Location is the first question
Send an address to your loan originator and they can check whether the property sits in a USDA eligible area before you get attached to it.
loan programs
USDA Loans
A USDA loan is mortgage financing backed by the U.S. Department of Agriculture for homes in designated eligible areas, with as low as 0% down payment for eligible borrowers and properties.
Designed to help individuals and families in eligible rural areas achieve their homeownership goals. With features like no down payment requirement, USDA loans make buying a home in rural communities more accessible and affordable than ever. Our dedicated team is here to walk you through the USDA loan process, providing personalized guidance every step of the way.
Program description as published on bossmortgage.com/products (preserved verbatim).What this financing is
USDA eligibility has two parts: the property must sit in an area the USDA has designated as eligible, and the household must fall within the income parameters the USDA publishes for that area and household size.
Both the maps and the income figures are set and updated by the USDA rather than by a lender, so the fastest way to know where you stand is to have a loan originator check a specific address.
Who it may be a fit for
Buyers looking at homes outside metro cores
Households within the USDA income parameters for their area
First-time buyers with limited funds available
Buyers comparing USDA with FHA and conventional
Families relocating to smaller communities
Not sure if USDA Loans fits your situation?
A licensed Boss Mortgage loan originator can look at the details with you and explain what applies to you.
What to think about
Household income is reviewed
USDA programs include household income parameters that vary by area and household size and change over time. Ask for the current figures.
Guarantee fees are part of the structure
USDA financing includes its own fee structure. Your loan originator can show how it affects the payment.
Not a government affiliation
Boss Mortgage is not affiliated with any government agency, and its products have not been approved or endorsed by one.
How the process works
1. Get approved
Connect with a BOSS Mortgage loan originator, review your financing options, and provide the information needed to understand your buying power before you start shopping.
Connect with a BOSS Mortgage loan originator, review your financing options, and provide the information needed to understand your buying power before you start shopping.
Shop with a clear budget in mind. When you find the right property, your loan originator can help you understand the financing details that apply to that home and your offer.
Once you are under contract, the BOSS Mortgage team helps keep the loan moving through documentation, underwriting, and closing so you can get the keys and move forward.
Frequently asked questions
How do I know if a property is in a USDA eligible area?
USDA financing is limited to designated eligible areas, and those designations are set and updated by the USDA rather than by a lender.
Send an address to a Boss Mortgage loan originator and they can check whether the property is in an eligible area.
Are there household income limits with USDA financing?
USDA programs include household income parameters that vary by area and household size and are published by the USDA.
Because those figures change, ask a loan originator to confirm the current limits for the area you are considering.
How much do I need for a down payment?
As little as zero with programs like VA, USDA and DPA! The amount you need depends on the loan type. FHA loans may require as little as 3.5%, while Conventional loans often range from 3% to 20%. We’ll work with you to find a solution that fits your budget.
Where can down payment funds come from?
Depending on the program, funds may come from savings, the sale of another asset, retirement accounts, gifts or down payment assistance. Each source has its own documentation requirements.
Tell your loan originator early where the funds will come from so the paperwork can be prepared correctly.
Are closing costs the same as the down payment?
No. The down payment is applied to the purchase price, while closing costs cover items such as title, recording, prepaid amounts and lender fees.
Your Loan Estimate and Closing Disclosure show these amounts for your specific transaction.
Where should a first-time buyer start?
Start with a conversation and a pre-approval. Knowing the budget you are working with before you shop keeps the search focused and makes your offer stronger.
Boss Mortgage walks first-time buyers through each step, in plain language.
Other programs
FHA Loans
How FHA mortgage financing works, the scenarios it often suits and how to review it with a licensed Boss Mortgage loan originator.
Learn more →
Conventional Loans
Learn how conventional mortgage financing works, who it may suit and how to talk it through with a licensed Boss Mortgage loan originator.
Learn more →
Manufactured Home Financing
Financing options for manufactured homes, and the details that affect eligibility, explained by Boss Mortgage.
Learn more →VA Loans
VA home loan information for eligible veterans, active-duty service members and surviving spouses, from the team at Boss Mortgage.
Learn more →Ready to get started?
Every situation is different. We’ll help you understand your options and what may fit your goals.
This page is general information about mortgage financing and is not a commitment to lend, an offer of credit, or financial or legal advice. Program availability, guidelines and requirements are set by lenders and investors, can change, and depend on your individual circumstances and the property. Talk with a licensed Boss Mortgage loan originator about what applies to you.
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