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What Is a USDA Loan? Am I Eligible for One?
USDA loans are zero-down-payment mortgages for home buyers who do not have a big income, and can’t get a traditional mortgage.
If this is your case, buying a home might be well within reach, thanks to the U.S. Department of Agriculture mortgage program.
A USDA home loan is a zero down payment mortgage for eligible rural and suburban home buyers. USDA loans are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, by the United States Department of Agriculture.
As a part of its Rural Development program, the USDA invested almost $20 billion in 2014 to help nearly 140,000 families buy and improve their homes. The program is designed to “improve the economy and quality of life in rural America.” It offers low interest rates and no down payments, and you may be surprised to find just how accessible it is.
With all types of mortgage loans to choose from, how do you know whether a USDA loan is right for you? Here’s an overview of how it works and who qualifies:
How USDA loan programs work
There are three USDA Loan Programs
Loan guarantees: The USDA guarantees a mortgage issued by a participating local lender — similar to an FHA loan and VA-backed loans — allowing you to get low mortgage interest rates, even without a down payment. If you put little or no money down, you will have to pay a mortgage insurance premium, though.
Direct loans: Issued by the USDA, these mortgages are for low- and very low-income applicants. Income thresholds vary by region. With subsidies, interest rates can be as low as 1%.
Home improvement loans and grants: These loans or outright financial awards permit homeowners to repair or upgrade their homes. Packages can also combine a loan and a grant, providing up to $27,500 in assistance.
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 us so we can help you.
USDA guaranteed home loans can fund only owner-occupied primary residences. Other eligibility requirements include:
- U.S. citizenship (or permanent residency).
- A monthly payment — including principal, interest, insurance and taxes — that’s 29% or less of your monthly income. Other monthly debt payments you make cannot exceed 41% of your income. However, the USDA will consider higher debt ratios if you have a credit score above 660
- Dependable income, typically for a minimum of 24 months
- An acceptable credit history, with no accounts converted to collections within the last 12 months, among other criteria. If you can prove that your credit was affected by circumstances that were temporary or outside of your control, including a medical emergency, you may still qualify.
Those with credit scores of 620 or higher receive streamlined processing. Below 580, you’ll face tougher underwriting. You can qualify with a nontraditional credit history.
Applicants with credit scores of 620 or higher receive streamlined processing. Those with scores below 580 must meet more stringent underwriting standards. And those without a credit score can qualify with “nontraditional” credit references, such as rental and utility payment histories.
Eligible home locations
Metropolitan areas are generally excluded from USDA programs, but pockets of opportunity can exist in suburbs. Areas such aas Boiling Springs, Inman, Chesneem are just some of the areas that qualify. Rural locations are always eligible.
Next steps
To apply for a USDA-backed loan or to get more information, call us at 864-329-5189.
USDA Homes For Sale
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Welcome home to this charming one-story residence in the desirable Berrys Mill neighborhood of Inman! Offering 3 bedrooms, 2 full bathrooms, and 1,368 square feet of thou...
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Location, location, location! This charming 3-bedroom, 2-bath home is perfectly situated in the heart of Boiling Springs, offering an unbeatable combination of affordabil...
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Located right in the heart of Boiling Springs is this 2BR/2BA home situated on corner lot and on a quiet street with immediate access to schools, shopping, restaurants an...
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URGENT CASH BUYER / INVESTOR SPECIAL, FORECLOSURE SALE – MUST SELL NOW! SOLD AS IS This property is being offered as a quick-sale opportunity and needs significant work...
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This charming 1920's home is ready for its new owners! Don't miss out on this updated, move in ready home that is located in the desirable Pacific Mills. Upon entry you h...
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New construction home built by local builder in Inman! The Elliott plan is a 2 bedroom 2 bath single story home. Features include Luxury vinyl plank flooring, fully sodde...
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New construction home built by local builder in Inman! The Branson Plan is a two story home and offers 1293 sqft with 3 bedrooms and 2.5 baths. Other features include Lux...
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New construction home built by local builder in Inman! The Kline plan is a 2 bedroom 2 bath single story home. Features include Luxury vinyl plank flooring, covered back ...
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Welcome to the Yale Plan! Built by local builder, this home offers 1308 sqft with 3 bedrooms and 2 baths. Other features include Luxury vinyl plank flooring, covered back...
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Welcome home to this charming 3-bedroom, 1-bath bungalow that’s full of character and comfort! Conveniently located just minutes from downtown Inman, you’ll enjoy easy ac...
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Very good location, no restrictions, not in the city limits, no HOA. Very close to everything — I-26, Exit 10, is a couple of miles away. Very nice mobile home, better th...
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Welcome to peaceful country living! This well-maintained 2017 single-wide manufactured home offers 3 bedrooms, 2 full bathrooms, and sits on a spacious 0.78-acre lot. The...
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The house has been totally renovated from one end to the other. This house will work for a FHA loan and is broker owned.
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**Open House Rescheduled to 7/19 11-1pm** Looking for space without the restrictions? Welcome to 682 Island Ford Road. Situated on .89 acres with NO HOA, this well-maint...
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Discover the perfect blend of value, space, and modern convenience at 364 Johnson Circle in Inman. This property offers an exceptional opportunity for first-time buyers, ...
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Well cared for three bedroom two bath home located in the heart of Boiling Springs in the Wynbrook subdivision. Convenient to all the amenities in Spartanburg county and ...
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If you've been looking for a home with a big yard, no HOA telling you what you can and can't do, and the chance to make a home your own, this is one you'll want to see. S...
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Adorable bungalow bursting with charm and updates! This 2-bedroom, 1-bath home features freshly refinished HW floors throughout. The updated kitchen complete with newer...
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*** READY IN AUGUST *** The Atkinson is a two-story plan featuring two primary suites and two-and-one-half bathrooms. Immediately upon entry, you are greeted by the gre...
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*** READY IN AUGUST *** The Atkinson is a two-story plan featuring two primary suites and two-and-one-half bathrooms. Immediately upon entry, you are greeted by the gre...
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Brick cottage that has been completely redone. This home has updated electric, new roof over the front porch, new railing,new deck, new windows, new flashing, new lightin...
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Historic charm meets modern luxury in this totally renovated 1910 home! Offered at $190,000, this 2-bed, 1-bath property sits nestled on a quiet street near the historic ...
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Currently under construction with an estimated completion by the end of July 2026. No HOA! Situated on a level 0.57-acre lot, this thoughtfully designed home offers 1,08...
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This charming property is currently tenant-occupied, generating $1,195 per month in rental income, with the current lease extending through March 28, 2027, providing imme...
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Listings courtesy of Spartanburg Association of Realtors as distributed by MLS GRID. Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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