USDA Loan Eligibility
The USDA loan is part of a federal program that supports rural development. If you’re buying a home in a rural area, make sure to check with me to determine if you’re eligible for a USDA loan. The USDA loan requires ZERO down payments – which is almost unheard of these days.
Other benefits to the USDA loan includes a 30-year fixed interest rate – meaning the rate will not adjust over its lifespan. Also, no mortgage insurance is required on a USDA loan.
If you’re eligible for a USDA loan, this is a great route to financing. Below are some eligibility requirements:
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Rural Area
You must purchase a property within an eligible area. To determine if you’re eligible, check the USDA’s interactive eligibility map or contact our office for assistance.
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Income Requirements
There is an income limit based on your county that you must not exceed to qualify. Eligibility is determined using factors such as:
- Your county
- The total number of people in your household
- The number of residents under age 18 (or disabled or full-time students)
- Your age
- The number of disabled persons in the home
- Your monthly expenses compared to your income
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Credit History
Rather than focusing solely on your credit score, your credit history will be reviewed to determine your ability to repay the loan and avoid default.
Get started by calling us at 866-445-9224.
