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USDA Loans

Buy a home with 0% down and save on mortgage insurance with a USDA loan.

Key Benefits of USDA Loans

USDA loans are an attractive option for buying a home in a qualifying rural area – especially if you're a first-time home buyer. These are some of the benefits of USDA loans:

  • You can buy a home with no down payment
  • You can qualify with a credit score as low as 620
  • Your guarantee fees may be lower than FHA mortgage insurance premiums

Start Your USDA Loan Application Today

How USDA Loans Work

USDA loans, also known as rural development loans, are backed by the U.S. Department of Agriculture and provide affordable mortgage options for homes in rural areas.

If you're buying a home, you can get a USDA loan as a 30-year fixed-rate mortgage. If you already have a USDA loan, you can refinance it into a new USDA loan; however, you can't refinance with a USDA loan if you currently have a different loan type.

USDA Loan Eligibility Requirements

To get a USDA loan, you must meet these qualifications:

Understanding the USDA Guarantee Fee

USDA loans require an upfront guarantee fee and an annual guarantee fee, similar to upfront mortgage insurance and monthly mortgage insurance for FHA loans. These guarantee fees are generally lower than mortgage insurance premiums for FHA and may save you money on your monthly mortgage payment.

Other Loan Options

If a USDA loan doesn't work for you, these loan options are also available with low down payments and flexible credit requirements:

  • FHA Loan – Qualify with a credit score as low as 580 and a down payment as low as 3.5%.
  • VA Loan – Take advantage of exclusive benefits for active-duty military personnel, veterans and their families.
  • Adjustable Rate Mortgage (ARM) – Get the lowest mortgage rates available. ARMs are a great option if you plan to sell the home or refinance in the next few years.

Why You Should Choose Quicken Loans for Your USDA Loan

  • We'll help you understand if a USDA loan is the right loan option for you. And if it's not, we'll work with you to find the best option for your goals.
  • As an approved USDA lender, we can guide you through the USDA loan process with minimal fuss.
  • You can track your loan application online from start to finish.