Contact a USDA Loans Specialist:
803-802-9797
Start Your $0 Down USDA Loan Now!*
Find Out if You Qualify for a 100% Financing
USDA Home loan
Looking to finance your dream house? You may be eligible for a USDA 0% down loan! The few requirements include: the home being purchased is in a USDA designated area, minimum credit score of 620 and your income meets certain requirements. Learn in just a few seconds if you qualify.
What are USDA Home Loans?
How USDA Loans Work
USDA mortgages are Government insured loans that allows borrowers to obtain 100% financing. The USDA loan’s purpose is to help people with low and moderate incomes buy homes in rural areas, small communities and outlying metropolitan areas. Some of the eligibility requirements that determine if you qualify include what county and zip code the home is in, your current income and credit history, and the number of dependents you can claim. Lenders, including local and national banks, complete the processing and funding of USDA guaranteed loans.
USDA Loan Benefits
With the USDA loan guarantee, lenders are willing to take on more risk and offer advantageous rates and terms to borrowers. USDA Home Loans are one of the most affordable loans because of the low monthly mortgage insurance. Borrowers often get qualified with credit scores as low as 620, and are only required to be 3 years removed from bankruptcy and 3 years from foreclosure. The seller is allowed to pay up to 6% of the sales price towards the borrower’s closings costs. A USDA loan can be used to purchase existing homes, foreclosures or new construction.
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Why a USDA Loan is Your Smartest Choice
A USDA loan allows you to purchase your dreamhome with absolutely no money down.* USDA loans open the door to homeownership for peoplewho otherwise couldn’t afford a traditional 3.5-20% down payment.
USDA loans are even more affordable, thanks to competitive fixed interest rates. You’ll obtain peace of mind that your payments won’t increase every month.
USDA loans accept more low credit scores than any other loan program. Borrowers can get approved with credit scores as low as 620.
A USDA loan is the only mortgage on the market that permits you to finance your closing costs up to the appraised value.
USDA loans offer low 30-year terms, making it the ideal choice for the first-time home buyer.
Start your USDA loan now! It only takes few seconds to learn if you qualify.
USDA Loan Eligibility
To qualify for a USDA loan, you’ll need to meet certain income and credit requirements determined by the USDA and the lender.
The USDA requires:
- U.S. citizenship or permanent residency
- Two consecutive years of dependable income.
- The ability and willingness to repay the mortgage – generally no late payments or collections 12 months prior to the application.
- An acceptable debt ratio, which can vary by lender.
- The homebuyer’s adjusted annual income cannot exceed 115% of the area median income, depending on family size.
- You typically can not own any other property.
- NO Bankruptcy or Foreclosures within the last 3 years.
- The property must be located in a qualified rural area.
The USDA does not have a minimum credit score requirement, but most USDA lenders require at least a 640 score in order to use the USDA’s Guaranteed Underwriting System (GUS). If your credit score is below 640, you may still qualify for a USDA loan with manual underwriting.
Primary Residential Mortgage, Inc.
Contact a USDA Loans Specialist: 803-802-9797
8180 Regent Parkway, Suite 101, Fort Mill, SC 29715
Branch NMLS 971025 / NMLS 70017
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NMLS 70017 North Carolina Commissioner of Banks L-112833. South Carolina Department of Consumer Affairs MLS3094, As Element Funding MLS-3094 OTN#1. Florida Office of Financial Regulation MLD646. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
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