USDA Loan

Product Features

No Down Payment Required: 100% financing available.
Low Interest Rates: Often below market rates thanks to the government guarantee.
Low Mortgage Insurance: Includes a small upfront guarantee fee and monthly fee, typically lower than FHA mortgage insurance.
Flexible Credit Guidelines: Generally requires a minimum credit score of 640, but some lenders may work with lower scores.

Eligibility Requirements:

Location: The property must be in a USDA-eligible rural or suburban area (many are surprisingly close to cities).
Income Limits: Household income must fall within USDA limits, usually no more than 115% of the area’s median income.
Primary Residence: The home must be your primary residence—not a second home or investment property.
Citizenship: Available to U.S. citizens, permanent residents, or other qualified applicants.

"CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV."

USDA Loan

Product Features

Eligibility Requirements:

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