Loan Programs for designated areas
USDA home loans are guaranteed by the United States Department of Agriculture (USDA) and provide affordable financing options for properties located in designated areas in small towns, suburbs and exurbs.
This program helps eligible low- to moderate-income families achieve homeownership by offering a no down payment option.
- 100% financing + required guarantee fee
- Low interest rates
- Low FICO score requirements
- Low closing costs
- 30-year, fixed-rate mortgage
- Gift funds can be used for closing costs
USDA Mortgage Eligibility
Eligibility is based on the property size, location and condition along with income and other qualifying factors. Some of these requirements include:
- Property must be located in a USDA designated rural area
- Maximum loan limits vary based on location
- Household must be able to afford the mortgage payment, including property taxes, homeowners insurance and the annual guarantee fee payable on a monthly basis
- Household members can have a total income of up to 115% of the medial income for the area