What are USDA Loans?

The U.S. Department of Agriculture backs the Rural Housing Guaranteed loan. Specifically, USDA loans are available to home buyers with low-to-average income. Moreover, they offer zero down payment loans and low monthly mortgage insurance premiums.  In addition, it provides lower than market interest rates too.  However, USDA loans are limited to rural geographic areas.

Under circumstances where buyers do not qualify for USDA loans, consider FHA and low-down conventional payment conventional loans.

How do I know if my area is eligible?

U.S. Department of Agriculture website will list the eligible areas. In addition, CharterStone Mortgage will help determine if you qualify.

What are the benefits of a USDA Loan?

  • Zero down payment loans
  • Closing costs can be rolled into the loan
  • Gift funds allowed
  • Seller Credits towards closing costs allowed
  • The Guarantee fee may be financed in the loan amount.

What are the requirements for a USDA Loan?

  • U.S. Citizen or permanent resident
  • Repeat homeowner acceptable
  • Minimum credit score of 620
  • Income limits per geographic area
  • Primary residence only
  • Zero Down Payment Loans

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