The USDA Home Loan program is a great program offering 100% financing with no down payment or mortgage insurance for those who qualify. Below are the general eligibility requirements.
- Applicants must not have an adequate down payment to secure conventional credit without the USDA guarantee.
- To intend to live in the dwelling as a primary residence. Non-occupant and co-borrowers are not allowed.
- Must be selling existing home, if applicable.
- To be a citizen of the United States or not restricted from permanent residency.
- Have income less than the maximum allowed by the USDA Home Loan Program.
- Purchase a property in a USDA Approved Area.