USDA Loans

USDA Loans2018-10-24T20:50:26+00:00

A USDA Loan may be right for you if:

  • You’re a first-time or repeat homebuyer; and
  • You want a 0% down payment; and
  • You’re interested in buying or building a home in an eligible “rural area,” which includes many suburban areas fairly close to cities; and
  • You’re a low-to moderate-income buyer.

USDA Loan Benefits and Features:

  • Borrower’s income: Can’t exceed the USDA Rural Development limits for the area.

  • Down payment: Minimum is 0%. The one-time USDA guarantee fee can be included in the loan financing. Mortgage insurance is required.

  • Credit score minimum is usually 620.

  • Eligible properties include single-family homes, new construction, modular homes, planned unit developments (PUDs), and eligible condominiums.

  • Gifts and grants permitted from family or government assistance agencies.

  • Other requirements and conditions apply.