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Ruben Garcia Mortgage Group - USDA

Should I consider a USDA Loan?… Hmmmm, YES!

For starters, USDA allows for 100% Financing. Just in case you haven’t figured it out, this means no money out of your pocket. USDA loans like all mortgages will have closing costs and other fees associated with it. USDA does allow for the seller to pay up to 6% of these costs. If you cannot afford to pay upfront for the costs (such as lender fees, title fees, escrow fees, recording fees, appraisal or any other third party cost) you should consult your real estate agent about asking the seller to contribute to your closing costs. Mortgage insurance is required with USDA mortgages, but they have the LOWEST RATE. While an FHA loan has a mortgage insurance premium of 0.85% of the loan amount. USDA loans have a much lower MIP rate of 0.35% (yes, that’s less than half).

In a nutshell, here are the USDA Loan Benefits

  • No down payment
  • Low mortgage insurance premium
  • Competitive mortgage rates
  • High debt-to-income ratios accepted
  • Great for low income households
  • USDA Loan Requirements a minimum of a 640 credit score
  • Property located in USDA eligible location Income limit of 115% of the area median income
  • 2 years of steady employment
  • No mortgage late payments in last 30 days

Find out if the home you are looking at is eligible for a USDA loan.


Find Out

USDA Income Limits

The USDA sets a maximum on the amount of adjusted annual income a household brings in at the time of the guarantee. This is to ensure the USDA’s intended recipients in the low to moderate-income group use the program.

The general USDA income limits are
  • 1-4 members household: maximum income limit $82,700
  • 5-8 members household: maximum income limit $109,150

In order to adjust for regional differences, USDA income limits vary by location and household size. The USDA has a base income-limit set at 115% of the area’s median household income and compares your total qualifying income to the regional median to determine eligibility.







Monthly Payment

Principal & Interest $1421

Monthly Taxes $1421

Monthly HOA $1421

Monthly Insurance $1421

Want more information on USDA loans?

Contact us
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