United States Department of Agriculture (USDA)

USDA Loan

USDA Loans

USDA loans have 100% financing. No down payment required. Household income guidelines are required along with the home to be purchased must be located in an eligible rural area as defined by USDA.

  • GUS (Guaranteed Underwriting System) is used for purchase transactions to get eligibility recommendations.
  • Credit score down to 550.

Credit History

  • Credit score down to 550, but generally not approved unless above 580 without strong documentation supporting extenuating circumstances of adverse credit on credit report.
  • Bankruptcy needs to be 3 years out from discharge date.
  • Foreclosure needs to be 3 years out from foreclosure date.
  • Short sale needs to be 3 years out from short sale date.
  • Currently in Chapter 13 bankruptcy requires 12 month satisfactory pay history and court permission. Without extenuating circumstances, the Chapter 13 bankruptcy must be discharged 12 months minimum.

Eligible properties:

  •  1 Unit, Warrantable Condo/PUD/Townhouse (agency approved) and primary residence only.
  • Newly constructed manufactured home permanently affixed to the foundation are eligible; manufactured homes recently completed within the previous 12 months are considered new

USDA’s Site to Determine Eligibility for Loan Programs

USDA Eligibility

USDA loan programs require household income to meet a certain guideline and the purchased home must be located in an eligible rural area.

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