USDA Loan Programs
USDA offers home purchase loan programs for qualified borrowers and qualified properties. Approved USDA areas might be closer than you thought! If the homebuyer and property qualify for the USDA program, then you can take advantage of a fixed-rate loan with no down payment!
Homes purchased under the USDA program can utilize the USDA refinance program. Take advantage of lower private mortgage insurance rates compared to FHA. You also don’t need any equity in the home to qualify which is a requirement when refinancing with a standard FHA refinancing program.
Requirements
USDA loans don’t require a down payment and are a good option for homes in qualified rural areas.
CREDIT
* FICO credit score of 620 or higher.
* No installment payment lates in last 12 months.
* No bankruptcy in last 4 years.
* No foreclosures in last 3 years.
INCOME
* 2 years of employment history in the same field of work.
* Self Employed allowed.
* Social Security Income allowed.
* Long-term disability income extending at least 3 years allowed.
* Debt to income ratio under 43%.
ASSETS
* Funds to cover closing costs.
* Funds to cover reserves if required by Underwriter.
* Final loan amount needs to be under FHA county loan limit.
PROPERTY
* Only primary residence allowed.
* Property appraisal must meet USDA guidelines.
* Property must be in approved USDA area.
* Manufactured homes must be built within the last year. Must be a doublewide.
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USDA Purchase
* FICO scores as low as 580.
* No down payment required.
* 1% Upfront Guarantee Fee Financeable.
* 30YR, 25, 20YR, 15YR, and 10YR Fixed Terms.
* Debt to income ratio up to 43%.
* Only primary residence allowed.
* Seller credit up to 6 % allowed.
USDA Refinace
* FICO scores as low as 580.
* 1% upfront guarantee fee financeable.
* 30YR, 25, 20YR, 15YR, and 10YR fixed term.
* Streamline refinances available.
* Debt to income ratio up to 43%.
* Only primary residence allowed.
USDA Tools
The links below let you check program eligibilty through interactive maps.
Property Eligibility Map
USDA loans can only be used when the house is in a USDA approved area. If you don’t have the address of the home yet then you can just pick an address in the area where you are looking and enter the complete address into the USDA property eligibility site. It will let you know if the property is in a eligible USDA area.
SELECTIncome Eligibility
USDA requires that all household income from adults over the age of 18 are used in the income calculations. The strict Debt to Income levels that USDA requires can make it a little confusing. ReNew will do the income calculations for you. If you would like to check yourself you can use the USDA website by clicking the Check Income Eligibility button.
SELECTIncome Limit Map
This map will show you what the Income Limits are in your area. USDA sets income limits by County. First you need to figure out your total household income. Just add up all of the take home income made by anyone over the age of 18 that will be living in the home and you will have your total household income that USDA uses. Your total household income needs to be below the USDA County Income limit to qualify.
SELECTLoan Limit Map
This Map will show you the USDA loan limits in your area. Limits are set by County.
SELECTReNew is dedicated to offering multiple different loan programs to meet our clients’ specific needs. Whether you are a first time home owner or you’re looking at buying another rental property, ReNew offers a variety of options to ensure our clients are getting the best service possible.
GET PRICINGConventional Loans
Conventional loans are good for everyone from first time home owners to real estate investors looking at rental properties.
SELECTFHA Loans
FHA loans generally require a lower minimum down payment and lower credit scores than many conventional loans.
SELECTUSDA Loans
USDA loans don’t require a down payment and are a good option for homes in qualified rural areas.
SELECTVA Loans
VA loans don’t require a down payment and are a great option for military veterans, active duty, & all qualified servicemembers.
SELECTLoan Calculators
Conventional Loan Calculator
Use this calculator to estimate your monthly home loan payments if you use a fixed-rate conventional mortgage.
Home Purchase Calculator
Use this calculator to estimate your monthly payment, including principal, interest, taxes, insurance and PMI.
Refinance Calculator
Use this calculator to estimate how much you can save by refinancing your loan to a lower rate or shorter term.
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Don’t take our word for it – here’s what our clients say:
I am happy to say that working with Eduardo and Vivian at Renew Lending was an awesome experience in buying our new home. The process went smooth and answered all of our questions buying a house is difficult enough but working with the team at Renew Lending just made it so much easier. Thank you again Eduardo and team at Renew Lending! Thumbs up !!!
Maria Sanchez
Eduardo Lejbman and his team were amazing. They were able to rush through the whole process in record time. Doing everything online made the experience really easy. It’s a very streamlined system. Much better than working with a bank which priorities might be elsewhere. Renew Lending is specialized so it makes the process really easy. All automated, upload materials on the system and get a very personalized experience. I totally recommend Renew Lending and will keep using them for future purchases and refinances.
Joe Neuah
Eduardo is undoubtedly the most professional and efficient lender I’ve ever worked with. He sees bumps on the road long before you get there, and is able to handle anything that arises with professionalism and tact. My clients and I appreciate his hard work and dedication. His attention to detail is superb. Loans can be quite daunting and scary but with Eduardo on our side, every deal is a great success! Thank you Eduardo for always treating my clients and I as if we are the only client you have. You’re the best!
Libby Brown
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