USDA Guaranteed Home Loan Program 

Currently, funding is available for the USDA Section 502 Guaranteed home loan program in New York!
This home buyers loan is one of the last no money down mortgage.

Please review some of the key points of the USDA Home Loan Program in New York:

• No down payment required
• 30 year fixed term
• Government sponsored (United States Dep't of Agriculture)
• No PMI Insurance
• Sellers can pay closing cost
• Closing cost can be financed into the loan (loan cannot exceed the appraised value)
• No mobile homes
• No major "fixer-upper" type homes
• Typically, a 620 credit score is all that is needed to qualify
• Past, discharged bankruptcy can be accepted

If the New York USDA home loan program sounds like what you’re looking for, quick start inquiry forms are available here online.

USDA Credit Guideline Info

Below, you will find basic highlights of USDA's credit guidelines.

Important Note: These are basic highlights...let us qualify you! DO NOT disqualify yourself based upon this information. Let us take a look at your scenario first! Plus, you can't always use the credit scores you may have, we use your real credit scores.
Many people think they don't qualify, then come to find out they do!

• 620 and up credit scores and up typically will automatically credit qualify!
• Base debt ratios of 29/41. Don't worry, we'll calculate this for you! Also, these can be expanded.
• No maximum loan amount. Your income determines how much you qualify for.
• New! Past foreclosures need to be 36 months old regardless of credit score.
• New! Past bankruptcies need to be 36 months old regardles of credit score.

Basically, if you have a 620 middle score or higher, you will typically qualify!
600-619 middle credit scores will qualify in many cases too!
Below 600 middle credit scores will need to be looked at carefully.

Please, let us give you an official qualification! Don't do it yourself!

USDA Home Loan Income Limits

Rather than loan limits, USDA has implemented income limits. These limits are generous as they are 115% of the moderate income level for the household size of the County your buying in.

Like all home loans, your income will determine what size loan amount you can qualify for.

Click here to use USDA's income chart. Click in income Eligibility Single Family Housing. Click on your State link, then look at the County you're buying in underneath the column that reflects your household size. Use the largest income number on the chart.

Note: Regardless of who will be on the loan, ALL household income for ALL adults must be considered.

USDA Property Eligibility

Basically, the USDA home loan program has 2 things it looks at when determining property eligibility:
(1) Location
(2) Physical Properties of the house.

Location Eligibility:
Determining the location eligibility is simple. Just click here and use this tool to determine if your area is eligible. Simply click on your State, the whatever County your looking in. This will bring up a color coded map. The areas shaded in "orange" are ineligible, all other areas are O.K. It's that simple!

Physical Properties:

• Single family homes only (no multi-units homes)
• Condos/Townhomes OK
• Home must be in working order (no "fixer uppers" with mechanical issues)
• No mobile homes
• Swimming pools (Above Ground Only) can not be used to determine the value of the home
• An FHA appraisal will be used
• Basically, a standard home in working order is what's expected...this is NOT a "fixer upper" program.

Apply online 24/7