Property Eligibility
Use the link below to see what areas are eligible for the USDA home loan:
USDA Facts
- 100% Financing! No Down Payment Required!
- No Maximum Loan Limits
- First Time Home Buyers and Previous Homeowners Allowed
- 620 Minimum Credit Score
- Ability to Finance Closing Costs up to the Appraised Value
Income Requirements
USDA Income Eligibility requirements state that all household members may have an income up to 115% of the median income for the area. Please note, this is for total household members not just those on the loan. We can factor in deductions, so contact us with additional income qualifying questions.
Credit Requirements
The USDA loan program offers flexible credit qualifying options. There are minimum credit requirements, however we can use non‐traditional credit lines such as 12 months rental or utility payment history to help supplement an applicant’s credit history to gain approval. Each loan file is looked at on a case by case basis and must meet both underwriting and USDA Rural Development approval.
Basic Features
USDA | VA | FHA | Conventional | |
---|---|---|---|---|
Max Financing | 100% | 100% | 96.5% | 97% |
Financing Closing Costs | Yes | No | No | No |
One Time Fee (Financed) | Guarantee Fee 1.0% | VA Funding Fee 0-3.6% | Financed MIP 1.75% | Varies |
Monthly Fee | .35% | N/A | .85% | Varies |
Bankruptcy (Waiting Period) | 3 Years | 2 Years | 2 Years | 4 Years |
Foreclose (Waiting Period) | 3 Years | 2 Years | 3 Years | 7 Years |
Short Sale (Waiting Period) | 3 Years | 2 Years | 3 Years | 4 Years |
Ready?
Check with Midwest USDA Loans to see if you Qualify! We do not charge an application fee!