{"id":52420,"date":"2016-04-14T04:03:52","date_gmt":"2016-04-14T04:03:52","guid":{"rendered":"https:\/\/www.movoto.com\/foundation\/?p=1884"},"modified":"2024-10-14T13:05:52","modified_gmt":"2024-10-14T20:05:52","slug":"what-is-a-usda-loan","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/what-is-a-usda-loan\/","title":{"rendered":"What is a USDA Loan?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">USDA Loans, also known as rural development loans or Section 502 loans, are a mortgage type guaranteed by the <\/span><a href=\"https:\/\/www.rd.usda.gov\/programs-services\/single-family-housing-programs\/single-family-housing-guaranteed-loan-program\"><span style=\"font-weight: 400;\">USDA Rural Development Guaranteed Housing Loan Program<\/span><\/a><span style=\"font-weight: 400;\">, a part of the U.S. Department of Agriculture. Available to <\/span><span style=\"font-weight: 400;\">qualified buyers<\/span><span style=\"font-weight: 400;\"> in rural and certain suburban areas, these loans can be used to purchase, repair, or relocate a home or prepare a site for a home. They are primarily designed to help people with very low to moderate incomes secure safe, affordable housing.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Requirements for Qualifying<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">To qualify for a USDA Loan you must meet the following criteria:<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Property Type:<\/b><span style=\"font-weight: 400;\"> This must be your primary residence. Additionally, the property must have:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Access to a road, street, or driveway<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Adequate utilities, water supply, and sewage disposal<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">A structurally secure foundation and roof<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Functional heating, cooling, and electrical systems<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.movoto.com\/blog\/the-basics-how-much-home-can-i-afford\/\"><b>Income: <\/b><\/a><span style=\"font-weight: 400;\">You must have stable, consistent income. Your household&#8217;s total income must be within 115% of your area&#8217;s median income.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Residence status: <\/b><span style=\"font-weight: 400;\">You must be a U.S. citizen, non-citizen national, or qualified alien.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Credit scores for eligibility: <\/b><span style=\"font-weight: 400;\">You must meet minimum lender credit requirements, typically at least 620.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b><a href=\"https:\/\/www.movoto.com\/blog\/home-mortgages-what-is-a-debt-to-income-ratio\/\">Debt to income ratio<\/a>: <\/b><span style=\"font-weight: 400;\">\u00a0As there is no downpayment, you\u2019ll need a DTI of 41% or less.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Monthly payment criteria: <\/b><span style=\"font-weight: 400;\">The monthly payment on the loan must be 29% or less of your monthly income. This includes principal, interest, insurance and taxes. All other monthly debt payments must not exceed 41% of your income.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Location: <\/b><span style=\"font-weight: 400;\">The home must be in a designated USDA rural area.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">To determine the income limit for your county, refer to this <\/span><a href=\"https:\/\/www.rd.usda.gov\/files\/rd-grhlimitmap.pdf\"><span style=\"font-weight: 400;\">USDA map<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Types of USDA Loans<\/span><\/h2>\n<h3><span style=\"font-weight: 400;\">Guaranteed<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">With a guaranteed loan, the USDA guarantees the bulk of the loan in order to reduce the risk for lenders. This often leads to better <\/span><span style=\"font-weight: 400;\">loan terms<\/span><span style=\"font-weight: 400;\"> for borrowers, e.g. lower interest rates and no down payment.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Direct<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Direct loans are intended for low-income or very-low income borrowers- the repayment period of the loan can be extended beyond 30 years to allow for lower payments in extreme financial circumstances.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Home Improvement Loans and Grants<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">These combo loans build in the land purchase price and the construction costs of building a home. These loans are based on the final assumed appraised value in reviewing the home site and build plans.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Pros &amp; Cons of USDA Loans<\/span><\/h2>\n<h2><span style=\"font-weight: 400;\">Pros<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">No down payment is required<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">No strict loan limits on guaranteed loans<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Applicable for both purchasing and refinancing<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sellers can cover closing costs<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Penalty-free repayment options<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Cons<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Upfront and annual fees<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The property must be located in designated USDA areas<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The property must be a primary residence<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The buyer&#8217;s income cannot surpass a specified limit<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If it\u2019s a direct loan, the loan size may have limits\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Comprehensive underwriting process with a longer timeline for closing with a USDA loan than most other loan types<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Do USDA Loans Have PMI?