USDA Loans

SPECIFICS

Loan amounts are based on borrower qualifications, eligible loan purposes, property requirements, and applicable USDA and lender guidelines.

DOWN PAYMENT REQUIREMENTS

Eligible borrowers may be able to purchase a qualifying home with no down payment.

Eligible gift funds and approved assistance programs may be permitted toward applicable closing costs or other eligible expenses when program requirements are met.

USDA loans are subject to applicable upfront and annual guarantee fees. Fees and financing requirements are subject to current USDA guidelines.

CREDIT REQUIREMENTS

USDA does not establish a universal minimum credit score for the Single Family Housing Guaranteed Loan Program. Borrowers must demonstrate acceptable credit history and repayment ability and meet applicable lender underwriting requirements.

DEBT-TO-INCOME RATIOS / RATE OPTIONS

Debt-to-income and repayment requirements vary based on borrower qualifications, underwriting findings, and applicable USDA and lender guidelines.

USDA Guaranteed Loans provide fixed-rate financing for eligible borrowers. Specific rates and other loan terms vary by lender, borrower qualifications, and market conditions.

PRIOR CREDIT EVENT WAITING PERIODS

Borrowers with a prior bankruptcy, foreclosure, short sale, or other significant credit event may still be eligible for USDA financing.

Applicable waiting periods and additional documentation requirements vary based on the type of credit event, borrower circumstances, underwriting findings, and current USDA and lender guidelines.

OTHER IMPORTANT FACTS

USDA Guaranteed Loans are intended for eligible properties located in qualifying rural areas.

The property must generally be occupied as the borrower’s primary residence. USDA Guaranteed Loans are not intended for vacation homes or investment properties.

Seller and other interested-party contributions toward eligible expenses may be permitted subject to applicable USDA limits and program requirements.

Household income and property eligibility requirements apply.

GUARANTEE FEES

USDA Guaranteed Loans are subject to applicable upfront and annual guarantee fees. The amount and treatment of these fees are determined by current USDA program guidelines and are subject to change.