May 2024 - iLoan USDA

Location: The property must be located in a USDA-eligible rural or suburban area. The USDA provides an online tool to help buyers determine if a property is eligible.
Income Limits: USDA loans are designed to assist low to moderate-income families. Therefore, there are income limits based on the area’s median income. Typically, the household income must not exceed 115% of the median income for the area.
Creditworthiness: While USDA loans have flexible credit requirements, a minimum credit score of 640 is generally recommended. However, applicants with lower scores might still be eligible with compensating factors such as a low debt-to-income ratio.
Primary Residence: The property must be used as the borrower’s primary residence. Investment properties and vacation homes do not qualify.
U.S. Citizenship: Applicants must be U.S. citizens, U.S. non-citizen nationals, or Qualified Aliens.
Stable Income: Borrowers must demonstrate a stable and dependable income, typically for at least 24 months.

When it comes to buying a home in Florida, many potential buyers might not be aware of one of the best loan options available: the USDA home loan. Often overshadowed by conventional loans and FHA loans, the USDA home loan...