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">No, private mortgage insurance (PMI) is not required with USDA loans. Instead, you&#8217;ll need to pay an upfront guarantee fee and an annual fee. The latter acts as the monthly mortgage insurance premium.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">USDA Loan Limits<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">USDA loans have both loan limits and income limits. USDA loan limits (the total loan amount) vary by county across the US. Currently, the loan income limit varies by state and county as well, based on the # of people who will reside in the home.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">USDA Loan Takeaways<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If you qualify for a USDA loan, it is an excellent option with no downpayment and relaxed credit requirements. It\u2019e certainly worth considering if you have low to moderate income and dreams of owning a home.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Be sure to explore all the <\/span><a href=\"https:\/\/www.movoto.com\/blog\/8-different-types-of-home-loans\/\"><span style=\"font-weight: 400;\">different types of loan types<\/span><\/a> <span style=\"font-weight: 400;\">before deciding which one is best for your situation. Use our <\/span><a href=\"https:\/\/www.movoto.com\/mortgages\/calculator\/\"><span style=\"font-weight: 400;\">mortgage calculator<\/span><\/a><span style=\"font-weight: 400;\"> to forecast loan amounts and monthly costs.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>USDA Loans, also known as rural development loans or Section 502 loans, are a mortgage type guaranteed by the USDA Rural Development Guaranteed Housing Loan Program, a part of the U.S. Department of Agriculture. Available to qualified buyers in rural and certain suburban areas, these loans can be used to purchase, repair, or relocate a home or prepare a site for a home. They are primarily designed to help people with very low to moderate incomes secure safe, affordable housing. Requirements for Qualifying To qualify for a USDA Loan you must meet the following criteria: Property Type: This must be [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":49365,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[],"class_list":["post-52420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages-loans","post--single"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Are USDA Loans: Requirements, Eligibility, Home Types, &amp; PMI<\/title>\n<meta name=\"description\" content=\"Designed for rural and suburban home buyers, USDA loans are an excellent mortgage option for those who qualify. Let\u2019s explore everything that makes this loan type attractive, plus loan limits, and eligibility requirements.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.movoto.com\/blog\/what-is-a-usda-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Are USDA Loans: Requirements, Eligibility, Home Types, &amp; PMI\" \/>\n<meta property=\"og:description\" content=\"Designed for rural and suburban home buyers, USDA loans are an excellent mortgage option for those who qualify. Let\u2019s explore everything that makes this loan type attractive, plus loan limits, and eligibility requirements.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.movoto.com\/blog\/what-is-a-usda-loan\/\" \/>\n<meta property=\"og:site_name\" content=\"Movoto Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/MovotoRealEstate\/\" \/>\n<meta property=\"article:published_time\" content=\"2016-04-14T04:03:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-14T20:05:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.movoto.com\/blog\/wp-content\/uploads\/2021\/03\/blog-mortgage-loan-calculator2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"300\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jerimiah Taylor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@movoto\" \/>\n<meta name=\"twitter:site\" content=\"@movoto\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jerimiah Taylor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.movoto.com\/blog\/what-is-a-usda-loan\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.movoto.com\/blog\/what-is-a-usda-loan\/\"},\"author\":{\"name\":\"Jerimiah Taylor\",\"@id\":\"https:\/\/www.movoto.com\/blog\/#\/schema\/person\/4de04c244ca32a5e3ae378d40f3f6c92\"},\"headline\":\"What is a USDA Loan?\",\"datePublished\":\"2016-04-14T04:03:52+00:00\",\"dateModified\":\"2024-10-14T20:05:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.movoto.com\/blog\/what-is-a-usda-loan\/\"},\"wordCount\":629,\"publisher\":{\"@id\":\"https:\/\/www.movoto.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.movoto.com\/blog\/what-is-a-usda-loan\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.movoto.com\/blog\/wp-content\/uploads\/2021\/03\/blog-mortgage-loan-calculator2.jpg\",\"articleSection\":[\"Mortgages &amp; Loans\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.movoto.com\/blog\/what-is-a-usda-loan\/\",\"url\":\"https:\/\/www.movoto.com\/blog\/what-is-a-usda-loan\/\",\"name\":\"What Are USDA Loans: Requirements, Eligibility, Home Types, & PMI\",\"isPartOf\":{\"@id\":\"https:\/\/www.movoto.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.movoto.com\/blog\/what-is-a-usda-loan\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.movoto.com\/blog\/what-is-a-usda-loan\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.movoto.com\/blog\/wp-content\/uploads\/2021\/03\/blog-mortgage-loan-calculator2.jpg\",\"datePublished\":\"2016-04-14T04:03:52+00:00\",\"dateModified\":\"2024-10-14T20:05:52+00:00\",\"description\":\"Designed for rural and suburban home buyers, USDA loans are an excellent mortgage option for those who qualify. 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