USDA Home Loan Requirements, Credit Score, Approval and Limits in Texas

The US Department of Agriculture (USDA) guarantees loans to those living in some rural, suburban, or low-to-moderate income areas. The loan is designed to “improve the economy and quality of life in rural America”, with some of the most lenient eligibility requirements and competitive interest rates offered today.

If you are considering whether or not USDA is right for you, here are some key points to consider:

• No payments in last 12 months is required.
• You must be a U.S. citizen or permanent resident.
• Is your credit score at least 640.
• Primary residence purchase only.
• Income limit requirements.
• This must be in an eligible location.
• No downpayment is needed as long as the sales price does not exceed the appraised value.

When calculating income limits for USDA loans, we must take into account all income streams of the person(s) who will occupy the residence. In addition, the location you choose must be approved by USDA prior to funding. You can clear up both these questions by speaking with one of our USDA loan specialists. Start by clicking below to get started on your USDA pre-approval today.