USDA home loan is a no-down-payment mortgage for low- and moderate-income homebuyers in largely rural areas. USDA loans are part of a national program created by the U.S. Department of Agriculture to help create loans for first-time homebuyers or people who don’t meet conventional mortgage requirements.
USDA loans can be secured with no money down; you’ll need at least 3.5 percent down to get an FHA loan (or 10 percent if your credit score is between 500 and 579).
USDA loans usually require a minimum credit score of 640 to avoid a manual underwrite. You could qualify for an FHA loan with a 580 score (or 500 with a bigger down payment).
USDA Loans often come with competitive low, fixed interest rates.
USDA mortgages come with two fees: an upfront guarantee fee and an annual fee. The upfront guarantee fee this fiscal year is 1 percent of the loan amount. The annual fee is 0.35 percent of the loan amount.
Homes purchased with USDA loans must be located in eligible rural areas. Find out if a home is in a USDA-eligible area is to check the USDA website here.
The USDA loan program is geared toward low- and moderate-income homebuyers. For this reason, applicants can’t earn more than certain income limits, which vary by metro area and family size. Check maximum income limits here.
You must be able to provide history or proof of on-time payments for bills such as rent or car loans and creditworthiness.
You must be a U.S. citizen or a permanent resident with a Green Card.
The home you're applying for must be your primary residence.
VIALOS Partners, INC. dba: NXT Step Solutions is a California Corporation. Licensed under the
California Department of Real Estate LIC. 02172262 NMLS: 2286835
Copyright © 2024 Nxt Step Solutions - All Rights Reserved.