USDA

Perhaps the hustle and bustle of city life just isn't for you.  You like the quiet, the fresh air, and don't mind having a commute time.

 

A USDA loan may be perfect for you.  This program, guaranteed through the U.S. Department of Agriculture, allows you to purchase a home with zero down payment.

 

Qualifying for a USDA Loan

  • USDA loans are for owner-occupied residences.

  • There are income limits on the program that will vary by location and family size.  (Contact us for area-specific information.)

  • U.S. citizen or permanent resident.

  • A monthly payment - including taxes and insurance - that does not exceed 33% of your income.  Other monthly debt cannot exceed 43% of your income.  However, exceptions may apply based on a buyer's overall financial picture and underwriting approval.

  • Dependable income for a period of 24 months.

  • Acceptable credit history with no late payments or collections in the past 12 months.  Exceptions may be available for events beyond your control such as medical emergencies, etc.

  • A credit score of at least 620.

 

Metropolitan areas are typically excluded from eligibility.  However, suburbs of these areas may still be eligible.  To see if an address is available or to check eligible areas, check out the USDA's Eligibility Map.

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