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USDA LOAN

For current rates on the following loan programs, please contact your local office today!

A USDA home loan is a zero down payment mortgage for eligible rural and suburban homebuyers. USDA loans are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, by the United States Department of Agriculture.

How USDA loan programs work

Loan Guarantees: The USDA guarantees a mortgage issued by a participating local lender – similar to an FHA loan and VA-backed loans – allowing you to get low mortgage interest rates, even without a down payment. If you put little or no money down, you will have to pay a mortgage insurance premium however.

Qualifying for a USDA-backed mortgage guarantee

Income limits to qualify for a home loan guarantee vary by location and depend on household size. USDA guaranteed home loans can fund only owner-occupied primary residences. Other eligibility requirements include:

  • U.S. citizenship (or permanent residency)
  • A monthly payment – including principal, interest, insurance and taxes – that's 29% or less of your monthly income. Other monthly debts cannot exceed 41% of your income. The USDA will consider higher debt ratios if you have a credit score above 660
  • An acceptable credit history, with no accounts converted to collections within the last 12 months, among other criteria. If you can prove that your credit score was affected by circumstances that were temporary or outside of your control, including a medical emergency, you may still qualify.
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