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 Loan program will allow you to purchase a single-family house, townhome, or condominium with no money down. Available for first-time home buyers, previous homeowners, and move-up buyers.
Rent-To-Own, Lease-To-Own, Land Installment Contract, For Sale By Owner or FSBO. Purchase a house directly from the home seller with no money down and even no money out-of-pocket
The USDA Loan program can be used to finance building your dream home, with no money down. This includes purchasing land (if necessary) and construction costs.
Obtain one loan, to purchase a house and include a repair escrow budget to finance minor non-safety related renovations work after the loan closes.
Existing USDA Loan borrowers may refinance their current USDA Loan with no appraisal report required using the USDA Streamline Refinance Loan program.
Credit scores as low as 580 with GUS Refer underwriting finding may be acceptable if no 30 day late payments on the credit report within the last 12 months.
One of my investors allows home buyers the ability to use the USDA Rural Loan program to complete appraisal mandated.
The USDA Loan program has very specific requirements pertaining to the property being purchased. First off, the property must be.
One of the most common questions asked by perspective USDA loan applicants is “How much is the USDA maximum loan.
The inspection/testing requirements for a USDA Loan are as follows: To learn more about the Virginia USDA Guaranteed Loan program.
USDA Loans require that the borrower’s income meet both “Income Eligibility” and “Income Qualifying” requirements. Income Eligibility is income used.
The USDA Guaranty Loan Program, like all loan programs, evaluates a borrower’s ability to repay the mortgage loan by analyzing.
Since the USDA Loan program is a federal government insured loan program, borrowers on the loan must pass a CAIVRS.
The USDA Loan program has special guidelines as it pertains to Borrowers with a previous negative credit occurrence, such as.
For potential home buyers with student loans that are either in a deferred payment status or being paid back through.
The USDA Loan program, differs from all other loan programs, based on the requirements for a minimum quantity and history.
The income limits for the USDA Guaranteed Rural Housing Program have increased for almost all Virginia Counties effective July 12, 2024. 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.
| County | Household Size | |
|---|---|---|
| 1-4 | 5+ | |
| Accomack | ||
| Albemarle | ||
| Alexandria | ||
| Alleghany | ||
| Amelia | ||
| Amherst | ||
| Appomattox | ||
| Arlington | ||
| Augusta | ||
| Bath | ||
| Bedford | ||
| Bedford Ind | ||
| Bland | ||
| Botetourt | ||
| Bristol | ||
| Brunswick | ||
| Buchanan | ||
| Buckingham | ||
| Buena Vista | ||
| Campbell | ||
| Caroline | ||
| Carroll | ||
| Charles City | ||
| Charlotte | ||
| Charlottesville | ||
| Chesapeake | ||
| Chesterfield | ||
| Clarke | ||
| Colonial Height | ||
| Covington | ||
| Craig | ||
| Culpeper | ||
| Cumberland | ||
| Danville | ||
| Dickenson | ||
| Dinwiddie | ||
| Emporia | ||
| Essex | ||
| Fairfax | ||
| Falls Church | ||
| Fauquier | ||
| Floyd | ||
| Fluvanna | ||
| Franklin | ||
| Frederick | ||
| Fredericksburg | ||
| Galax | ||
| Giles | ||
| Gloucester | ||
| Goochland | ||
| Grayson | ||
| Greene | ||
| Greensville | ||
| Halifax | ||
| Hampton | ||
| Hanover | ||
| Harrisonburg | ||
| Henrico | ||
| Henry | ||
| Highland | ||
| Hopewell | ||
| Isle Of Wight | ||
| James City | ||
| King And Queen | ||
| King George | ||
| King William | ||
| Lancaster | ||
| Lee | ||
| Lexington | ||
| Loudoun | ||
| Louisa | ||
| Lunenburg | ||
| Lynchburg | ||
| Madison | ||
| Manassas | ||
| Manassas Park | ||
| Martinsville | ||
| Mathews | ||
| Mecklenburg | ||
| Middlesex | ||
| Montgomery | ||
| Nelson | ||
| New Kent | ||
| Newport News | ||
| Norfolk | ||
| Northampton | ||
| Northumberland | ||
| Norton | ||
| Nottoway | ||
| Orange | ||
| Page | ||
| Patrick | ||
| Petersburg | ||
| Pittsylvania | ||
| Poquoson | ||
| Portsmouth | ||
| Powhatan | ||
| Prince Edward | ||
| Prince George | ||
| Prince William | ||
| Pulaski | ||
| Radford | ||
| Rappahannock | ||
| Richmond | ||
| Roanoke | ||
| Rockbridge | ||
| Rockingham | ||
| Russell | ||
| Salem | ||
| Scott | ||
| Shenandoah | ||
| Smyth | ||
| Southampton | ||
| Spotsylvania | ||
| Stafford | ||
| Staunton | ||
| Suffolk | ||
| Surry | ||
| Sussex | ||
| Tazewell | ||
| Virginia Beach | ||
| Warren | ||
| Washington | ||
| Waynesboro | ||
| Westmoreland | ||
| Williamsburg | ||
| Winchester | ||
| Wise | ||
| Wythe | ||
| York | ||
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:
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.
