USDA
Borrower Eligibility
USDA Borrower Eligibility Criteria
The United States Department of Agriculture (USDA) offers mortgage loans to eligible borrowers to help them purchase homes in rural areas. To qualify for a USDA mortgage loan, borrowers must meet certain eligibility criteria.
Borrower Income
Borrowers must meet the income eligibility requirements set by the USDA. The income limits vary by location, household size, and type of loan. In general, the income limits are set at 115% of the median income for the area.
Credit History
Borrowers must have a satisfactory credit history. This means having a credit score of at least 640 and no recent bankruptcies, foreclosures, or tax liens.
Debt-to-Income Ratio
(DTI): Borrowers must have a debt-to-income ratio (DTI) that is within the USDA’s guidelines. DTI is calculated by dividing your monthly debt payments by your monthly income. The USDA typically requires a DTI ratio of 29% or less, but may consider borrowers with a DTI up to 31%..
Employment and Income Stability
Borrowers must have a stable and verifiable employment and income history.
No Outstanding Debt(s)
Borrowers cannot have any outstanding debt, such as tax liens or child support arrears, that would prevent them from obtaining a USDA mortgage loan.
Citizenship or Residency
Borrowers must be a U.S. citizen, a lawful permanent resident, or a non-citizen with a valid Social Security number.
To determine your eligibility for a USDA mortgage loan, get started now or contact us. It’s essential to work with a reputable lender and financial advisor to determine the best mortgage option for their specific needs and financial situation.
Borrower Eligibility |
|---|
All borrowers must occupy the subject property |
All borrowers may not have been suspended or debarred from participation in Federal programs |
US Citizens or non-US Citizens who are legally present with lawful status |
Borrowers who would not qualify for credit on a conventional mortgage loan as defined by USDA |
Get Started
We’re here to support you through every stage of your homeownership journey
Start the Pre-
approval Process
Easily navigate our smart Loan Application to determine your Mortgage Qualification
Get a Real Time
Mortgage Rate Quote
See all available mortgage Rates without providing any personal information
Calculate your Monthly Mortgage Payment
Determine your total monthly payment with the Loan Bliss Mortgage Calculator
Experience the Loan Bliss Difference
Discover the peace of mind that comes from knowing that you have a reliable and experienced team by your side throughout every stage of your homeowner experience, from application to closing and beyond.
