Michael Inkman

Fairway Independent Mortgage Corporation

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  • Home
  • About
    • About Michael
    • Testimonials
  • Types of Loans
  • Mortgage Info
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Get Pre-Approved Now!
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage Glossary
    • FAQs
  • Blog
  • Contact

USDA Home Loans

USDA loans are developed by the United States Department of Agriculture to target low-to-moderate income borrowers in rural areas to help them afford financing purchases or refinances. This program is for borrowers who may not qualify for conventional financing.

USDA purchase facts:

  • Must have a minimum credit score of 640
  • Adjusted household income cannot exceed limits set by USDA for the area*
  • The appraisal determines the maximum loan amount
  • 100% of the appraised value may be borrowed for the purchase
  • Only borrowers that are on the note may use income to qualify
  • May only have one additional home (other than the primary residence) with a USDA guaranteed loan

USDA refinance facts:

  • Minimum credit score is 640
  • The loan must be secured by the same property as the original loan
  • The previous loan can only be Guaranteed Rural Housing (GRH) or USDA
  • Cash out refinance is not an option for USDA loans
  • Additional borrowers can be added to the new GRH loan or deleted from the current loan
  • Manufactured Homes & properties with water purification systems are NOT eligible properties for USDA loans

USDA Website

If you have any quesitons about USDA loans, please leave a comment or send us a message.

Michael Inkman

Contact Michael


michael@michaelinkman.com
Mobile: (214) 762-4659
NMLS #152707
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Company NMLS #2289

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1800 Golden Trail Court
Carrollton, TX 75010

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