Who is right for an USDA Loan?
USDA loans are specifically for homes bought in designated rural areas. With low down-payment options, low credit-requirements, and low interest-rates, USDA loans are great for the first-time or experienced buyer. If you agree with any of the below, a FHA loan may be best for you!
Location
You are buying in a rural area.
First-Time
You're a first-time homeowner.
Down Payment
You're looking for 100% financing.
Good Credit
You have an okay credit score.
Occupancy
This will be your primary home.
DISCLAIMER
The information on this page is not meant to be a quote. So if you want an ACTUAL interest rate quote or if you’re just curious what you may be eligible for, just ask us!
HOW DO I KNOW IF I AM ELIGIBLE FOR AN USDA LOAN?
Eligibility for an USDA mortgage varies. Applicants must:
- Income – meet income-eligibility (check here)
- Property – purchase a property that meets all program criteria (check here)
- Occupy – agree to personally occupy the dwelling as their primary residence
- Citizen – be a US Citizen, U.S. non-citizen national or qualified alien
- Legal – have the legal capacity to incur the loan obligation
- Standing – be in good standing, having not been suspended or debarred from participation in federal programs
- Credit – demonstrate the willingness to meet credit obligations in a timely manner
- Qualify – qualify for the terms of the financing
WHY ARE USDA LOANS GREAT FOR FIRST-TIME HOMEBUYERS?
USDA loans are great for first-time homebuyers because they allow for up to 100% financing and competitive interest rates. Making it as easy as possible for people to own a home.
ARE ALL USDA LOANS ELIGIBLE FOR 0% DOWN?
Eligibility for 100% financing (0% down) varies based on the borrower’s and property’s eligibility. See “How Do I Know If I’m Eligible For A USDA Loan” for more.
CAN I BUY A VACATION OR INVESTMENT HOME WITH A USDA LOAN?
Unfortunately, no. USDA loans are for primary residences only.