Overview: USDA Home Loans
Certified Lean Home Loans
A USDA home loan is a zero down payment mortgage for eligible rural and suburban home buyers, and might have one of the government’s lesser-known home loan assistance programs, also being one of the better government backed loans if you qualify.
USDA loans are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, by the United States Department of Agriculture.
The main benefits of a USDA loan are:
How do I qualify for a USDA Home Loan?
Not only will you have to qualify but the home you’re looking to buy will also need to qualify. The department has a rural property lookup tool that lets you enter an address to find out whether the home is eligible for a USDA loan. Income limits to qualify for a home loan guarantee will vary by the location and will depend on the size of the household. To find the loan guarantee income limit for the county where you live, check out the USDA table.
USDA guaranteed home loans are only for owner-occupied primary residences. Other eligibility requirements include: