Loan Programs

USDA Loans

Government-backed financing for homes in eligible rural and suburban areas.

USDA loans are backed by the U.S. Department of Agriculture to help low- to moderate-income buyers purchase homes in eligible rural and suburban areas. Parts of South Florida outside the urban core, including areas of south Miami-Dade, can qualify.

USDA loans charge an upfront guarantee fee and an annual fee, which are usually lower than FHA mortgage insurance.

Requirements

What lenders look for

1Location eligibilityThe property must be in an area the USDA has mapped as eligible. Kam can check an address for you.

2Income limitsHousehold income must fall under the limit for your county and household size.

3Credit historyUSDA sets no minimum score, but most lenders look for 640 or higher.

4Primary residenceThe home must be your primary residence.

Benefits

Why borrowers choose it

Flexible down payment rules

USDA financing is designed for buyers who don't have a large down payment saved.

Lower guarantee fees

USDA fees are usually lower than FHA mortgage insurance or private mortgage insurance.

Competitive rates

Rates are often comparable to or lower than conventional loans.

Guidelines shown are typical and vary by lender. Loan approval, rates and terms depend on credit, income, property and lender guidelines. Program availability and requirements are subject to change. This is not a commitment to lend.

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