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U.S. Department of Agriculture
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What is a USDA home loan?
A USDA home loan is a mortgage either made or guaranteed by the United States Department of Agriculture’s Rural Housing Service agency to help households with very low to moderate incomes purchase safe and affordable homes in rural areas.
What are the different types of USDA mortgages?
The U.S. Department of Agriculture offers two main types of USDA mortgages 鈥?guaranteed loans and direct loans. USDA guaranteed loans are mortgages that are insured by the USDA, meaning if you were to default on the loan, the agency would repay your lender.
Do I qualify for a USDA mortgage?
Yes, a borrower鈥檚 household income cannot exceed 115% of the area鈥檚 median income. USDA mortgage rates are typically the lowest on the market (next to VA loans). Because rates are already near record lows, many home buyers who qualify for USDA can get incredible deals right now.
Can a permanent resident get a USDA loan in the US?
Yes, along with U.S. citizens, legal permanent residents of the United States can also apply for a USDA loan. Does income eligibility include household income? Yes, a borrower鈥檚 household income cannot exceed 115% of the area鈥檚 median income. USDA mortgage rates are typically the lowest on the market (next to VA loans).