A USDA home loan is a zero-down payment mortgage for eligible rural and suburban homebuyers. These loans are issued through a private lender, such as a community bank, and guaranteed by the USDA Rural Development Guaranteed Housing Loan Program. This program helps lenders work with low and moderate-income families living in eligible rural areas become homeowners.
Details
Oklahoma USDA Home Loan Details
- Type of Home: This loan is only for primary residence homes.
- Eligibility: You need to meet certain income rules and the home you want to buy must also qualify.
- Living in the Home: You must live in the home you buy as your permanent residence.
- Credit Score: You need a credit score of 640 or higher.
- Budget Ratios: Your monthly housing costs should be less than 29% of your income, and all your monthly debts should be less than 41% of your income.
- Insurance Costs: You'll pay an extra 1% of the loan amount upfront, plus a yearly fee that's up to 0.35% of the loan amount.
- Good Standing: You shouldn't have any bans from using federal programs.
- Good Financial Behavior: You should show that you're responsible with money and can pay back what you borrow.
USDA Home Loan Requirements set by the U.S. Department of Agriculture include:
The USDA specifies that funds backed by loan guarantees must be used for:
- New or existing residential property to be used as a permanent residence. Closing costs and reasonable/customary expenses associated with the purchase may be included in the transaction.
- Sites with a new or existing dwelling
- Refinancing of eligible loans
- Must be an eligible property. To find out if a property qualifies for this loan, visit the USDA Home Loan Eligibility Map.
Apply Online for USDA home loan in Oklahoma!
To start the USDA mortgage application process, you can apply online, contact us, or visit your nearest branch location in Edmond, Guthrie OK, Kingfisher OK, Piedmont OK, Crescent OK, Yukon, OK, Greater Oklahoma City.