USDA Loans

Government-Backed Loans for Buying Homes in Designated Rural Areas

The U.S. Department of Agriculture (USDA) guarantees all USDA loans. While eligible rural homebuyers may consider getting USDA loans, so can homebuyers looking for properties in suburban areas of large cities and in towns that have 25,000 or fewer residents. It might be possible to get a USDA loan without making any down payment.

Applying for a USDA loan might work well for you if you wish to buy a home in the outer suburbs of a big city. This is because some suburbs fall under USDA’s designated rural areas. You may use a USDA loan to buy or build a home, and refinancing your existing mortgage is also an option.

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The Benefits on Offer

Make no down payment
Available for people with low and moderate incomes
Available for people with nontraditional credit histories
Available for existing homeowners
Competitive interest rates
Less stringent eligibility criteria than conventional loans
Different ways to cover closing costs

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Eligibility

You may qualify for a USDA loan by meeting the following criteria:

The home you wish to buy is in a designated rural area
You’re a U.S. citizen
You have a dependable source of income
Your household income does not exceed your area’s median income by 115% or more
Your debt-to-income ratio is below 41%
You have not defaulted on any account in the preceding 12 months

People with limited or no credit histories may provide nontraditional payment histories. Applicants with credit scores of 640 and higher may benefit from streamlined processing.

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You May Count On Our Licensed Loan Originators

to Review Your Situation and Guide You in the Right Direction Based On Your Specific Requirements.

Guide for First-Time Homebuyers

If you plan to buy a home but don’t know how to go about the process, consider going through our in-depth guide for first-time homebuyers.