Rural Housing (USDA) Loan

usdaThe Rural Housing (USDA) Loan is sometimes called the USDA product. This loan offered by the United States Department of Agriculture is designed to offer subsidized housing in rural communities. The requirements are set by the USDA and vary widely by state.

  • No mortgage insurance lowers your monthly payment
  • 100% financing with nothing down

General Loan Requirements

Your Down Payment
None

Terms Available
30 years
(fixed rate only)

Minimum Credit Score
640

Mortgage Insurance
No*
*An Up-Front Guarantee Fee is included in the loan.

Maximum Loan Limit
Purchasing power is capped by income levels rather than loan limits. These loans are offered only in sparsely populated areas of each county.

Sample income limits for each Metropolitan area as defined by the USDA

San Luis Obispo
$86,700 family of 4 or less
$114,450 family of 5 or more

Monterey
$82,000 family of 4 or less
$108,250 family of 5 or more

Santa Barbara
$91,550 family of 4 or less
$120,850 family of 5 or more