• USDA

  • Do you want to live outside of a major metropolitan area? Maybe a little country living suits your lifestyle? Then the USDA loan* might be the right program for you!

    • 100% financing with no down payment for certain qualified transactions!
    • There is no specific limitation to the size/acreage of the site. The appraiser must provide an explanation in the addendum of the appraisal to explain adjustments to comparable properties, how the subject compares to other properties in the area, etc.
    • Property may have a pool - USDA may approve dwellings with in-ground swimming pools. Contact local USDA office for instruction.
    • Properties must be located in eligible rural areas (generally towns with a population of 20,000 or less that are removed from an urban area)
    • *Income limits are 115% of the U.S. Median Income (for most counties, the 4 person household income limit is $65,000 maximum) - Annual income represents the entire household’s combined income, regardless of whether the household members are loan applicants or not. Annual income is used as the basis for computing adjusted annual income and is based on anticipated income for the coming year. Income from all adult household members, not just parties to the note, must be considered when computing annual income.
    • No cash reserves are required - Assets utilized for reserves should be calculated as the lesser of the two month average balance or the actual balance on the most recent statements. Assets are not required to be entered on the 1003 or in GUS.
    • Borrowers are not required to be first time homebuyers
    • No Loan limit restrictions - Purchase: The maximum guaranteed loan cannot exceed the appraised value, plus the Guarantee Fee if financed, or the amount the applicant can repay based on their ratios, whichever is less.
    • Minimum credit score of 620 from most lenders - All Borrowers are required to have a FICO score

    *USDA Guaranteed Rural Housing loans subject to program stipulations and applicable state income and property limits