USDA LOANS
LIVE COMFORTABLY OUTSIDE OF CITY LIMITS
The United States Department of Agriculture (USDA) has developed affordable USDA mortgage loan financing options for homeowners located in designated small towns, suburbs and exurbs. This program helps eligible low- to moderate-income families achieve homeownership by offering a no down payment option.
USDA LOAN HIGHLIGHTS
With flexible requirements, USDA loans feature:
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Finance up to 100% of the appraised value
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The ability to finance the upfront portion of the guarantee fee
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Lower credit score requirements
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Lower interest rates
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Lower closing costs
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Gift funds may be used for closing costs
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Offers a 30-year fixed-rate mortgage
USDA LOAN ELIGIBILITY
Eligibility is based on the property size, location and condition along with income and other qualifying factors.
Some of these requirements include:
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Property must be located in a USDA designated rural area
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Maximum loan limits vary based on location
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Household members can have a total income of up to 115% of the medial income for the area
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Household must be able to afford the mortgage payment, including property taxes, homeowners insurance and the annual guarantee fee payable on a monthly basis