In order to be eligible for many USDA loans, household income must meet certain guidelines. Also, the home to be purchased must be located in an eligible rural area as defined by the USDA. You can research all this information from this site along with links to the USDA homepage to check qualifying household income and property eligibility tester. Applying for a USDA home loan is easy and secure you can fill out a quick online application or call to speak to a USDA loan specialist to see if you qualify for the program. Just call MCA and ask for one of our USDA loan consultants today. Call us at (800) 974-4434.
USDA Loans Are Insured By:
USDA Loans is your pathway to a USDA lending company. We provide USDA home loans in rural and suburban areas in the United States and its territories. We have the USDA loans guidelines and USDA loan income eligibilityinformation for you to confidently apply for rural development loans on our website
30 Year Mortgage, 620 Credit Scores & More
- No Money Down: For starters, a USDA loan is one of the only loan programs offered to the general public that allows you to finance 100% of your home’s value. That means no down payment of any kind!
- Great Interest Rates: USDA loans are made even more affordable through very competitive fixed interest rates, ensuring your payments will not increase every month.
- Need a 620 score: USDA Loans .Net requires a middle credit score of at least 620. If you are close, apply and we can help.
- Affordable 30 Year Terms: USDA home loans also offers affordable 30 year terms. If you are a first time home buyer, or not, a USDA loan is the perfect fit.
- Roll in Your Closing Costs: A USDA loan allows you to finance in your closing costs up to the appraised value. Making the USDA loan the only mortgage on the market with this ability.
To be eligible for a USDA Loan the home being purchased has to be located in an area deemed eligible by the USDA’s Rural Development department. Here is the link to the USDA Rural Development location eligibility checker page USDA Map
Per USDA’s Rural Development guidelines there are household income caps for the program. RD has segregated these restrictions per county. The income caps include total household income. Not just the persons on the loan but any person that will be residing in the residence. The average income cap for the program is about 75,000 a year for a one to four person household. Once you have more than 5 persons in the household the income limit goes up dramatically. Be sure to call us to verify if your income meets the guidelines for the USDA loans program in your area.
USDA Loans Underwriting Approval:
To be approved for a USDA loan the borrower or borrowers must meet credit requirements. Your USDA loan application can receive an underwriting approval down to a 620 credit score, although it is much easier to get approved over a 640. Applicants must demonstrate repayment ability for the loan along with a job history of at least two years. If you have just graduated from school the two year employment history can be waived. If you require more in depth explanation please go to our USDA loans Guideline page.
If you are in the market to purchase a home you should apply for or research a USDA loan to determine if you are eligible. One of our USDA loan specialist will be more than happy to see if you qualify.