USDA Loans

2.1% Average Approved Rate

Based on a 600 or better credit score

USDA Loans: Requirements And Eligibility For 2022

Like USDA loans, there are other loan types that can be a good choice for qualifying borrowers looking for 0% down.

General USDA Overview

Who Are USDA Loans Best For?

USDA loans, also known as rural development loans, help make owning a home more affordable for those living in eligible rural and suburban areas and with household incomes within the USDA limits.

How Do USDA Loans Work?

USDA loans are backed by the U.S. Department of Agriculture, making them more accessible than other loan options.

You can get a USDA loan as a 30-year fixed-rate mortgage.

If you already have a USDA loan, you can refinance it into a new USDA loan; however, you can’t refinance with a USDA loan if you currently have a different loan type.

What Are The Qualifications For A USDA Loan?

o qualify for a USDA loan, you’ll need:

A minimum FICO ® Score of 640.
An eligible property – the home you want to buy or refinance must be in an eligible rural or suburban area. Find out if your property is eligible.
A household income under the limit set by the USDA for the area where you want to buy a home. Check your income eligibility with the USDA.

USDA Property Requirements

The home must be your primary home, not a vacation home or income property.
The property can’t be a working farm.
Your home appraisal must show the condition of the home meets USDA standards, including:
- The water, electrical, heating and cooling systems must be up to date and functional.
- The foundation and house need to be structurally sound.
- The property must be accessible from a paved or all-weather road.

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USDA LOAN BENEFITS

No Downpayment

USDA loans require no down payment, unlike FHA and conventional loans

Lowest Fees

The USDA monthly guarantee fee is lower than the FHA monthly mortgage insurance, in most cases, and you may be able to roll these fees into your loan.

Low Credit Requirement

You can qualify with a credit score as low as 640.

Roll Closing Costs

You may be able to roll your closing costs into your loan.

Refinance Options

If you already have a USDA loan, you can refinance it into a new USDA loan.

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No prepayment penalties if you pay off your loan early.

WHY CHOOSE DOWNTONE

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Downtone Loans has been providing our clients with award-winning service for over 60+ Years. We service 99% of our loans, which means you’ll get the same care and attention throughout the entire life of your loan.