USDA home loans offer 100% financing with no required down payment for eligible buyers purchasing a primary residence in a qualifying rural area.
NW Capital Mortgage offers USDA Guaranteed home loans in Washington and Oregon. Both the buyer and the property must qualify. That means your mortgage eligibility, and the specific property address both matter.
What Is a USDA Home Loan?
A USDA Guaranteed home loan is a 30-year fixed-rate mortgage designed to help eligible buyers purchase a primary residence in a USDA-eligible area. Qualified buyers can finance 100% of the purchase price, which means USDA financing does not require a down payment.
NW Capital Mortgage offers USDA Guaranteed home loans in eligible areas throughout Washington and Oregon. Both the buyer and the property must qualify. That means that your qualifications as a buyer, and the property address both matter.
No. Qualified buyers can finance 100% of an eligible home purchase price with a USDA Guaranteed loan. That means there is no required down payment, although buyers may still have closing costs and other purchase-related expenses.
We also offer down payment assistance for qualified buyers who need help with closing costs.
START YOUR PRE-APPROVALUSDA Guaranteed loans are available to eligible low-income and moderate-income households purchasing a home they will use as their primary residence. Buyers must meet USDA household-income requirements and qualify for the mortgage.
No. USDA Guaranteed loans are not limited to first-time homebuyers. Eligible repeat buyers can also use USDA financing for a qualifying primary residence.
No. USDA home loans are residential mortgages, not farm loans. You do not need to work in agriculture or purchase farmland to qualify.
The home must be used as your primary residence and must meet USDA property and location eligibility requirements.
The USDA does not establish one universal minimum credit score for the Guaranteed Loan Program. Borrowers must demonstrate the ability and willingness to repay the mortgage, and lender underwriting requirements may apply. Typically, a credit score of at least 580 is required. Higher credit scores may be needed when a particular home requires a higher debt-to-income ratio.
USDA Guaranteed Loan eligibility is limited to households that do not exceed 115% of the applicable median household income. The limit varies by location and household circumstances, so there is not a single USDA income limit for all of Washington or Oregon.
The USDA also looks at household income, not only the income of the borrowers on the mortgage. Eligible income from all adult household members must be counted when the USDA determines whether the household is within the program limit.
CHECK USDA INCOME ELIGIBILITYUSDA property eligibility is based on the specific location of the home, not simply the city or county name. The USDA’s definition of an eligible rural area can include communities that buyers may not think of as remote.
Buyers searching in parts of Clark, Lewis, Skamania, Cowlitz, and Pacific counties may find USDA-eligible locations. Eligibility is not countywide, so each property address still needs to be checked individually. Many other counties also have USDA-eligible locations.
USDA financing may be available in parts of Linn, Lane, Deschutes, and other counties outside major urban areas. Eligibility varies by property location, even within the same county. Many other counties also have USDA-eligible locations.
The best way to know if a home qualifies: check the exact property address on the USDA’s current eligibility map. We can also help you verify whether a property meets USDA location requirements.
Possibly. USDA eligibility is based on the property address, so buyers should not assume that every home near a metropolitan area is automatically excluded. Most of Multnomah County is not USDA eligible, but eligible areas may be found in parts of Clark, Clackamas, and Washington counties.
CHECK USDA PROPERTY ELIGIBILITYSome eligible costs can be included in a USDA loan transaction, and the USDA upfront guarantee fee can generally be financed rather than paid entirely at closing. Seller contributions may also help cover eligible closing costs and prepaid expenses.
USDA loans do not require conventional private mortgage insurance, but they do have an upfront guarantee fee and an annual fee. Current fee amounts should be confirmed when you apply because USDA program fees can change.
USDA financing requires both buyer eligibility and property eligibility, so getting pre-approved before you get too deep into your home search can help you understand what options are available.
NW Capital Mortgage can review your income and mortgage qualifications, explain how USDA requirements apply to your purchase, and help you finance a qualifying property in Washington or Oregon.
If you already have a property in mind, send us the address and we can help you determine the next step.
START YOUR PRE-APPROVALIf USDA Financing Doesn’t Fit Your Purchase
If a USDA loan doesn’t work for the home you want to buy or your household income is above the program limit, you still have options. Conventional, FHA, VA, and down payment assistance programs may still help you move forward with a lower upfront cost. In some cases, very close to $0 is required to get into a home.
CONTACT US so we can help you find the best program for you!
