USDA Loans

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What is a USDA Home Loan?

The U.S. Department of Agriculture (USDA) home loans program offers mortgages to low-income residents of rural areas who cannot otherwise obtain a conventional mortgage.

If you live in a rural area and can't qualify for a conventional loan, you may be eligible for either a USDA guaranteed loan or a USDA direct loan. The home loans program is designed to help lower-income people living in unhealthy or unsafe rural conditions obtain a home with modern utilities and adequate space.

How USDA Loan Programs Work?

There are three USDA home loan programs:

Loan guarantees: The USDA ensures a mortgage issued by a participating local lender — similar to an FHA loan and VA-backed loans — permitting you to get low mortgage interest rates, even without a down payment. If you put little or no money down, you will have to pay an insurance premium.

Direct loans: Issued by the USDA, these mortgages are for low- and very low-income applicants. Income thresholds differ by region. With subsidies, interest rates can be as low as 1%.

Home improvement loans and grants: These loans allow homeowners to repair or improve their homes. Packages can also merge a loan and a grant, providing up to $27,500 in aid.

Why Are USDA Loans Worth Considering?

USDA loans help make purchasing homes more affordable for those in qualifying rural areas. Though you'll still pay closing costs, if you're eligible, you'll likely get a lower interest rate and won't be required to make a down payment. You can do a preliminary check on the USDA eligibility site to see if the address of a home you're interested in and your income qualify. However, it's always best to let an expert help you understand your mortgage options.

How Do I Know If I Qualify?

A USDA home loan is a zero-down payment mortgage for qualifying rural homebuyers. 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.

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