USDA (Rural) Loans
With a USDA Rural Development Home Loan, qualified borrowers can purchase or refinance a designated U.S. Department of Agriculture rural property up to 100% loan-to-value with a fixed rate mortgage. These loans are not limited to first time homebuyers, and no down payment is required. Flexible credit guidelines apply.
A USDA (U.S. Department of Agriculture) Loan may be a great option for you if:
You’re a first-time or repeat homebuyer; and
You want a 0% down payment; and
You’re interested in buying or building a home in an eligible “rural area,” which includes many suburban areas fairly close to cities; and
You’re a low- to moderate-income buyer.
USDA Loan benefits and features:
Borrower’s income: Can’t exceed the USDA Rural Development limits for the area.
Down payment: Minimum is 0%. The one-time USDA guarantee fee can be included in the loan financing. Mortgage insurance is required.
Credit score minimum is usually 640.
Eligible properties include single-family homes, new construction, modular homes, planned unit developments (PUDs), and eligible condominiums.
Gifts and grants permitted from family or government assistance agencies.
Other requirements and conditions apply.