Please ensure Javascript is enabled for purposes of website accessibility

Rural Housing (USDA)

Loan Program

Rural Housing (USDA)

Rural Housing
  • A USDA rural mortgage is a home loan guaranteed by the U.S. Department of Agriculture (USDA) for eligible properties in rural areas.
  • USDA loans offer 100% financing, meaning no down payment is required for qualified borrowers.
  • USDA loans have no mortgage insurance requirement, which can save borrowers money on their monthly mortgage payments.
  • USDA loans have flexible credit and income guidelines, making them accessible to borrowers with less-than-perfect credit or lower income.
  • USDA loans have fixed interest rates, and terms typically range from 15 to 30 years.
  • USDA loans have no prepayment penalty, which means borrowers can pay off the loan early without incurring any fees.
  • USDA loans can only be used to purchase a primary residence in eligible rural areas, as defined by the USDA.
  • USDA loans have income limits based on the number of people in the household and the location of the property.
  • USDA loans require a one-time guarantee fee, which can be financed into the loan amount.
  • USDA loans have property eligibility requirements, including that the home must be located in an eligible rural area and meet certain minimum property standards.
  • USDA loans offer counseling and support services to help borrowers navigate the homebuying process.
  • USDA loans can be a good option for borrowers looking to purchase a home in a rural area and who meet the income and property eligibility requirements.
Requirements

Down Payment: None
Terms: 30 years, fixed rate
Credit Score: 600 minimum
Mortgage Insurance: No
Maximum Loan Limit: *Up-Front Guarantee Fee financed into the loan.
Yes, varies by county

PRMI NMLS 3094. PRMI IS AN EQUAL HOUSING LENDER. SOME PRODUCTS AND SERVICES MAY NOT BE AVAILABLE IN ALL STATES. CREDIT AND COLLATERAL ARE SUBJECT TO APPROVAL. TERMS AND CONDITIONS APPLY. PROGRAMS, RATES, TERMS AND CONDITIONS ARE SUBJECT TO CHANGE AND ARE SUBJECT TO BORROWER(S) QUALIFICATION. THIS IS NOT A COMMITMENT TO LEND. THE CONTENT IN THIS WEBSITE HAS NOT BEEN APPROVED, REVIEWED, SPONSORED OR ENDORSED BY ANY DEPARTMENT OR GOVERNMENT AGENCY. 1480 NO. 2200 WEST | SALT LAKE CITY, UT 84116