USDA LOAN Requirements
United States Dept of Agriculture or Rural Development

* Minimum 640 credit score
– We will look at your credit from all 3 credit reporting bureaus and use the middle of the 3 scores. For example if you have an Experian score of 725, a TransUnion score of 700, and and Equifax score of 715, you’re credit score for qualifying purposes will be 715. If there is a co-borrower the lower of the two middle scores will be used for qualifying.* 0% down payment
– There is no required down payment on a USDA loan* Seller Concessions
– The seller can contribute 6% of the purchase price to help cover your closing costs. Closing costs are things like lender fees, title fees and recording fees.

*Mortgage Insurance
-USDA  requires all loans to have mortgage insurance. The rate is determined by USDA and is the same on all USDA loans.  You will pay this mortgage insurance for the life of the loan.

*Guarantee Fee
– All USDA loans have a 1% upfront fee. This fee is financed into the loan. You do not have to pay this out of pocket.

* Debt to income ratio must not exceed 43%

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