What Is A USDA Loan?

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USDA home loans, also known as Rural Development loans, are mortgages that are guaranteed by the U.S. Department of Agriculture. Their purpose is to promote home ownership in defined rural areas. So if you are interested in buying a house out in the country, a USDA loan may be right for you. However, not everyone qualifies so please read the USDA loan requirements below. If you have any questions, give us a call or open up a chat. One of our mortgage experts will gladly explain the ins & outs of USDA loans. AmeriSave offers competitively low USDA interest rates with no loan origination fees. See if you pre-qualify for a USDA loan in just a few minutes!

Key Benefits of USDA Loans

No down payment required in most cases.
Low monthly mortgage insurance (PMI).
Typically lower interest rates than other loan types.
Flexible credit guidelines.
AmeriSave can extend up to 100% financing to eligible rural individuals and families for the purchase of primary residences.
Easy streamline refinancing option.

USDA Loan Requirements

Minimum credit score of 640 is preferred. However, scores from 600-639 may be allowed if our automated underwriting determines creditworthiness.
Income cannot exceed 115% of your area’s median household income. This program is designed for low to moderate income households.
Property must be located in an eligible rural area as defined by the USDA – Check Eligibility
Property must be your primary residence and cannot be income producing.
The USDA program is designed for those who do not own other properties.

Questions About USDA Loans? Ask a Mortgage Expert.

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