What is a
USDA Loan?
A USDA loan, also known as a Rural Development loan, is a mortgage loan program offered by the United States Department of Agriculture (USDA). It is designed to help moderate- to low-income borrowers purchase homes in eligible rural and suburban areas.
Product Features
Low-Interest Rates
Enjoy lower monthly mortgage payments with USDA loans.
Zero Down Payment
Eligible borrowers can purchase a home with no down payment.
No Private Mortgage Insurance
Eligible borrowers can purchase a home with no down payment.
FAQs
The property must be located in a USDA-eligible rural area and meet certain quality and safety standards.
The USDA provides an online tool where you can check the eligibility of specific addresses or regions.
Income limits vary by location and family size. Your income must be within the USDA guidelines for the area you're buying in
No, USDA rural housing loans are not limited to first-time homebuyers. However, they are often a popular choice for first-time buyers due to the low down payment requirement.
To apply for a USDA loan, you will need to contact a mortgage lender. The lender will review your credit and financial information to determine if you are eligible for a USDA loan. Once you have been approved, the lender will help you find a property and complete the loan process.