USDA Loans

USDA Loans Are Not Necessarily For What You May Consider Rural Properties

The United States Department of Agriculture (USDA) functions as a guarantor for all USDA loans. Contrary to popular belief, USDA loans are available not just for eligible rural homebuyers, but for homebuyers in suburban areas of large cities as well. In addition, they are also made available to residents of towns where populations do not exceed 25,000.

You may benefit by looking at what USDA loans have to offer if you plan to purchase a home on the outskirts of a big city because you can find eligible areas that are within commuting distances of major metropolitan regions.

Ready To Get Started?

Fill out the form below and a mortgage professional will get back to you shortly.

    31 + = 33

    What Are the Benefits of USDA Loans?

    • No down payment requirement.
    • Since these loans are backed by the USDA, they come with competitive interest rates.
    • Low and moderate income applicants may qualify.
    • They are not limited to first-time homeowners.
    • You may qualify with a less-than-perfect or nontraditional credit history.
    • Closing costs may be financed through the loan, covered by the seller, or paid through via gifting.
    get started

    Do You Qualify?

    Income limits tends to vary depending on factors such as the location of the home and the desired loan amount. Other eligibility criteria for a USDA loan include:

    • You’re an American citizen.
    • You have a regular source of income.
    • Your monthly payment, including taxes and insurance, should be 29% or less than your monthly income.
    • Your other monthly debt payments are less than 41% of your income.
    • No account of yours has made it to collections in the last 12 months, although you may qualify if you can prove that the reason for default was beyond your control.
    • If you have a credit score of 640 or higher, you benefit through streamlined processing.
    • If you have a limited credit history or no credit score, you may qualify by using nontraditional references such as utility bill payment and rental histories.
    learn more

    If you think you may benefit by getting a USDA loan

    speak to one of our team members to get more information. They will start by determining if a USDA loan is right for you and then guide you through the application process.

    First Time Homebuyer’s Guide

    Considering homeownership but not sure where to begin? The Meadowbrook Financial Mortgage Bankers Corp. guide to home buying will make the process easy all in one packet.

      Recent Articles

      Should You Get a Long- or Short-Term Mortgage?

      16 January, 2024

      One of the most important factors to consider when getting a mortgage is how long your mortgage term should be. This decision can have a…

      Meadowbrook Named a Top Workplace of 2024 by…

      3 January, 2024

      Westbury, NY — January 3, 2023 — Meadowbrook Financial Mortgage Bankers has been recognized nationally as one of the Top Workplaces of 2024 by Scotsman…

      What Is a Jumbo Loan and Is It…

      15 December, 2023

      If you plan to buy a luxury home or are looking in an exclusive neighborhood, there’s a good chance you’ll need a jumbo loan. More…