{"id":5496,"date":"2020-10-07T09:00:10","date_gmt":"2020-10-07T13:00:10","guid":{"rendered":"http:\/\/migonline.com\/blog\/?p=5496"},"modified":"2020-10-30T10:54:36","modified_gmt":"2020-10-30T14:54:36","slug":"frequently-asked-questions-regarding-usda-home-loans","status":"publish","type":"post","link":"https:\/\/migonline.com\/blog\/2020\/10\/07\/frequently-asked-questions-regarding-usda-home-loans\/","title":{"rendered":"Frequently Asked Questions Regarding USDA Home Loans"},"content":{"rendered":"<p>Finding the best mortgage loan for you can seem daunting. There are so many choices! The good news is that with a little research and a smart loan officer, you are sure to pick the right one. Who knows? It\u00a0may even be a <a href=\"https:\/\/migonline.com\/usda-loan\">USDA home loan.\u00a0<\/a><\/p>\n<p>Not sure what a USDA loan is, or if\u00a0you qualify? We have the 411.<\/p>\n<p><strong>What are the requirements?\u00a0<\/strong><\/p>\n<p>A USDA loan is a bit less strict than some other programs out there. Borrowers need a provable steady job and income, a decent but not stellar credit score, and must not be too far in debt. They must meet the lender\u2019s ability to repay rule to be able to qualify.<\/p>\n<p><strong>Who is eligible?<\/strong><\/p>\n<p>There are income caps for eligibility that are set by the local median income. Go online or check with your loan officer to see if you qualify!<\/p>\n<p><strong>Can I buy a home anywhere?\u00a0<\/strong><\/p>\n<p>Unfortunately, you can\u2019t. The property you\u2019re purchasing must be in a rural area of the country to be USDA eligible. You can find out if the property is eligible on the Department of Agriculture website.<\/p>\n<p><strong>What would make me ineligible for a USDA loan?\u00a0<\/strong><\/p>\n<p>Having an income of over the income limit would nix your eligibility.<\/p>\n<p><strong>Is there an income limit for a USDA loan? <\/strong><\/p>\n<p>A high debt-to-income ratio (owing a lot compared to your income) and a low credit score may make qualifying unlikely.<\/p>\n<p><strong>What if I have bad credit?<\/strong><br \/>\nIf your scores are lower, you may need to do some work on your payment history and your debt load before you can secure a USDA loan. If, however, you don\u2019t have little or no credit, the lender might look at alternative credit information like your utilities and cell phone bill to get you qualified.<\/p>\n<p><strong>How much do I need for a down payment?<\/strong><br \/>\nUSDA loans provide funds for 100% of the home price.<\/p>\n<p><strong>Can I buy an investment home with a USDA loan?<\/strong><br \/>\nNo. Neither rentals nor vacation homes can be financed with USDA loans. The USDA requires its loans to be used for primary residences only.<\/p>\n<p><strong>Can I buy a farm with a USDA loan?<\/strong><br \/>\nNo, working farms can\u2019t be purchased with a USDA loan. They are meant for residential properties only.<\/p>\n<p><strong>Is a USDA loan only for first-time homebuyers?<\/strong><br \/>\nHappily, a USDA loan can be used for first-time homebuyers or buyers who have bought a home or homes in the past.<\/p>\n<p><strong>Does the home I buy need to be a certain price or is there a limit?<\/strong><br \/>\nThe USDA doesn\u2019t have a maximum loan limit.<\/p>\n<p>USDA home loans are great options for borrowers who are looking to purchase in eligible areas.<\/p>\n<p>Are you interested in talking to an experienced loan officer to get assistance on your homebuying journey? <a href=\"https:\/\/migonline.com\/contact\">Contact us today<\/a>\u00a0to get started!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finding the best mortgage loan for you can seem daunting. There are so many choices! The good news is that with a little research and a smart loan officer, you are sure to pick the right one. Who knows? It\u00a0may even be a USDA home loan.\u00a0 Not sure what a USDA loan is, or if\u00a0you &hellip; <a href=\"https:\/\/migonline.com\/blog\/2020\/10\/07\/frequently-asked-questions-regarding-usda-home-loans\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Frequently Asked Questions Regarding USDA Home Loans<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":5485,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[127],"tags":[],"class_list":["post-5496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-usda-loans"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Frequently Asked Questions Regarding USDA Home Loans - Mortgage Investors Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/migonline.com\/blog\/2020\/10\/07\/frequently-asked-questions-regarding-usda-home-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Frequently Asked Questions Regarding USDA Home Loans - Mortgage Investors Group\" \/>\n<meta property=\"og:description\" content=\"Finding the best mortgage loan for you can seem daunting. There are so many choices! The good news is that with a little research and a smart loan officer, you are sure to pick the right one. Who knows? 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