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Old 01-12-2013, 12:09 PM   #2
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Re: How do USDA home loans work? (another buying a home thread)

We have one, I think the criteria (keep in mind this was 4 years ago) for us were your income had to be less than $75K and the town you were buying the house in had to be considered "rural" (there was an approved list) and it had to be your primary residence. Back when we did it one of the main advantages were you didn't have to pay pmi just a 2% guarantee fee (that could be financed in with the loan) and only had to put 3% down. I think they've reworked the no pmi/guarantee requirement a bit since then though.
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