What is the minimum square footage for a USDA loan?

For USDA direct loans, properties need to be 2,000 square feet or less and cannot have an in-ground swimming pool. Occupancy: You can only use single family USDA loans for a primary residence, not a second home. Residency: You must be a U.S. citizen, U.S. non-citizen national or qualified alien.

How long does USDA take to approve?

30-60 days
How long does USDA loan approval take? Depending on your situation, USDA loan approval can take several weeks to over a month — generally, 30-60 days. Your loan officer should be able to give you a ballpark time frame.

What do I need to qualify for a USDA home loan?

Applicants must show stable and dependent income and a credit history that demonstrates the ability and willingness to repay the loan. There is no minimum credit requirement for the USDA loan. However, applicants with a credit score of 640 or higher are eligible for the USDA’s automated underwriting system.

What are the two types of USDA loans?

What Are the Different Types of USDA Loans?

  • Guaranteed USDA Loan: USDA partners with local lenders to offer guaranteed loans.
  • Direct USDA Loan: USDA funds the borrowers of these loans directly.
  • USDA Home Improvement Loans: These loans help low-income Americans repair or enhance their homes.

Why choose a USDA home loan in Missouri?

If the property you are purchasing appraises well above the negotiated sales price, a USDA home loans is the only program that allows the option of financing other applicable closing costs and pre-paid, above the loan amount and guarantee fee. Number 1 USDA lender in Missouri five years in a row.

Are USDA home loans good for first-time homebuyers?

First-time homebuyers are looking for more affordable monthly payments. If the property you are purchasing appraises well above the negotiated sales price, a USDA home loans is the only program that allows the option of financing other applicable closing costs and pre-paid, above the loan amount and guarantee fee.

What are the pros and cons of a USDA loan?

There are many positive aspects to applying for USDA loans if you are not eligible for a Conventional Loan, but there are income limitations and restrictions that vary by different counties and the number of family members that will live in the household. USDA Home loans can be used for the purchase of a primary residence.