USDA
The USDA Guaranteed Loan Program provides one of the most affordable loan programs to Americans today. See if you qualify for 100% financing and no money down.
What is a USDA Loan?
The U.S. Department of Agriculture (USDA) home loans program offers mortgages to low-income residents of rural areas who cannot otherwise obtain a conventional mortgage. If you live in a rural area and can't qualify for a conventional loan, you may qualify for either a USDA guaranteed loan or a USDA direct loan. The home loans program is designed primarily to help lower-income people living in unhealthy or unsafe rural conditions obtain a home that has modern utilities and adequate space.
When applying for a USDA loan, here is what you need to know:
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Available as fixed rate or adjustable rate mortgages
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The property is in a "rural zone" as designated by the USDA
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No mortgage insurance premiums
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No universal loan limit
Qualifying for a USDA loan involves an assessment that looks at your:
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Credit Score
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Income (115% of the median household income for your area)
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Debt-to Income Ratio
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No Down Payment
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Employment Status and History