31% Housing Ratio:
43% Debt/Income Ratio:
*Annual income needed to achieve respective ratios based on the payment you've calculated.
Be sure to include tax and insurance in your calculations for best results.
Compute an accurate USDA mortgage payment by accounting for
the USDA guarantee fee, monthly USDA mortgage insurance, property
taxes, and homeowner's insurance.
NOTE: If you or your spouse are eligible for veteran's benefits, VA loans
also don't require a down payment and might be a better choice.
Try our VA loan calculator to compare payments.
Also, if you've found your dream home but it falls outside a USDA
eligible area or your income is above allowable USDA limits, although your
payment may be higher, an FHA loan might save the day.
Remember no down payment, 100% financing? Most people think, VA loans
being the exception, that buying a home without a down payment died along with stated income,
stated asset loans when the housing market crashed. However, experienced lenders have been wielding
USDA guaranteed loans as an alternative to conventional and FHA financing when the opportunity
The key to USDA is eligibility. And let's get right to it. You're not buying a home in downtown L.A. with
a USDA loan, so if you are buying in a huge metro area, stop reading.
The home you buy must be in a
USDA eligible area. Additionally, there are income caps that limit eligibility. You can find both
USDA eligible areas and income limits on the