USDA Loan Program

About USDA Loans

When buying or refinancing a home, there are many benefits for those eligible for a USDA home loan. Sponsored by the U.S. Department of Agriculture, a USDA loan is a mortgage that offers benefits for those wishing to purchase a home in an eligible rural or suburban area. These loans have several unique qualifications, like household income limits and location requirements that set them apart from other products. But they can be a great option for individuals looking for $0 down mortgage options. Questions? Feel free to contact a Mutual of Omaha Mortgage Wholesale Account Manager or give us a call at 1-844-426-0283.

USDA Loan Features

0% down payment
FICO requirements: 620 and above (Approved GUS/Manual UW (refer to 3555 for manual guide))
Lower credit score requirements
Eligible properties must be located in a rural area as defined by USDA Rural Development and cannot produce income
No reserve requirements
2/1 or 1/0 Buydown program available

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General Requirements

Minimum of two investors required for all loans. When only two investors are available the pricing for each investor must be within 50 bps of each other. For example, one cannot be priced at 100 and the other at 98.25 if those are the only two available investors.
Minimum Property rating of C4 or better. Properties rated as a C5 are not acceptable.
Loans with LTV’s greater than 80% require escrows unless not applicable by state law
Paying off loans in Chapter 13 NOT ALLOWED  Extenuating circumstances not allowed/considered
POAs not allowed on cash out refis
Single-Wide manufactured homes not allowed
Manufactured homes in flood zone not allowed
Transcripts:
- Government:
  - Required on all government loans
Use of WVOE in lieu of pay stub only allowed if income is validated through W-2s or transcripts (some sort of validation of income apart from WVOE is required)
Maximum loans made to one borrower the lesser of 6 loans or $2,000,000 in total exposure
- If buying multiple investment properties borrower must demonstrate a history of managing rental properties
Maximum acreage of 50 acres
Non-Owner loans (second homes or investment properties) where borrower does not own primary residence are not allowed
2/1 and 1/0 buydown available for Conventional, FHA, VA and USDA fixed rate products
- Builder/Seller Financed Only
- Primary Residence
- SFR, PUD & Condos
- Purchase Transactions only

Have Questions or a Scenario?

Give us a call at 1-844-426-0283 (we actually pick up the phone).