What is the USDA program’s minimum downpayment?
The USDA has no down payment requirement. If qualified, you can finance 100% with a USDA loan.
Is the USDA loan program limited to first-time buyers?
No, the USDA Rural Housing Program can be used by first-time buyers and repeat buyers.
Is there a minimum credit score for the USDA loan program?
The USDA implemented a minimum credit score of 640 without a manual underwrite. Before that date, USDA set no minimum score for the program. However, most lenders did.
If you are without a credit score, your lender may accept “alternate” tradelines to establish credit history.
What’s the maximum USDA mortgage loan size?
There is no maximum loan size for the USDA loan program. Loan size is limited by the borrowers debt to income ratio (DTI). In most cases that limit is set to 41%. If the borrower has a credit score over 660, show stable employment and can demonstrate the ability to save, that ratio may be increased.
The Keystone Team at Keystone Alliance Mortgage does offer USDA loan options and is available to discuss with you whether or not a USDA home mortgage may be an option for you.
Speaking to a loan officer can help answer this and more if you are considering a USDA home loan.