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USDA Guaranteed Rural Home Loans in Virginia
U.S. Department of Agriculture (USDA) Guaranteed Rural Loans are creating homeownership opportunities throughout USDA eligible areas in Virginia. Unlike most loan programs, the USDA Loan doesn’t require a down payment. And when the seller pays the buyers closing costs, the buyers cash-to-close is minimal. Best of all, the USDA Loan program is available for first-time home buyers, previous homeowners, and move-up buyers. Acceptable property types include single-family homes, townhomes, and even condominiums. With the USDA Loan program saving up for a large down payment is no longer an obstacle toward homeownership.
The USDA Rural Development Loan Program offers first time homebuyers and move-up buyers:
- 100% Financed Mortgage, No Money Down, $0 Down Payment
- USDA Loans Monthly Mortgage Insurance Premiums are 36% Lower Than A Comparable FHA Loan
- Flexible Credit Requirements As low As A 580 Middle Credit Score
- Safe, Secure 30 Year Fixed Rate Mortgage
- No Maximum Loan Amount
- With Seller Help, Minimal Out-Of-Pocket Closing Costs
USDA Loan Programs
$0 Down, 100% Loan Financed Home Purchase
Private Sale/For Sale By Owner
Manual Underwrite & Credit Score Down To 580
USDA Mortgage Loan Calculators
USDA Guidelines, Tools, and Resources
USDA Announces Increased Income Limits
The income limits for the USDA Guaranteed Rural Housing Program have increased for almost all Virginia Counties effective July 13, 2023. Income limits are based on the income for all adult (18 and over) household members, regardless of whether they will be a borrower on the loan. Maximum County income limits are based on a household size of 1 – 4 or 5 or more people residing in the household. USDA does allow for situations where the household income can exceed the maximum County income, based on certain parameters. Reference VirginiaUSDA Income Calculator for an instant income evaluation on whether your income meets or exceeds USDA’s maximum County limits.
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Remember that USDA does allow for the total household income to be higher than these income limits provided that certain adjustments or reduction to income can be made including:
- Documentable childcare expenses for children age 12 and under
- $480 per child for anyone under 18
- $480 for any student other then one of the applicants
- $400 for each disabled or handicapped individual who is not one of the applicants
- Medical expenses for any elderly family member
These adjustments can be used to lower the gross household income to an amount that is less than the above mentioned maximum gross income. If you are considering financing an upcoming home purchase using a USDA loan and need assistance in calculating your adjusted gross income using USDA Rural Development Loan Income Guidelines complete the contact form or call (866) 747-2882 to speak to your local Virginia loan professional.