How To Qualify For a USDA Loan

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How To Qualify For a USDA Loan
Drew Mortgage Associates
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Introduction
If youre a first-time homebuyer, a USDA loan is
the best home loan, which is backed by the United
States Department of Agriculture (USDA). The USDA
home loan comes with low mortgage rates,
affordable payments, and flexible underwriting
process. You can also choose 100 financing and
no down payment is required.
In this presentation, we will take you through
the important criteria that will help you qualify
for a USDA loan.
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You must meet the basic eligibility requirements
set up by the U.S. Department of Agriculture
(USDA)
This includes
Income
Credit
Property Usage
Home location

• Eligibility for a USDA Loan

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Credit Score
Credit History
Credit Utilization
Repayment Patterns
Note
If your credit score is low, you may be eligible
for a USDA loan. However, youll require credit
verification from alternate sources, such as
insurance payments, rent payments, and utility
payments.

• Credit Requirements

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The USDA requires you to have a verifiable,
stable income.
Income that is not verified wont be counted as
repayment income.
Note
To qualify for income requirements, lenders look
for two years of consistent employment and will
request you for a verified two years income tax
returns and recent paystubs.

• Income Requirements

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The USDA Loan is created to help people of rural
areas purchase a residential home.
Many urban and suburban areas qualify as rural
areas.

• Location Requirements

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Property Requirements

• USDA loan is for eligible low to moderate income
  people who want to build, purchase, repair, or
  refinance a home.
• The home must be your primary residence.
• USDA loan cannot be used to purchase a property
  to produce income.
• If the property is no longer used for commercial
  purpose, then the property may still be eligible
  for purchase.

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Know more about How To Qualify For a USDA Home
Loan Visit here https//www.drewmortgage.com/how
-to-qualify-for-usda-loan/
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DREW MORTGAGE BRANCH OFFICES
Drew Mortgage Associates 196 Boston Turnpike
Road Shrewsbury, MA 01545 Phone
508-753-1656 Website https//www.drewmortgage.com
/
Peabody Mortgage Lenders 1 Mt Pleasant
Drive Peabody, MA 01960 Phone [phone]
Boston Mortgage Lenders 232 Commercial St Boston,
MA 02109 Phone [phone]