USDA Loan Benefits

A USDA loan makes homeownership attainable for those who may not be able to afford to buy a home otherwise. Here are some of the benefits of a USDA loan and USDA Streamline refinance:

•    No down payment
•    Competitive fixed interest rates
•    Lower Private Mortgage Insurance (PMI) than a conventional mortgage
•    Flexible credit scores

USDA Loan Eligibility

To be eligible for a USDA loan and USDA Streamline refinance you need to: 
•    Be a U.S. citizen, a U.S. non-citizen national or a qualified alien
•    Live in a USDA determined eligible rural or suburban geographic area. Generally towns with a population of less than 20,000 qualify.
•    Meet income eligibility limits set by the USDA. These loans are intended for low to moderate-incomes.
•    Use the loan to purchase or refinance a primary residence.
•    Be creditworthy. While the USDA doesn’t set a minimum credit score, lenders may impose their own credit requirements.
•    Show a stable income with at least two years proof of income.
•    Ensure total debt does not exceed 41% of your income.