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USDA Loan Basics

1.    Details or guidelines

a.    Pick a home in an eligible area, most of the state is eligible outside of the major city’s footprint. Once you get outside of these areas, you are either in, or close to a USDA eligible area.

b.    Income for most areas needs to be less than $85,000 a year for a family of four. This guideline changes slightly with areas, because it’s based on the Median income of the area. But it also allows for more if they have more dependents or child expenses.

c.    It requires a low Debt to Income ratio. USDA doesn’t want the house payment to be more than 30% of your gross monthly income, so for example, $4000 a month in income, would be allowed a $1200 a month payment.

d.    Credit score usually needs to be at least a 620 or more. If you are close to that, we can help you find ways to improve your score so that you can become eligible.

2.    Benefits

a.    No Down payment

b.    Closing cost can be negotiated to be part of sales price

c.    Interest rate very similar to FHA or conventional

d.    Close in 45 Days, from the date of signed contract on your home.


These are the basics of the program, if you would like more detail please complete the contact form, so we can assist you!

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