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USDA Loans. 0% Down, 6% Seller Closing Credit Allowed!

Buy a house in a designated USDA eligible area with no money down

With Millennial Home Loans quick online loan application, determining if you qualify for a USDA Loan and for how much, has never been easier.

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TYPE/TERMRATEAPRPOINTSMONTHLY PAYMENT
PER/$1,000 BORROWED
30-Year Fixed – Lowest Rate3.25%3.589%1.044.7
30-Year Fixed – Low Rate/Low Closing Costs3.5%3.886%0.1514.83
30-Year Fixed – Lowest Closing Costs3.75%4.083%-0.3654.96
Interest Rate Disclaimer

USDA Loan Program Benefits

  • 100% Financed Mortgage, No Money Down, $0 Down Payment
  • USDA Loans monthly mortgage insurance premiums are 59% lower than a comparable FHA Loan
  • Flexible Credit Requirements
  • Safe, Secure 30 Year Fixed Rate Mortgage
  • No Maximum Loan Amount
  • With Seller Help, No Out-Of-Pocket Closing Costs
  • Most Property Types Allowed

USDA Loan Qualification Requirements

  • All borrowers on the loan must have a minimum 620 middle credit score
  • No foreclosure, Chapter 7 bankruptcy, or short-sales permitted on credit report within the last 3 years
  • Property must be:
    • Located in a designated USDA eligible area; and
    • Meet FHA appraisal guidelines
  • Household income must meet USDA maximum household income restrictions

USDA Loan – Household Income Overview

USDA has maximum household income restrictions, which is determined by the household size and the County in which the property is located. The USDA Loan does allow for the total household income to be higher than these income limits when certain adjustments or reductions to income are used to reduced gross household income, including:

  • Documentable childcare expenses for children age 12 and under
  • Unreimbursed business expenses on tax returns
  • $480 per child for anyone under 18
  • $480 for any student other then one of the applicants
  • $400 for each loan applicant or co-borrower age 62 or older
  • Medical expenses for any elderly family member