Am I Eligible For A USDA Home Loan?
To be eligible for a USDA loan you have to meet three simple requirements:
1. Where you want to buy
To qualify for a USDA Loan your new home must be located in a designated USDA rural area generally in towns of 20,000 people or less. It might surprise you just how many areas of the United States do qualify for these no money down home loans.
You can check the USDA eligibility of your new home.
2. Your Credit history:
When an underwriter reviews your credit history the major thing they look for is a history of paying your bills in a timely fashion. If you have had blemishes in the past they may be overlooked as long as you have re-established your credit over the past 12 months.
Generally, any open judgments or collections will need to be paid off before you close on your new home.
You can find out more about credit history requirements
3. Your total household income
The USDA will generally want to see a two year history of employment or consistent income.Exceptions on the two year requirement can be made for applicants such as students. For a USDA Loan assets are not required for approval, but can help overcome any possible credit blemishes.
You can find out more about income requirements
To find out your monthly repayments use our mortgage calculator
If the home is in an eligible area, you must not exceed the current yearly USDA income limit set for your county.
To find out the income restrictions by state
Choose your state to check state income limits!
- Select State
- New Hampshire
- New Mexico
- New York
- South Dakota
- West Virginia
Let our USDA loan experts help you find out if you are eligible – it takes just two minutes
Call now to 1-866-847-3001 …or, you can simply fill in the form to the right.