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USDA Home Loan Qualification Calculator
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Calculate the USDA Home Loan You Qualify For and Connect with Top Lenders

Use our USDA Home Loan Qualification Calculator to determine what size USDA mortgage you qualify for as well as the upfront and ongoing USDA mortgage insurance fees, based on your monthly gross income and debt expense.  This calculator also shows you how much home you can afford with a USDA home loan as well as your loan-to-value ratio.  Use our USDA Home Loan Calculator to understand your total monthly housing expense including your USDA loan payment, hazard insurance, property tax and USDA mortgage insurance.  When you submit your information we connect you with up to four leading lenders so that you can confirm your mortgage terms and compare multiple proposals to find the mortgage that is right for you.  We also offer a version of this calcualtor that does not require personal information

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When you provide valid personal info we may connect you with lenders which enables you to compare mortgage proposals and find the mortgage that is right for you. Click here for a version of this calculator that does not require personal info
Outputs
 
Estimated property purchase price you can afford based on the mortgage amount for which you qualify and your down payment
 
The size of your mortgage relative to the value of your property. If your mortgage size is $80,000 and the property purchase price is $100,000, the LTV ratio is 80%
 
 
 
Total monthly housing expense including your mortgage payment (principal and interest), property taxes, property insurance and USDA Mortgage Insurance Premium
Lender guidelines typically allow you to spend a maximum of 41% of your GROSS monthly income on your combined monthly housing expense and other monthly debt
 
The USDA Program requires the borrower to pay an up-front Mortgage Insurance Guarantee Fee. The up-front fee is 1.00% of the mortgage amount
 
The USDA Program requires the borrower to pay an ongoing Mortgage Insurance Guarantee Fee in addition to the monthly mortgage payment. The ongoing fee equals 0.35% of the mortgage amount
 
Please review our USDA Home Loan Program overview and borrower qualification guidelines and consult your local lender to confirm your ability to qualify for a USDA mortgage
 
Compare FHA Mortgage Rates as of August 18, 2018
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.
While we pride ourselves on the quality and breadth of the FREEandCLEAR mortgage calculators please note that they should be used for informational purposes only. Our calculators rely on assumptions by us and inputs and assumptions provided by you, which may be inaccurate. The outputs from our calculators are estimates only and should not be used as the sole basis for making any financial decisions. Always consult multiple financial professionals when determining the mortgage size and program that is appropriate for you.

What Borrowers Should Know About a USDA Home Loan

1

No Down Payment Required

The USDA home loan program enables borrowers in rural communities to buy a home with no down payment.  Saving money to pay for a down payment is one of the biggest obstacles to buying a home so enabling borrowers to qualify for a mortgage with no down payment is a major benefit.  Although borrowers are required to pay an extra upfront and ongoing monthly USDA mortgage insurance (guarantee fee), the USDA home loan program makes home ownership more affordable and accessible to borrowers in rural areas.

2

Low Interest Rate

The interest rate for USDA mortgages is lower than the interest rate for many other no or low down payment home loan programs.  USDA home loans have lower interest rates because the mortgages are insured by the U.S. government and because program participants pay mortgage insurance, which protects lenders in the event of default.  Paying a lower interest rate reduces your mortgage payment and total monthly housing expense and saves you thousands of dollars in total interest expense over the term of your mortgage.  Use our USDA Home Loan Qualification Calculator to determine how a lower mortgage rate positively affects your loan payment.

3

Borrower Qualification Requirements

USDA home loan program borrower mortgage qualification guidelines are more conservative than other no or low down payment mortgage programs such as the FHA home loan program.  The USDA home loan program requires a minimum credit score of 620 as compared to 580 for the FHA program.  Additionally, the USDA home loan program uses a borrower debt-to-income ratio of approximately 41% to determine what size loan you qualify for as compared to a debt-to-income ratio of 43% or higher for the FHA mortgage program.  Our USDA Home Loan Calculator uses this debt-to-income ratio to determine your loan amount.  Using a lower debt-to-income ratio means that borrowers qualify for a smaller mortgage amount. 

4

Property Eligibility Guidelines

The home being financed with a USDA loan must meet certain eligibility guidelines in terms of location and property type.  The home must be located in a USDA-designated rural area.  95% of the U.S. representing over 100 million people is designated as a USDA rural area.  Additionally, the property must be a single-family residence such as a home, condominium, townhouse or modular home.  The property must also be in good condition according to the appraisal report.    

More FREEandCLEAR Mortgage Resources

Mortgage Guides

USDA Home Loan Program Overview

Review our in-depth overview of the USDA home loan program including eligibility guidelines, borrower qualification requirements and other key program information such as FHA guarantee fees and borrower income limits

Resources

Pros and Cons of a USDA Home Loan

Understand the posiitves and negatives of a USDA home loan to determine if it the right program for you

Programs

Comparison of No and Low Down Payment Mortgage Programs

Review and compare multiple government-backed and conventional low or no down payment mortgage programs to understand borrower benefits, program eligibility requirements and qualification guidelines

Resources

Mortgage Rates

Compare mortgage rates and costs from top lenders near you.  Comparing proposals from multiple lenders is the best way to save money on your mortgage

FREEandCLEAR is not affiliated with or endorsed by any government agency
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Get Free Personalized Mortgage Quotes

First Name:
Last Name:
Phone Number:
Email:

My Mortgage Info

Mortgage Type
Credit Score
Loan Amount
Property Value
City
State
GET FREE Quotes
FREEandCLEAR.comThank you for submitting your information!
FREEandCLEAR.comYour mortgage quote request has been sent to our lending partners and you should receive emails from multiple lenders shortly
FREEandCLEAR.comComparing proposals from multiple lenders is the best way to save money on your mortgage!