USDA Property Eligibility


USDA Property Eligibility

The United States Department of Agriculture (USDA) assists qualifying borrowers in finding affordable housing. USDA loans provide low-to-moderate income households with loans to finance safe and modern housing in eligible rural areas. By providing these loans, the USDA works to increase homeownership for lower-income families. Since its creation in 1949, the USDA has helped approximately 1 million Americans find housing.

USDA Property Eligibility:

USDA-eligible properties are defined as “open country” areas with populations less than 10,000 based on the US Census. Areas with a population of 20,000 that have a serious lack of mortgage credit also qualify. Based on these USDA property eligibility guidelines, many suburban areas may also qualify.

USDA-eligible properties are located across the country and can be easily found using the USDA property map and website. 

Use the USDA Property Eligibility map to see if your area is qualified.

USDA Loans Requirements:

Also known as the USDA Rural Development Guaranteed Housing Loan program, there are a few requirements to be eligible for USDA loans. First, you must earn a low-to-moderate income, which can vary based on the county and state. Read more about USDA income breakdowns. Furthermore, your property must be your primary residence. The applicant must be a US citizen, non-citizen national, or a qualified alien. Additionally, applicants must be able to demonstrate that they are able to pay off the loan in a timely manner. This ability is assessed by factors such as income, debt, assets, and the amount of payment assistance you may be eligible to receive. To be eligible for these loans, you must also have a minimum 640 credit score, as set by the USDA in 2014. Finally, you must be legally allowed to receive government assistance.

Check out more information on USDA Loans.

USDA Loan consists of attributes such as zero down payments and 90% loan coverage. Furthermore, USDA loans also include other benefits, including:

USDA loans are accessible for both first time home buyers and repeated buyers. Leveraging USDA loans provide borrowers with a better and well-supported financial option for homeownership.