USDA Loan Programs

USDA offers home purchase loan programs for qualified borrowers and qualified properties. Approved USDA areas might be closer than you thought! If you and the property qualify for the USDA program then you can take advantage of a fixed-rate loan with no down payment! 

If you purchased a home under the USDA program then you should look at the USDA refinance program . You can take advantage of a lower private mortgage insurance then FHA. You also don’t need any equity in the home to qualify which is a requirement when refinancing with a standard FHA refinancing program. 

USDA Program Overview

  • 580 Or Higher FICO Score 
  • No Installment Late Payments In Last 12 months
  • No Bankruptcy In Last 4-Years
  • No Foreclosures In Last 3-Year
  • 2 -Years Of Employment History In Same Field Of Work
  • Self Employed Allowed
  • Social Security Income Allowed
  • Long Term Disability Income Extending At Least 3-Years Allowed
  • Debt To Income Ratio Under 43%
  • Funds To Cover Closing Costs
  • Funds To Cover Reserves If Required By Underwriter
  • Final Loan Amount Needs To Be Under USDA County Loan Limit
  • Only Primary Residence Allowed
  • Property Appraisal Must Meet USDA Guidelines
  • Property must be in approved USDA area
  • Manufactured homes must be built within the last year. Must be a doublewide. 

Program Information

USDA Purchase

  • FICO as low as 580
  • No down payment required
  • 1% Upfront Guarantee Fee Financeable
  • 30YR, 25, 20YR, 15YR, and 10YR Fixed Terms
  • Debt To Income Ratio up to 43%
  • Only Primary Residence Allowed
  • Seller Credit up to 6 % Allowed

USDA Refinance

  • FICO as low as 580
  • 1% Upfront Guarantee Fee Financeable
  • 30YR, 25, 20YR, 15YR, and 10YR Fixed Term
  • Streamline refinances available
  • Debt To Income Ratio up to 43%
  • Only Primary Residence Allowed

USDA Tools

USDA loans can only be used when the house is in a USDA approved area. If you don’t have the address of the home yet then you can just pick an address in the area where you are looking and enter the complete address into the USDA property eligibility site. It will let you know if the property is in a eligible USDA area. 

USDA requires that all household income from adults over the age of 18 is used in the income calculations. The strict Debt to Income levels that USDA requires can make it a little confusing. ReNew will do the income calculations for you. If you would like to check yourself you can use the USDA website by clicking the Check Income Eligibility button. 

This map will show you what the Income Limits are in your area. USDA sets income limits by County. First you need to figure out your total household income. Just add up all of the take home income made by anyone over the age of 18 that will be living in the home and you will have your total household income that USDA uses. Your total household income needs to be below the USDA County Income limit to qualify.

This Map will show you the USDA loan limits in your area. Limits are set by County.