What is a USDA Loan?
The USDA Loan program is a no-down payment mortgage loan offered by the United States Department of Agriculture Rural Development. They partner with approved local lenders to extend 100% financing opportunities to eligible families living in rural areas for the purchase of a home. While areas that qualify for USDA loans are typically defined as “rural,” many smaller communities that lie just outside major metropolitan areas can qualify. The USDA program is commonly used in towns with a population of 25,000 or less.
USDA Loans are not limited to first time homebuyers. Eligible property types include existing homes, new construction, modular homes, Planned Unit Developments (PUD’s), eligible condominiums and new manufactured homes. Eligible repairs and improvements may be included in the loan.
What Are the USDA Loan Requirements?
Applicants must purchase a home within the eligible rural areas, and have a household income that does not exceed the established limits where the home is located. USDA Loans have flexible credit requirements. Non-traditional credit histories such as a history of paying utility or car insurance bills on time may be accepted.
Use our mortgage calculator to find out what your monthly payment would be.
To find out if your area is eligible, go to the USDA Property Eligibility Site.
Areas in Massachusetts and Southern New Hampshire Eligible for USDA Loans
(shaded areas are ineligible) click to enlarge
Where Can You Get a USDA Loan?
We are not a mortgage company and we do not sell mortgages. If you would like to contact a qualified mortgage company click here.
Visit the USDA Loan Eligibility Website for more information.