Line U
USDA
The route almost nobody checks, because everyone assumes rural means remote. The map disagrees more often than people expect.
- Guaranteed by
- US Department of Agriculture Rural Development
- Down payment
- None on the guaranteed program
- Two hard gates
- Property location and household income
What the program actually says
The Single Family Housing Guaranteed Loan Program has two gates that nothing else on this map has. The property has to sit inside a USDA eligible rural area, and total household income has to be at or under the limit for that county.
Eligibility is decided by address, not by how rural a place feels. USDA publishes a property eligibility map and it is the only thing that settles it. Plenty of outer suburbs qualify.
The income test counts the whole household, not only the people on the loan, and the limit varies by county and household size.
There is an upfront guarantee fee and a smaller annual fee collected monthly. The annual fee runs for the life of the loan.
It has to be your primary residence.
See what the payment does
Illustrative figures only. What that means.
Principal and interest, worked from numbers you choose. It carries no program specific mortgage insurance, fee or premium, because those depend on your file rather than on arithmetic.
10.0% of the price
A worked number, not a quote or an offer.
Principal and interest, monthly
$0
Property tax, homeowners insurance, any mortgage insurance and any HOA dues sit on top of this figure. They vary far too much by address for a national number to mean anything.
- Loan amount
- $0
- Loan to value
- 0%
- Total interest over the term
- $0
- Total of payments
- $0
Below 20% down, a conventional loan normally carries private mortgage insurance until you reach 20% equity. It is not in the figure above.