's capped at 1% of your loan amount and can be rolled into your loan. There's also an annual premium that's divided by 12 and added to your monthly payment.
No. Homes purchased with USDA loans must be your primary residence, not a vacation or investment property. However, this doesn't mean you have to be a first-time homebuyer. Repeat buyers can also qualify for this unique mortgage program.
No. USDA rural development loans are generally meant for purchasing existing or new homes. They're not typically available for purchasing land unless they're part of a new construction plan that meets USDA standards.
Yes. The USDA offers streamlined and non-streamlined options that may allow borrowers to lower their interest rate or monthly payment without needing an appraisal in some cases. The streamlined option is faster and has fewer requirements for those who qualify.
You can also choose to refinance your USDA mortgage through a conventional refinance process, although this may result in the loss of certain benefits.
Income limits for USDA loans vary based on location and household size. Limits are adjusted according to an area's median income. You can check the income limit for your area through USDA loan requirements and eligibility guidelines.
Normal credit approval applies.
Not applicable in all states.
To be eligible for the USDA home loan, you must be purchasing a property in a rural area (as defined by the USDA) and you must meet regional income restrictions.
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Whether you want to pre-qualify or apply for a home loan, getting started with the process to secure and eventually close on a home loan is as easy as one, two, three. We're here to help you navigate the process. Start with these steps:
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