USDA FAQ'S

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USDA FAQ’s

Do you have to be a First Time Home Buyer?
You do not have to be a First Time Home Buyer, but you may only have one USDA loan at a time.  Also, they are only available for owner occupied (primary residences), so if you are a current homeowner, you may not get a USDA loan until your current home has been sold.  If you have owned in the past, but do not currently own, you may finance a home purchase with a USDA loan if you qualify.

Is it acceptable to use a cosigner for USDA loans?
USDA loans allow cosigners.  The cosigner does not have to be a relative, but they do have to also occupy the home (live there).

I switched jobs recently, could this disqualify me?
The USDA loan programs allow job changes.  As long as your income is consistent, and you do not change jobs frequently in different lines of work or industry, a job change should not disqualify you.

Are USDA loans available to finance an investment property?
USDA home loans are only available for owner occupied properties.  Investment properties are NOT allowed.

Can you finance a multi-unit property with a USDA loan?
USDA home loans are only available for 1-unit homes (or half of a duplex).  You may not purchase a multi-unit property with a USDA loan.

Can you purchase a farm or agricultural property?
USDA loans are not available for any income-producing property, so farms are not allowed.  In spite of the USDA being the Department of Agriculture, the USDA guaranteed loan and USDA direct loan programs do not finance farms.