USDA Guaranteed Loans

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To promote a higher quality of life in rural communities, the US Department of Agriculture offers affordable mortgage options with low interest rates to home buyers who are looking at a house outside of city limits.

To promote a higher quality of life in rural communities, the US Department of Agriculture offers affordable mortgage options with low interest rates to home buyers who are looking at a house outside of city limits.

Requirements

Zoning

Most rural areas and some suburban areas are eligible for USDA loans. While this does exclude much of the greater Denver Metro Area, some outlying towns and cities like Brighton and Erie do fall into qualifying areas. To see the full map of eligible areas, please visit the USDA site.

Requirements

Zoning

Most rural areas and some suburban areas are eligible for USDA loans. While this does exclude much of the greater Denver Metro Area, some outlying towns and cities like Brighton and Erie do fall into qualifying areas. To see the full map of eligible areas, please visit the USDA site.

Credit and Down Payment

With a credit score of 640 or higher, you can receive streamlined processing and get into your new home sooner. If you have a lower credit score or no credit history, you may still be eligible using other indicators of trustworthiness like your previous rent and bill payment history.

USDA loans offer a 0% down payment option which makes it a great opportunity for low to medium income families and first time homebuyers. Monthly payments for a USDA loan are limited to 29% of your income or lower, with an overall debt to income ratio of 41% or less.

Credit and Down Payment

With a credit score of 640 or higher, you can receive streamlined processing and get into your new home sooner. If you have a lower credit score or no credit history, you may still be eligible using other indicators of trustworthiness like your previous rent and bill payment history.

USDA loans offer a 0% down payment option which makes it a great opportunity for low to medium income families and first time homebuyers. Monthly payments for a USDA loan are limited to 29% of your income or lower, with an overall debt to income ratio of 41% or less.

Income

Because they’re designed specifically for low to middle income families, USDA loans have a maximum household income limit of 115% of your county’s area median income (AMI) with a few variations for your household size, number of dependents, child care expenses, and business expenses. To find out if your income qualifies, you can visit the USDA page here.

Is a USDA Loan Right for Me?

USDA loans can be a good choice if you:

  • Don’t mind commuting to Denver
  • Want to live outside Denver city limits
  • Don’t have a down payment saved for your home

If you think a USDA loan is the right choice for you, or you’d like to learn more about your options, get in touch with us or get pre-qualified today and we’ll help you find the perfect mortgage.