USDA Loans
Homy Loans now offers in-house USDA loans, providing faster approvals and personalized service to help you achieve your homeownership goals with ease.
What Is A USDA Loan?
USDA loans are guaranteed by the U.S. Department of Agriculture as part of its Rural Development Guaranteed Housing Loan program. These mortgages are designed for properties located in designated rural areas and offer excellent benefits to qualified low to moderate income homebuyers.
Top USDA Loan Benefits
USDA loans stand out in the mortgage market by providing significant advantages, especially related to the down payment.
- Zero down payment with 100% financing
- Option to finance eligible closing costs
- Flexible qualifying criteria
- Seller can cover up to 6% of costs
- Gift funds allowed
- Available for purchase or refinance
Eligibility Requirements:
All borrowers must be at least 62 years of age.
You must have 50% or greater equity in the home.
The property must be your primary residence (no second homes or vacation homes).
Borrowers must pass a financial assessment to ensure they can meet ongoing obligations like property taxes and homeowner’s insurance.
All borrowers are required to attend HUD-approved reverse mortgage counseling to ensure they understand the loan’s terms and implications.
Borrower Requirements
- Income ≤115% of area median income
- Credit score typically 600+
- Stable, dependable income
- U.S. citizen or permanent resident
Property Requirements
- Location: The property must be located in a qualified rural area as defined by the USDA mapping tool.
- Primary Residence: The property must serve as the buyer’s primary residence.
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