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Latest USDA Loan Articles

  • 5 Steps to Finding the Right USDA Lender

    Steps to finding the right USDA lender include looking for USDA Loan Expertise, Customer Service and Satisfaction, Structure of Loan Process, Comparing Rates, and Asking the Right Questions.

  • Qualifying Income for USDA Loans

    USDA annual income, adjusted annual income, and repayment income are 3 income calculations considered in determining a borrower's USDA income eligibility.

  • An In-Depth Look at USDA Loan Closing Costs

    Closing costs on USDA loans generally run between 3 and 6 percent of the purchase price; however, every homebuyer's situation is different. Let’s take a closer look at USDA loan closing costs.

  • Updated USDA Loan Income Limit Eligibility

    On May 12, 2021 the Income Limits for the Single-Family Housing Guaranteed Loan Program were increased for all U.S. counties. Find out how these changes will affect you.

  • "Get Us Out of Here": Why American Urbanization Could Be In Trouble

    While living in the heart of a big city may have once been a dream, COVID-19 has flipped the switch on American’s desire to live in urban areas.

  • Buying a Foreclosed Home with a USDA Loan

    Foreclosed homes are purchased with a mortgage whose owners failed to make payments on. USDA loans provide a desirable option for buying a foreclosure.

  • USDA streamline refinance program now in 50 states

    The USDA Streamline Refinance program is now available to borrowers in all 50 states thanks to changes made in May 2019.

  • Neighbors Bank - Review of Services

    Neighbors Bank is a state chartered bank specializing in personalized home loan solutions designed to ensure borrowers of all credit backgrounds have a chance at owning a home.

  • Do USDA Loans Have PMI? A Look at USDA Mortgage Insurance

    USDA Loans don't have PMI. But there are upfront and annual mortgage insurance fees. Take a closer look.

  • How to Get a USDA Loan with Bad Credit

    Bad credit doesn’t automatically preclude you from buying a home. You still have options with a USDA loan.

  • USDA Loan Prequalification and Preapproval

    Learn about the first steps of a USDA Loan. Prequalification and preapproval get you on your way to becoming a homeowner.

  • Do USDA Loans Require a Down Payment?

    One benefit of USDA loans is that qualified borrowers can get a loan for a primary residence with $0 down, and make homeownership affordable and accessible for many moderate- and low-income families.

  • Using Gift Funds for USDA Loans

    Borrowers are able to use USDA loan gift funds for a down payment of closing costs, as long as the funds can be verified and they meet other loan program and lender requirements.

  • Owning Additional Property with a USDA Loan

    Many people wonder if they can own another property and apply for a USDA loan. There are some cases where you may be able to own additional property and also obtain a USDA loan.

  • Are USDA Loans Assumable?

    When a homebuyer assumes a USDA mortgage, it typically means they take over the outstanding mortgage balance with the same interest rate and terms as the current owner.

  • How Long Do USDA Loans Take To Close?

    Every homebuying situation is different, but once you’re contracted to purchase, you can typically expect the USDA loan process to take anywhere from 30 to 45 days to close on your USDA loan.

  • USDA Loans and Seller Concessions

    USDA loans are a government backed mortgage option available to rural homebuyers. Despite its reputation as a product for “rural” properties, the guidelines actually permit purchases in approximately 97 percent of the United States.

  • Comparing USDA and FHA Home Loans

    What’s the difference between a USDA loan and FHA loan? That depends on the buyer’s financial situation and long-term goals, but USDA loans tend to provide more advantages than FHA loans.

  • 10 Things Borrowers Don’t Know About USDA Loans

    The USDA loan is a zero-down mortgage option available to a large portion of the United States. Read on to find out all you need to know about how USDA loans work.

  • USDA Loans after Bankruptcy or Foreclosure

    Blemishes on your credit can happen, and bankruptcy or foreclosure can be a particular concern for those hoping to buy a home with a USDA loan.

  • Are Home Inspections Required for USDA Loans?

    USDA buyers should consider seeking a home inspection even though it isn't required for a USDA Loan, as they help buyers understand the property, and provide options if the home has defects.

  • USDA Underwriting Guidelines

    USDA lending utilizes an automated system known as Guaranteed Underwriting System. Underwriting is the process by which a lender evaluates the risk of a borrower, as well as their eligibility for a specific loan program.

  • USDA Loans and Investment Property

    USDA Loans are intended for primary residence, therefore buyers cannot use a USDA loan for investment property.

  • Understanding the USDA Appraisal Process

    Loans guaranteed by the USDA have to have an appraisal so that lenders can obtain an independent value for a property. Independent appraisers with proper licensure or certifications is required.

  • Explaining the USDA’s DTI Ratio

    Calculating Your Debt-to-Income Ratio for a USDA Loan is one way that lenders determine how much money you can borrow, as it shows what percentage of your paycheck is going to pay your debts every month.

  • Common Reasons for USDA Loan Denial

    A borrower has to meet broad-based income requirements to be eligible for a USDA Loan. If denied in automatic underwriting, you can still try go get approved with manual underwriting.

  • USDA Loans and Homeowners Insurance

    Homeowners insurance is a way to protect your investment in your USDA-guaranteed home from fires, natural disasters, accidents, theft, and other kinds of damage.

  • USDA Construction Loans for New Homes

    Through the USDA’s combination construction-to-permanent loan, or single-close loan, homebuyers wishing to build a home with a USDA loan can do so. 

  • USDA Loan Income and Credit Eligibility

    Lenders look at debts, income and credit history to determine if you can qualify for a USDA mortgage.

  • USDA Energy Efficient Homes

    Via the USDA’s Rural Energy Plus loan, homebuyers can receive $0 down financing when purchasing or building a home that meets IECC energy efficient standards.

  • USDA Guaranteed Home Loan vs the USDA Direct Loan

    Many don’t realize that there are two types of Section 502 Single-Family Rural Housing Loans and mistake the USDA Single-Family Direct Loan with the Single-Family Guaranteed Loan.

  • How to Get a Condo with a USDA Loan

    If a single-family home is out of your price range or you’re simply looking for a lower-maintenance property, many condo properties are also eligible for USDA financing.

  • An In-Depth Look at USDA Loan Occupancy Guidelines

    USDA loans come with an occupancy requirement. This rule stipulates who can live in a USDA-funded property.

  • All About USDA Loans for Manufactured Housing

    USDA loans can be used on manufactured or modular housing, but the unit and property site must meet additional property requirements to be approved for USDA financing.