USDA LOAN
Home loans guaranteed by the United States Department of Agriculture (USDA) provide affordable financing options for properties located in designated small towns, suburbs, and exurbs. This program helps eligible low- to moderate-income families achieve homeownership by offering no down payment options.
Eligibility is based on the property size, location and condition along with income and other qualifying factors.
USDA Loan Highlights
- 100% financing + required guarantee fee = 102% of the appraised value
- Low FICO score requirements
- Low-interest rates
- Low closing costs
- Gift funds can be used for closing costs
- 30-year, fixed-rate mortgage
USDA Loan Eligibility
- Property must be located in a USDA designated rural area
- Maximum loan limits vary based on location
- Household members can have a total income of up to 115% of the medical income for the area
- Household must be able to afford the mortgage payment, including property taxes, homeowners insurance, and the annual guarantee fee payable on a monthly basis
Fairway is not affiliated with any government agencies. These materials are not from the VA, HUD, FHA, USDA, or RD, and were not approved by a government agency.