usda home loans

USDA Home Loans

Can you see yourself living amongst the wide open spaces of rural California and Nevada? A U. S. Department of Agriculture (USDA) home loan can help buyers like you make a purchase with no down payment.

usda home loans

What is a USDA Home Loan?

A USDA loan is a government-backed home loan that allows a borrower to purchase property with no money down. That’s right. No down payment. Of course, borrowers need to fall within certain income thresholds (more on that below), and the property must be located in a designated Rural Housing zone to qualify (eligibility maps available through the button below). 

Another benefit to this loan option? Home buyers can borrow up to 102% of the home’s value to help cover closing costs. Greater Nevada Mortgage will work with you to determine whether this federal program is right for your next home purchase. 

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Loan Amounts

Loan amounts up to the standard 2024 conforming limit of $766,550, or as high as $1,089,300 in higher cost areas.

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Interest Rates

View our current USDA loan rates below.

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Repayment Terms

Standard loan term is 30 years.

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Down Payment

No down payment required.

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Property Type

Use for a new home purchase or refinance in eligible rural areas.

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USDA loan eligibility requirements apply, including a minimum 640 credit score.

Apply for a USDA Home Loan

If you are considering purchasing a property in a designated rural area in California or Nevada, Greater Nevada Mortgage can help you realize your dream. See how.

Common Questions About USDA Home Loans

  • What are the qualifications for USDA home loans?

    Because loans from the USDA are so specific to the type of property they cover, there are a few key things to know about how these mortgages work. In the section below, we discuss which borrowers and property types are eligible for USDA loans. 

    • Location: The USDA has created specific Rural Housing zones for these types of loans. You can explore their eligible area map, and your dedicated Mortgage Consultant can help you further determine eligibility when you apply. 
    • Residency: USDA loans are for primary residences only. They are not designed for second or vacation homes.
    • Income: A borrower’s income can not exceed 115% of the median household income for the area in which the borrower is considering purchasing. 
    • Credit score: Generally, borrowers should have a minimum 640 FICO credit score, but those with scores between 600 and 640 may go through more thorough manual underwriting to qualify. 
  • What’s the difference between USDA and conventional home loans?

    Unlike conventional loans, USDA loans must be for primary residences only, and the property must fall within a designated Rural Housing zone. Loans can be up to 102% of the home’s appraised value or sale price, and no down payment is required. Buyers must fall within a certain income threshold to qualify and there is no requirement to purchase additional private mortgage insurance (PMI). 

  • What is the difference between a USDA loan and FHA loan?

    USDA loans differ from FHA loans in several key ways. While both are backed by governmental agencies, FHA loans limit the amount you can borrow for your home purchase. Also, during the appraisal process, homes being considered for USDA eligibility must meet certain zoning requirements, whereas FHA loans require the property to meet certain Housing Urban Development (HUD) standards. USDA loans do not require down payments, while FHA loans can require up to 3.5% down. In both cases, the buyer may be responsible for paying closing costs, but with a USDA loan, buyers may borrow enough money to cover the closing costs above and beyond the purchase price. Learn more about the different types of home loans offered at Greater Nevada Mortgage. 

Pros and Cons of a USDA Home Loan

  • Buyers can borrow up to 102% of the home’s value to cover closing costs
  • No down payments are required
  • Designed for lower-income families with higher credit scores
  • No prepayment penalty
  • Can only be used for qualifying rural properties as a primary residence
  • Maximum income limits do apply

Everyone Deserves a Home

According to the National Institute to End Homelessness, over 7,600 Nevadans experience homelessness on any given day, with nearly 20% being children and teens. Our Keys to Greater program donates a portion of the revenue from every new mortgage or refinance to community nonprofit organizations that address homelessness, which has resulted in $190,000 donated since launching in 2021.

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Ready to Apply?

Follow these 3 simple steps below and our team can help see if a USDA loan is the right fit for your goals. 

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Calculate What You Can Afford

See how much you can afford to borrow on your home purchase with our mortgage calculator.

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Submit Your Application

It’s quick. It’s easy. It’s online. Plus, we have a mortgage documents checklist so you know what information to gather.

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Let’s Chat

All your home loan questions are answered by your dedicated Mortgage Consultant and their team as you learn about what options work best for your goals.

APR = Annual Percentage Rate. APR is the cost to borrow money expressed as a yearly percentage. For mortgage loans, excluding home equity lines of credit, it includes the interest rate plus other charges or fees.

Rates and terms are subject to change without notice. Rates are for illustrative purposes only, and assumes a borrower with a credit score of 700 or higher which may be higher or lower than your individual credit score. Adjustable Rate Mortgage (ARM) loans are subject to interest rate, APR, and payment increase after each change period. For instance, a 5/5 ARM means that you will pay a fixed rate for the first five years of the loan, and then your rate is subject to change once every five years thereafter through the remainder of the loan. Interest rates and APRs are based on current market rates, and may be subject to pricing add-ons related to property type, loan amount, loan-to-value, credit score and other variables. Depending on loan guidelines, mortgage insurance may be required. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. Your loan’s interest rate will depend upon the specific characteristics of your loan transaction and your credit history up to the time of closing. The estimated total closing costs in these rate scenarios are not a substitute for a Loan Estimate, which includes an estimate of closing costs, which you will receive once you apply for a loan. Actual fees, costs and monthly payment on your specific loan transaction may vary, and may include city, county or other additional fees and costs. Not all loan options are available in every state. Borrower is responsible for any property taxes as a condition of the loan. Membership with Greater Nevada Credit Union is required for select loan options. This is not a credit decision or a commitment to lend.

Please contact a Mortgage Consultant to learn about all details on loan options and programs available. You may contact one directly, or call Greater Nevada Mortgage at 775-888-6999 or 800-526-6999. We do business in accordance with the Federal Fair Housing Law and the Equal Opportunity Act, and the California Fair Employment and Housing Act.