If you’re searching for a home that’s a little more “away from it all,” USDA can help you find your rural paradise. Created by the United States Department of Agriculture, it seeks to increase the quality of life for America’s rural communities and the people who live there.

These loans feature no down payment and low-interest rates perfect for families that are just starting out or for those who need help getting back on their feet following unfortunate events.

There are a few requirements to qualify for a USDA-issued home loan:

  1. You must be a citizen or permanent resident of the United States
  2. You must have a 2 year, continuous history of reliable income
  3. No credit accounts sent into collections in the last 12 months. If circumstances arose that were out of your control, such as medical emergency, some leniency may be given.
  4. Your mortgage payment- including premium, insurance, taxes, and interest- must be less than 29% of your total income.
  5. Your debt-to-income (DTI) ratio must be below 41%, except in cases where the credit score is a 680 or higher. In these cases, a higher DTI may be acceptable.

Unsure of whether this is applicable to your situation? Contact us, today!