Property must be located in a rural designated area in Florida or Georgia
Property must be non-income producing 1 unit, no manufactured homes allowed
Borrowers household income can not be more than the maximum as defined by USDA
All loans are 30 year fixed rate
Minimum 620 credit scores
Cash reserves are not required
No down payment required
No maximum loan amount.
Minimum loan amount is $70,000
Seller contributions limited to maximum 6%
Common USDA Rural Questions:
What is the maximum loan amount for USDA loans?
There is no maximum amount for USDA Loans.
Can I use the USDA loan program on all homes?
No, only those homes that are in eligible areas, usually smaller counties.
What is the down payment requirement for USDA loans?
Borrowers can choose not to use a down payment.
Are there any other restrictions for USDA loans?
Yes, there is a household income maximum, each county has its own income limits.
Do USDA loans require mortgage insurance?
Yes, there is an upfront and monthly fee.