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USDA Home Loan

These loans provide low- and moderate-income households the opportunity to own their own homes in eligible rural areas. They are designed to improve the economy and quality of life in rural America.

What are the income requirements for a USDA home loan?

Income limits to qualify for a USDA home loan guarantee vary by location and depend on household size. To find the loan guarantee income limit for the county where you live, consult this USDA map and table.

Highlights of a USDA Home Loan

  • Use a USDA home loan to purchase an owner-occupied single-family residence, planned unit development or USDA eligible condo in a wide range of non-metropolitan areas, including many suburbs. Contact a loan officer in your state or click here to see if your property qualifies.
  • No down payment is required up to the appraised value and county maximum loan limit is not exceeded. Applicants must have a minimum 620 credit score (conditions apply).
  • Lower than market interest rate, because these loans are backed by the government, borrowers are offered low, flat rates.
  • Flexible Credit Guidelines allows those with blemished or limited credit histories to qualify for home financing.
  • Eligibility for a USDA home loan is based on income and property location.

USDA Sample Loan Scenario
Sales Price: $145,000
Loan Term: 30 Year Fixed Rate
Down Payment: ------
Loan Amount $146,464
Interest Rate 4.875%
APR: 5.594%
Mortgage Insurance $42.29
Est. Monthly Payment $817.39

APR current as of 6/6/2018 is subject to change daily without notice and assumes a minimum FICO score of 720. No HOA fees on an owner-occupied single-family residence. Monthly payment includes mortgage insurance, but does not include taxes and other insurance; the actual monthly obligation will be higher. Closing costs for a 30 year fixed rate loan estimated to be $6,109.00. USDA loan amount based on an LTV of 100.00% and an upfront guarantee fee of 1.000% - $2,525 which is included in the loan amount.