Perfect for rural homebuyers.
If you’re located in a designated rural area, the US Department of Agriculture (USDA)* offers a home loan program that might be perfect for you. This program helps families reach the goal of homeownership by offering lower credit score requirements and zero-down payment options.
We’re proud to work for Texans from every part of the state. Find out if you qualify for a USDA loan with the lender Texans trust.
USDA Eligibility Requirements
USDA loan requirements are generally more flexible than those of a conventional loan. USDA loans are meant to assist homebuyers with moderate incomes and smaller down payment ability. To qualify for a USDA loan:
- You must live in a USDA designated area
- You must not exceed the maximum USDA income limits for your area
- You must have a minimum credit score of 620
Benefits of the USDA Loan Program
- Lower interest rates options than other programs
- Zero-down options available
- Lower financed fees
- Gift funds may be used for closing costs
- 30-year, fixed-rate option available
USDA Frequently Asked Questions
Is there a maximum income to qualify?
Yes, but it varies based on where you live. Check your area’s maximum income limit.
What’s my county’s USDA loan limit?
Do USDA loans require mortgage insurance?
Yes. USDA mortgage insurance is added into your base loan amount The USDA loan program requires less insurance than an FHA or conventional loan.
Can I purchase an investment property with a USDA loan?
No. The benefits that come with the USDA program are meant specifically for borrowers purchasing their primary residence.
Can I purchase a mobile home with a USDA loan?
Yes. Double-wide mobile homes are eligible for purchase with a USDA loan. Condominiums are also eligible for purchase if they meet certain criteria.
Can I purchase a farm with a USDA loan?
Yes, but Fairway cannot assist with farm purchases for commercial use. If you’re thinking of buying a farm, contact an authorized lender to assist you.
*Fairway is not affiliated with any government agencies. These materials are not from VA, HUD or FHA, and were not approved by VA, HUD or FHA, or any other government agency.