eLEND TPO Products
Discover the USDA Standard
Overview
The USDA Standard Mortgage (also referred to as the USDA Single Family Guaranteed Loan Program) provides eligible low- and moderate-income borrowers with the opportunity for affordable homeownership, or home refinance, in eligible rural areas.
Basics & Benefits
- Serves low- to moderate-income borrowers
- Purchase and refinance options
- Up to 100% financing
- 30-year fixed-rate term
- Fixed monthly payments
- Gift/grant funds and Mortgage Credit Certificates (MCC) allowed
- Loan is Guaranteed by the Department of Rural Development
Who is Eligible?
Eligibility will be determined by examining the borrowers’ income, assets, liabilities, and credit history and score, as well as the market value and condition of the property to be financed.
- Minimum FICO of 580
- Primary residence only:
- 1-unit homes
- Single family homes, condominium units, PUDs, or singlewide and multiwide manufactured housing
- Home must be located in USDA-approved area
- Eligibility for these loans is based on income and varies according to the average median income for each area, as well as the number of persons residing in the home
- Borrowers must earn enough to qualify for the loan amount, not so much that their income exceeds the limits set by the USDA
See What’s Possible
Review program highlights, qualifications, and benefits before you get started.
