SJDBox21.png

USDA Loans

Now Available to Millions On and Off the Farm
The USDA changed rules in 2009 that makes millions of Americans eligible for its rural mortgage programs. The American dream of home ownership has become more difficult as families struggle to come up with the 20% down payment that many conventional home loans require. With a USDA home loan, many are still able to get a zero down home loan.

Do I Qualify for a USDA Home Loan?
In the past USDA Loans were often call "farmers loans" but times have changed. Almost anyone outside of a major metropolitan area such as Minneapolis, looking to purchase a home,  can now qualify for a MN USDA loan. USDA home loan eligibility varies based on where you live, your income, credit history, and number of dependents claimed so it's important that you call and speak with one of our loan officers to see if you qualify.

USDA Home Loans are for:

  • New Home

  • Pre-existing home

  • Condominium

  • Townhouse

  • Land and the cost of building a home

  • Commercial property

  • Farms and equipment

 

USDA Home Loan Benefits

  • Zero money down and 100% financing is available

  • USDA loans come directly from the federal government or from government approved and backed lenders

  • 640 Minimum Credit Score

  • No Reserve Requirements

  • Up to 6% Seller Concessions

  • Lowest Monthly Mortgage Insurance of Any Loan Program Above 80% LTV (except for VA loans)

  • Very Favorable Income Limits

    • 1-4 Person Family up to $83,750 Household Income

    • 5+ Person Family Up to $110,550 Household Income

    (Income limits based on Goodhue County, MN.  Call with specific areas for both income and  property eligibility and qualifications).