USDA Loans

SPECIFICS

Maximum loan amount is $647,200

DOWN PAYMENT REQUIREMENTS

0% down payment
Funding fee: 1.0%
Down payment assistance available Gifts for down payment is allowed

CREDIT SCORES

Minimum 600

DEBT TO INCOME RATIOS/ FIXED TERM RATES

DTI up to 45%
Fixed rate terms: 30 years

PRIOR LOAN DEFAULT WAITING PERIODS

Bankruptcy- Chapter 7: 3 years from discharge
Bankruptcy- Chapter 13: 12 months with satisfactory payment history & court approval Foreclosure: 3 years from completion date
Short Sale: 3 years
Shorter waiting periods may be considered with extenuating circumstances

OTHER IMPORTANT FACTS

Seller concessions: No maximum Owner-Occupied only (No 2nd homes)

MORTGAGE INSURANCE

Required