The USDA loan program is designed to provide an affordable, minimal-barrier route to homeownership for low- and middle-income earners

The USDA loan program is designed to provide an affordable, minimal-barrier route to homeownership for low- and middle-income earners

In order to qualify, the property must be located in a USDA-eligible area and serve as the buyer’s primary residence. The borrower must also meet certain income and credit requirements, though these tend to be less stringent than other loan programs currently available.

Because they are intended for primary residence, buyers cannot use a USDA loan for investment property.

Primary Residence Requirements

USDA loans are designed to help Americans purchase their primary residence affordably and easily, so rental homes, vacation homes, farm buildings and other income-producing properties aren’t eligible. Continue reading “The USDA loan program is designed to provide an affordable, minimal-barrier route to homeownership for low- and middle-income earners”