Most homebuyers would prefer to do a USDA loan, but perhaps the areas in which they are looking are not USDA-eligible. Larger urban and surrounding areas are not eligible, since the point of the program is to encourage rural development. Still, a surprising number of developed suburban areas are still eligible. Apply for USDA here
But if you qualify as low- to moderate-income and can’t qualify for VA loan, a USDA loan is definitely the way to go. One last point – never assume your county of residence is ineligible for USDA loan because it isn’t rural. USDA loans are available in the vast majority of counties in all 50 states.
Qualifying for a USDA-backed mortgage guarantee. Income limits to qualify for a home loan guarantee vary by location and depend on household size. To find the loan guarantee income limit for the county where you live, consult this USDA map and table. USDA guaranteed home loans can fund only owner-occupied primary residences.
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What Is a USDA Loan. The usda loan program backs low-interest, fixed-rate mortgages for low-income Americans. These loans require zero or low down payments on homes in designated rural areas.. However, several suburban areas in or near major cities fall under the USDA’s broad definition of "rural."
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USDA Loan Eligibility Is Location-Based. The VA loan requires eligible military service, but the USDA loan’s eligibility is based on something else: location of the property. These loans were created to spur economic development in less-dense areas of the U.S. (hence the "other" name – Rural Development, or RD loan).
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Low- and very low-income thresholds to qualify for a USDA direct loan vary by location, but typically you must make 50-80 percent of the average median income for your area.
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You can secure 100% financing for a home with the USDA loan. There’s a catch, though. You must buy a home in the USDA loan areas. The areas change approximately every 3 to 5 years. The next scheduled change is for October 1, 2017. This is subject to change, though.
Under usda rural home loans, very low- and low-income rural americans can qualify for several loan, grant and loan-guarantee programs. USDA home-loan terms run from 30 to 38 years.