If you’re a borrower located in a designated small town, suburb, or exurb, the US Department of Agriculture (USDA) offers a guaranteed home loan that might be right for you. This program help eligible low- to moderate-income families reach the goal of homeownership by offering no down payment options.

USDA loans come with flexible requirements and feature:

  • 100% financing + a required guarantee fee = 102% of the home’s appraised value
  • Low FICO score requirements
  • Low interest rates
  • Low closing costs
  • Allowance of gift funds to be used for closing costs
  • 30-year, fixed-rate mortgages

Eligibility for USDA-backed mortgages are based on a few factors like property size, location, and condition along with borrower items like income. Some additional requirements include:

  • Property located in a USDA designated rural area
  • Low FICO score requirements
  • Maximum loan limits that vary by location
  • Total income of household members can be up to 115% of the area’s average income
  • Mortgage plus taxes, insurance, and annual guarantee fee must be a payment amount affordable by the household

Which home loans do you qualify for?
Start with our quick questionnaire!