USDA Loan Highlights

USDA loans feature: 

• 100% financing + required guarantee fee = 102% of the appraised value

• Low FICO score requirements

• Low interest rates

• Low closing costs

• Gift funds can be used for closing costs

• 30-year, fixed-rate mortgage

 

USDA Loan Eligibility

 

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• Property must be located in a USDA designated rural area

• Maximum loan limits vary based on location

• Household members can have a total income of up to 115% of the medial income for the area

• Household must be able to afford the mortgage payment, including property taxes, homeowners insurance and the annual guarantee fee payable on a monthly basis.

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The USDA guarantees a mortgage issued by a participating local lender allowing you to get low mortgage interest rates. USDA Loans offer 100% financing to qualified buyers. It also allows for all closing costs to be either paid for by the seller or financed into the loan.

 

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USDA Home Loans have Maximum Household Income Limits which vary by the County. 

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