USDA loans

USDA Rural Development Loans are insured by and underwritten to guidelines set forth by the US Department of Agriculture.

The loan program was designed to help populate the sparsest areas of the country by offering 0% down payment mortgage financing. Don’t be fooled by the rural development name, these loans don’t require you to buy a farm and large amount of land. Instead they are used to buy single family homes in small towns and rural locations.

Who can get a USDA Loan?

USDA loans require that you buy a single family home as your primary residence in an eligible area and your household income is below their limit for the county where the home is located. Also, you’ll need a minimum 640 credit score and maximum debt to income ratio of 41% (exceptions made up to 46% with compensating factors). The interest rate and closing cost structure of USDA loans are best suited for clients with low to moderate income interested in buying a home in an eligible area with no money down.



Benefits of USDA Loan:

  • Buy a home with as little as 3% down

  • Best 0% down payment loan available to non-Veterans

  • Purchase and Refinance loans available for Primary Residences (Refinance loans only available to current USDA mortgage loan holders)

  • Streamline refinance available for fast and easy way to reduce your interest rate and payment with little or no closing costs

  • Lower down payment and mortgage insurance premiums than FHA Loans

  • Clients with a previous bankruptcy can qualify 3 years after discharge

  • Clients with a previous foreclosure can qualify 3 years after Sheriff’s Deed Transfer