This home loan program is also known as the Section 502 Direct Loan Program. The purpose of the program is to help lower income home buyers buy homes that are in areas that are more rural in nature.
Who is eligible for a USDA Home Loan?
While there are many things taken into consderation to determine a borrower's eligibility for USDA home loans, one of the first places to start is to make sure that your adjusted gross income is at or below the maximum allowed. Contact us to find out the current maximum adjusted gross income allowed in your area.
In addition to being below the maximum income limits as well as demonstrating the ability to repay the loan, a USDA home loan borrower must:
The home being purchased by someone obtaining a USDA home loan for must:
What are eligible areas?
In general, the areas that qualify for the USDA home-loan program are rural areas with a population of less than 35,000 people. To find specifci areas that are eligible, contact us and we'll be happy to help. All of the current listings shown below indicate they are in an eligible area, however, you should confirm this with us to be sure.
What can the USDA Home loan be used for?
A USDA home loan may be used to purchase an existing home that meets the criteria mentioned above, including being located in an eligible area, but the funds can also be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.
What is the USDA maximum loan amount?
The maximum you may borrow is determined first by the maximum USDA loan amount for the area you are buying in (contact us and we'll let you know what it is for a specific area) and then by your ability to repay. To determine what size loan you have the ability to repay the lender will consdier your income, credit, assests as well as the amount of payment assistance you may be eligible to receive.
What are the interest rates and loan terms for USDA loans?
While rates and terms will vary, below are some general guidelines:
How much down payment is required on a USDA home loan?
Normally, no down payment is rquired on a USDA home loan, therefore, most home buyers, utiliziing a USDA loan, can get 100% financing.
*NOTE- the listings shown in the list below indicate they are in USDA eligible areas however, you should contact us to confirm.
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