USDA Loan

The US Department of Agriculture (USDA) guarantees loans to those living in some rural, suburban, or low-to-moderate income areas. The loan is designed to “improve the economy and quality of life in rural America”, with some of the most lenient eligibility requirements and competitive interest rates offered today.

If you are considering whether or not USDA is right for you, here are some key points to consider:

  • Do you have 12 months with no late payments.
  • You must be a U.S. citizen or permanent resident.
  • Is your credit score at least 640.
  • Primary residence purchase only.
  • Do you meet the income limit requirements.
  • This must be in an eligible location.
  • No downpayment is needed as long as the sales prices does not exceed the appraised value.

When calculating income limits for USDA loans, we must take into account all income streams of the person(s) who will occupy the residence. In addition the location you choose must be approved by USDA prior to funding. You can clear up both these questions by speaking with one of our USDA loan specialists. Start by clicking below to get started on your USDA pre-approval today.

USDA Loan
Minimum FICO
Credit Score
620
Minimum
Down Payment
0%
Maximum
Loan To Value
100%*
Maximum
Debt To Income
41%*
Exceptions to 45%
Mortgage
Insurance
Yes
Years Since
Bankruptcy
3
Years Since
Foreclosure
3
Years Since
Short Sale
3
Special
Qualification
Requirements
USDA "Rural" Property Only
USDA Loan
Minimum FICO
Credit Score
:
620
Minimum
Down Payment
:
0%
Maximum
Loan To Value
:
100%*
Maximum
Debt To Income
:
41%*
Exceptions to 45%
Mortgage
Insurance
:
Yes
Years Since
Bankruptcy
:
3
Years Since
Foreclosure
:
3
Years Since
Short Sale
:
3
Special
Qualification
Requirements
:
USDA "Rural" Property Only