Mortgage Programs

USDA Loans

If your house is in a designated rural area and your income falls within certain limits, a U. S. Department of Agriculture (USDA) loan can help your family purchase a home.

Get Your Savings & Land With USDA Lending Options

One of the most significant benefits of U. S. Department of Agriculture (USDA) loans is that they typically do not require a down payment. This feature makes homeownership more accessible for borrowers who may not have substantial savings for a down payment.

Because they are government-backed, USDA loans still offer competitive interest rates compared to conventional mortgages. This can result in lower monthly mortgage payments and potentially save borrowers money over the life of the loan. Also, unlike many conventional loans and FHA loans, USDA loans do not require private mortgage insurance (PMI). This can lead to additional savings for borrowers.

USDA loans also have more lenient credit score requirements. Borrowers with less-than-perfect credit may still qualify for a USDA loan. USDA loans typically offer fixed-rate mortgages, providing borrowers with predictable monthly payments throughout the life of the loan. This stability can help borrowers budget more effectively and plan for future expenses.

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USDA IN CENTRAL & WESTERN NY

A rural home may not be as hard to find as you may think. In fact, more than 92% of the country actually falls into the USDA’s definition of rural. A surprising amount of Central and Western New York properties qualify for USDA loans.

Eligibility

In addition to purchasing a home in a designated rural area, USDA loan eligibility requires:

  • You must be a U.S. citizen or permanent resident
  • Your household income cannot exceed 115 percent of your area’s median income
  • You must occupy the property as your primary residence

You can check property eligibility on the USDA website:

USDA Property ELIGIBILITY

Guidelines

Structures can be detached, attached, Condos, PUDs, Modular, or Manufactured for USDA loans. USDA loans are available with:

  • No down payment financing for qualified applicants
  • Up to 6% seller’s concessions to help pay closing costs on USDA loans
  • Lower Mortgage Insurance requirements than Conventional or FHA loans
  • Available with a 30-year fixed rate
  • USDA loans are available for a primary residence only

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