Who qualifies for a USDA loan?

Properties in eligible rural and suburban areas (check USDA eligibility map), household income below 115% of area median income, US citizenship or permanent residency, and reasonable credit history.

How does USDA compare to FHA for cost?

USDA upfront: 1% (vs FHA 1.75%). USDA annual: 0.35% (vs FHA 0.55-1.05%). USDA is significantly cheaper for eligible borrowers in rural areas.

What is the USDA income limit for 2024?

Varies by county and family size. General guideline: 115% of area median income. For a family of 4 in most areas: $110,650. Higher limits apply in higher-cost areas.

USDA Loan Guarantee Fee Calculator

Calculate USDA Rural Development loan guarantee fees: 1% upfront guarantee fee (can be financed) and 0.35% annual fee. Shows total cost vs FHA and conventional.

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Frequently Asked Questions

Who qualifies for a USDA loan?

How does USDA compare to FHA for cost?

What is the USDA income limit for 2024?