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Frequently Asked Questions for the USDA Home Loan Program

What is the USDA Rural Home Loan?

The USDA Rural Home loan program is through the U.S. Department of Agriculture. It is a rural housing program that allows for 100% financing in designated eligible “Rural” area and offers NO down payment! The USDA loan program also allows the ability to finance closing costs up to the appraised value.

Do only first-time homebuyers qualify for the USDA Rural Home Loan?

No, there are no restrictions on previous homeownership.

Can I qualify for a USDA Home Loan after a short sale?

Yes, there are possible exceptions for qualifying with a USDA Loan after a short sale if the adverse activity was temporary in nature and or the situation was beyond the applicant’s control.

Read more HERE

Do USDA Loans have PMI?

USDA Mortgages do not have PMI, but instead have a monthly premium that is calculated into the payment. This monthly fee is currently over 3X LESS than the monthly PMI on an FHA mortgage.

Read more HERE

Can a USDA Loan finance a condo?

Yes! A USDA Home Loan offers flexibility and may be an option when trying to finance a condominium

Read more HERE

Can a USDA loan finance a modular home?

Modular Homes can be considered a USDA eligible property, but additional appraisal requirements will apply.

Can I qualify for a USDA loan with no credit history?

No or zero credit history makes the USDA qualifying process a little more difficult, but it is still possible!

Read more HERE

Can I qualify for a USDA loan after a bankruptcy?

Yes, the USDA Loan Program requires the bankruptcy to be discharged for at least 3 years. The type of bankruptcy filed can impact the qualifying process as well.

Do USDA loans have property eligibility requirements?

The USDA loan has requirements on property types and eligible areas.

Read more HERE on property types.

Read more HERE on eligibility.

What is the maximum amount I can borrow?

The USDA Loan Program does not have set loan limits.

Can closing costs be financed into a USDA loan?

Yes! The USDA home load allows the ability to finance closing costs up to the appraised value.



How Do I Qualify for a USDA Loan?

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