Available 7 Days/Week       MON - FRI  8am - 7pm       SAT - SUN  10am – 6pm
Call us (888) 259-2257
Apply Now

View Loan Assumptions
 Rates subject to change without notice

 Conforming Loan amounts up to $766,550 | FHA Loan Limits are specific to each Florida County
Check to See Florida FHA loan limits here

USDA Mortgage Rates

USDA Mortgages | USDA Loans

The USDA Loan is a mortgage loan guaranteed by the U.S. Department of Agriculture (USDA). The USDA Loan was created to assist home-buyers in finding adequate, safe and sanitary dwellings in what the USDA deems an eligible rural area. Though referred to as the USDA Loan, the USDA does not lend any money for the 502 Guaranteed mortgage, but guarantees a portion of each loan in case of default.

Through the USDA Loan, home-buyers living in rural and suburban areas can reap the benefits of zero money down, 100% financing and access to highly competitive mortgage rates.

Eligibility for the Program

USDA requires an income of 115% or less of your region’s median income. For instance, if your area median income is $50,000, you could make up to $57,500 and still qualify.

Increased limits are available to families of five or more. Check your area’s income limits here.

Credit Requirements
USDA Loans are subject to the credit and income requirements for the USDA Program. USDA requires borrowers to have at least a 620 credit score with no foreclosures, bankruptcies or major delinquencies in the past several or more years. All applicants must present a decent credit history, demonstrating the ability to pay mortgage, including taxes and insurance, on time each month.

USDA Loan Benefits

  • 100% financing
  • Guarantee Fee rolled into the loan amount (102 percent financing)
  • No maximum purchase price. A person’s income and debt-to-income ratio will determine the logical home price. 43% is the maximum debt-to-income ratio allowed.
  • Many Property Types Allowed, including new and existing homes, modular homes, Planned Unit Developments (PUD), condominiums and brand-new manufactured homes.
  • Closing costs and lender fees can be rolled into the loan.
  • Gifted Funds, Grants, and Seller Concessions accepted.

USDA Loan Property Eligibility

In addition to USDA income limits, the USDA also maintains property requirements. This is to ensure that USDA Home Loans are used in areas that meet the United States Department of Agriculture’s definition of “rural”. Check the address of the property you are looking to purchase here.

USDA Home Requirements

To ensure that your home is safe and your well−being is secure, the USDA requires the chosen home to be structurally sound, functionally adequate and be in good repair. If a home is in disrepair, the borrower can use funds to place the home in good repair.

To verify that your home is in good repair, state licensed inspectors will need to inspect and certify that the home meets the USDA’s standards. These standards include:

  • No termite or pest damage
  • Working plumbing, water and sewage disposal
  • Functional heating and cooling units
  • Operational, and up to date, electrical systems
  • Structural soundness

When your ready to get started with your USDA loan, we are experts to guide you through the entire process, the first step is getting you pre-approved. You can click on the button below or apply online; if you prefer to speak with one of our Home Buyer Experts, we would be happy to speak with you at 888 259 2257.