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USDA Home Loan: Your Best Home Loan Option?

If you're dreaming about a home, home on the range, you're in luck. The United States Department of Agriculture (USDA) home loans were created for people who want to be closer to where the deer and the antelope play. The USDA's rural definition is pretty broad though, so don't think you have to live in the country to qualify. There are also many suburban areas eligible for USDA financing and all its benefits including no down payment and qualifying credit scores as low as 640. You can access USDA's property eligibility maps here.

Scroll down to learn more about USDA loans or talk to an expert, utilize our easy loan wizard to explore rates and payments or get approved now.

The Nuts And Bolts

The Nuts And Bolts

  • You can purchase a new home with 0% down.
  • You can refinance up to 100% of your primary home's value.
  • Credit a consideration? No problem – credit scores as low as 640 may qualify.
  • Want to limit closing costs? You can finance the up-front USDA Guarantee Fee in the loan.
  • Sellers can help too! Up to 6% of seller contributions are allowed toward closing costs.
More Details And Specifics

More Details And Specifics

  • Available with fixed rates.
  • A USDA loan can be used to purchase or refinance a primary residence.
  • Eligible properties include Single Family Residences and approved Planned Unit Developments (PUDs) and Condos.
  • USDA loans are available to first-time homebuyers and those seeking to re-enter the housing market.
A Few Extras

A Few Extras

  • To be eligible for the USDA home loan, you must be purchasing a property in a rural area (as defined by the USDA) and you must meet regional income restrictions.
  • Want to tie things up quickly? Pay off your mortgage at any time without prepayment penalties.
What You Need to Know About USDA Home Loans | M&T Bank