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A USDA home loan is a zero-downpayment mortgage available to home buyers in eligible rural areas, some suburbs, and towns. The USDA Rural Development Guaranteed Housing Loan Program, a part of the U.S. Department of Agriculture, backs these loans. While partner lenders issue most USDA loans, the department can directly grant them to qualified borrowers with incomes below a specific limit.
USDA LOAN REQUIREMENTS
Applicants must be U.S. citizens, non-citizen nationals, or qualified aliens:
- U.S. citizens, naturalized or acquired citizenship through other means recognized by U.S. immigration law.
- Non-citizen nationals owe permanent allegiance to the United States but are not U.S. citizens for those born in American Samoa and Swains Island.
- Qualified aliens are non-U.S. citizens legally present in the United States (green card holders), refugees, or individuals granted asylum.
Income Eligibility for USDA Loans:
Household income must meet specific guidelines to qualify for USDA loans.The income limits for USDA loans vary based on the household size. Here are the general income limits for USDA loans in 2024:
- For 1-4 member households, the income limit is $110,650
- For 5-8 member households, the income limit is $146,050.
The income limits could be lower or higher in some areas, depending on the location. Submit your information today to see if you qualify for your area.
The home to be purchased must be located in an eligible rural area:
- USDA loans are intended to promote homeownership in rural and suburban areas. The property must be located in a designated rural area as defined by the USDA.
- Areas eligible for USDA loans typically have a population of 35,000 or less. However, some suburban areas near larger cities may also qualify.
- Working with a USDA-approved broker like AMXpress can help borrowers determine if the property location meets the USDA’s eligibility criteria.
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Down Payment Assistance Mortgages
Some USDA mortgage loans can be bundled with downpayment assistance programs. Getting a home loan should be easy and hassle-free. We provide in-house pre-qualification and processing to ensure a seamless and efficient loan approval process. Our simplified online application allows you to apply for a USDA loan from the comfort of your home. Enjoy the convenience of our online platform and take a step closer to owning your dream home.
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Depends. Borrowers need to provide the proper information, accurately and communicate with the loan officer in a timely manner to understand their unique financial situation. Can take a few hours to a few days or more.
Usually your realtor will require a pre-qualification so you can review houses in your estimated price range. Mortgage pre-qualification is an informal evaluation of your creditworthiness and how much home you can afford based on self-reported information like credit, debt, income, and assets. It is a process where we review your self-reported income, debts, and credit to determine an approximate loan amount you can borrow. Pre-qualification is an optional first step before obtaining a mortgage pre-approval which is where you apply for the mortgage and get qualified based on the actual property you want to purchase.
Mortgage brokers act as intermediaries between borrowers and lenders, helping borrowers find suitable mortgage loans. While mortgage brokers work diligently to assist borrowers in securing the right funding for their home purchase, they cannot guarantee that a borrower will be qualified for a loan. Here are some reasons why:
Mortgage brokers do not make the final lending decisions; that authority lies with the lenders. Lenders have specific criteria and underwriting guidelines that borrowers must meet to qualify for a loan.
Different lenders have varying requirements and criteria for loan approval. What may be acceptable to one lender may not meet the standards of another lender.
Borrowers’ financial circumstances can change during the loan application process, affecting their eligibility for a loan. Mortgage brokers cannot predict or control these changes.
Despite these limitations, mortgage brokers work tirelessly to match borrowers with suitable lenders and loan products based on the borrower’s financial profile. They leverage their expertise and network of lenders to find the best possible funding options for their clients.
Pre-qualification is an informal assessment of your financial situation, while pre-approval involves a more thorough review and conditional commitment from a lender.
Down payment requirements vary, but typically range from 3.5% to 20% of the home’s purchase price, depending on the loan type and lender.
We at AMXpress have 0% down payment USDA loans in rural areas and VA 0% down payment loans.
Mortgage interest rates fluctuate based on various factors, including market conditions, economic indicators, and individual borrower qualifications. Some loans like the USDA mortgage loans are not tied to the market rates.