Buying a Home in a Rural Area

Buy a home with no down payment or refinance your existing USDA loan in an eligible rural area with Latitude Financial.

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Home In a Qualifying Rural Area for 0% Down.

USDA loans, also known as rural development loans, are backed by the U.S. Department of Agriculture and provide affordable mortgage options for homes in rural areas.

No down payment - 100% Financing

Roll your closing costs in to the loan

Low mortgage insurance premiums

97% of the U.S. is in an eligible zone

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Take the first step to getting the best home loan for you.
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The USDA Loan Process

After you’ve filled out our Apply Now form, we’ll lead you through this four-step process.

1. Review

We will review your application and then contact you to discuss the next steps in the loan process.

2. Pre-Approve

Once pre-approved, we’ll help you select the loan that meets your needs. We will then order an appraisal and send initial loan disclosures.

3. Verify & Approve

You provide us with documentation of the information you submitted in your application. We’ll verify and approve your loan for closing.

4. Close

After signing the closing documents, we’ll coordinate the loan closing and fund your loan. It’s just that simple!

USDA Loans

What Is a USDA Loan?

Perhaps you feel more at home surrounded by pastures than pavement. If so, buying a home might be well within reach, thanks to the U.S. Department of Agriculture mortgage program. In fact, the USDA might have one of the government’s least-known mortgage assistance programs.

A USDA home loan is a zero down payment mortgage for eligible rural and suburban homebuyers. USDA loans are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, by the United States Department of Agriculture.

USDA loan programs

There are three USDA Home Loan programs.

Loan guarantees: The USDA guarantees a mortgage issued by a participating local lender — similar to an FHA loan and VA-backed loans — allowing you to get low mortgage interest rates, even without a down payment. If you put little or no money down, you will have to pay a mortgage insurance premium, though.

Direct loans: Issued by the USDA, these mortgages are for low- and very low-income applicants. Income thresholds vary by region. With subsidies, interest rates can be as low as 1%.

Home improvement loans and grants: These loans or outright financial awards permit homeowners to repair or upgrade their homes. Packages can also combine a loan and a grant, providing up to $27,500 in assistance.

Eligibility Requirements

Qualifying for a USDA-backed mortgage guarantee.

Income limits to qualify for a home loan guarantee vary by location and depend on household size. USDA guaranteed home loans can fund only owner-occupied primary residences. Other eligibility requirements include:

U.S. citizenship (or permanent residency). A monthly payment — including principal, interest, insurance and taxes — that’s 29% or less of your monthly income. Other monthly debt payments you make cannot exceed 41% of your income. However, the USDA will consider higher debt ratios if you have a credit score above 680.

Dependable income, typically for a minimum of 24 months. An acceptable credit history, with no accounts converted to collections within the last 12 months, among other criteria. If you can prove that your credit was affected by circumstances that were temporary or outside of your control, including a medical emergency, you may still qualify.

Applicants with credit scores of 640 or higher receive streamlined processing. Those with scores below that must meet more stringent underwriting standards. And those without a credit score, or a limited credit history, can qualify with “nontraditional” credit references, such as rental and utility payment histories.

Fill out our online application to get pre-approved today