USDA LOANS

WHAT IS A USDA LOAN?

USDA loans are low-interest mortgages with zero down payments that are issued through the USDA loan program by the United States Department of Agriculture. These types of loans are only available for low to average income individuals living in designated rural areas. 

Unlike other loan options, lending for USDA loans is typically based upon the property's full appraised value, rather than the purchase price.

DOCUMENTS NEEDED FOR USDA LOANS

See below for documents that you may be asked for during the loan application process; however, your loan officer may also request additional documentation.

Employment

  • W-2 & 1099 Statements for Past 2 Years

  • Pay-Check Stubs for Past 2 Months

  • Self-Employed Income Tax Returns for the Past Two Years and YTD Profit & Loss Statements

 

Assets & Credit

  • Complete Bank Statements for all Accounts for Past 2 Months

  • Recent Account Statements for Retirement, 401k, Mutual Funds, Money Market, Stocks, etc.

  • If Currently Renting: Landlord's Name, Address, Telephone Number, or 12 Months Cancelled Rent Checks

 

Personal

  • Drivers License

  • Social Security Card

  • Any Divorce, Alimony, or Child Support Papers

  • Green Card or Work Permit (if applicable)

  • For Other Properties Owned: Mortgage Statements, Homeowners’ Insurance (HOI), Taxes, and Association Dues Information

 

Refinancing or Own Rental Property

  • Note from any Current Loan

  • Property Tax Bill

  • Hazard Homeowners Insurance Policy

  • Mortgage Statement for Current Mortgage

  • Rental Agreements for any Rented Properties