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How to Use the USDA Eligibility Map – A Step by Step Guide

The very first thing you need to find out when you are considering applying for a USDA loan is to figure out if the property you have in mind is eligible for that type of loan or not. The easiest and most suitable way to do that is by using an interactive map the Department […]

USDA Property Eligibility Rules and Regulations

When applying for a USDA loan, there are many things you need to take into account. First of all, there is the matter of your income. Then you need to find out if the property you have your eye on is actually eligible to be part of the USDA program or not. USDA are, indeed, […]

What Is a USDA Loan and How to Get It

Did you ever dream of simply leaving the city and going to live in the countryside? Is the rural landscape a lot more appealing to you than pavements and concrete buildings? Then a USDA loan might be the solution to your every question. Because thanks to the US Department of Agriculture mortgage and loan program, […]

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Key Features of a USDA Rural Development Loan

  • Provide modest housing for moderate income families in non-Urban Areas
  • No Down Payment
  • 30 Year Fixed rate term
  • Low Monthly Mortgage Insurance, and a 1 time up front Guarantee Fee
  • Not restricted to first time home buyers
  • Can be used for Purchase or Refinance loans
  • Flexible credit Guidelines
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Property Requirements for USDA RD Loans

  • Primary Residence Only, no rental or income properties
  • No Set Lot size Limit
  • Eligible properties include existing homes, modular homes, eligible condominiums, new manufactured homes
  • Eligible repairs and improvements may be included in the loan
  • Will require water inspection for private systems
  • Property must be in Non-Urban areas, maps available
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Income Requirements for USDA RD Loans

  • Maximum income limits, depending on area
  • Gift Funds, Grants, Seller concessions are allowed
  • Qualifying ratios are 20% housing ratio and 41% for total debt
  • No maximum purchase price
  • Income calculation based on all adults living in the household even if not on the loan