USDA Loans

USDA mortgages are the only zero money down program available to borrowers that have not served in the military. Eligible borrowers will be hard pressed to find a loan program that offers more favorable terms.

USDA Loans are available for home purchases in designated USDA areas. To qualify borrowers must meet credit and income standards. If eligible, a borrower can benefit from not having to provide a down payment.

Some of the eligibility standards that determine if you qualify for a USDA loan for your home include what county and zip code the home resides in, your current income and credit history, as well as the number of dependents you can claim.

The Advantages:

• No Down payment is required.
• Flexible credit score guidelines. (Minimum credit score 640)
• No maximum purchase price limit.
• Competitive fixed 30-year rates.

Eligibility criteria:

• Occupy the property as your primary residence.
• Do not own a home in the previous three years.
• Be a U.S. citizen, a U.S. non-citizen national.
• Provide stable and dependable income for repayment ability.
• Have a credit history that indicates a willingness to meet obligations as they become due.
• Have an adjusted household income that is within Rural Development guidelines based on the number of persons who will occupy the home.
• Purchase a residential property that is located in a Rural Development eligible area.

Tools and Web Site links:

• Determine if a specific property is eligible for USDA financing
• View the income limitations for USDA financing in your area