How do I get a USDA home loan?

To apply for a USDA guaranteed loan, you need to reach out to a USDA-approved lender in the area you want to live in. The lender will process your mortgage application through the USDA. You can find one through a real-estate agent or by visiting the USDA Rural Development website.Click to see full answer. Herein, what qualifies for a USDA loan? Minimum Qualifications for USDA Loans U.S. citizenship or permanent residency. Ability to prove creditworthiness, typically with a credit score of at least 640. Stable and dependable income. A willingness to repay the mortgage – generally 12 months of no late payments or collections.Furthermore, do I qualify for a USDA direct loan? Those eligible for the USDA direct loan must make between 50-80 percent of the median income for the area, adjusted for household size; be without decent, safe and sanitary housing; and be unable to obtain a loan from other resources with terms and conditions that the borrower can be reasonably expected to meet. Beside above, how do I buy a house with USDA loan? A smart first step is to check with a USDA lender on the USDA-eligible area closest to your current residence. Most lenders, especially those around eligible areas, offer USDA loans. They process all the paperwork and work directly with the USDA to obtain a loan approval.Are USDA loans a good idea?The good news is that the USDA loan is widely-available. Using a USDA loan, buyers can finance 100% of a home’s purchase price while getting access to better-than-average mortgage rates. This is because USDA mortgage rates are discounted as compared to rates with other low-downpayment loans.