USDA home loans are offered in rural areas as determined by the United States Department of Agriculture (USDA). The USDA’s purpose is to help lower income households obtain home loans at reasonable mortgage rates. USDA home loans offer many advantages to qualified borrowers.

USDA mortgages allow for purchase and USDA to USDA refinances of primary residences.

Some Advantages of USDA are:

  • 100% financing of appraised value (no down payment required)

  • No monthly mortgage insurance, just a small monthly guarantee fee

  • No maximum purchase price limit

  • Gifts allowed for closing costs

  • Sellers Contribution to closing costs allowed up to 6%

  • Competitive 30 year fixed rates

  • Allowable Repairs and Improvements can be included in the loan & completed after closing

  • Not limited to first-time home buyers

Eligible USDA property types include single-family homes, condominiums and some, limited manufactured housing *.

USDA does have income and property eligibility requirements. Visit this USDA link to determine property & income eligibility for your area:

* New Manufactured housing must be permanently installed and meet the HUD Manufactured Housing Construction and Safety Standards and HCFP thermal and site standards. Existing manufactured housing will not be guaranteed unless it is already financed with an HCFP direct or guaranteed loan or it is Real Estate Owned (REO) formerly secured by an HCFP direct or guaranteed loan.

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