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USDA Home Loans Are Ideal for Buyers Interested in a More Rural Lifestyle

Are you someone who prefers to have open-air, large spaces like a big backyard or front porch (yeah, we’re looking at you, Lake Tahoe)? Not too keen on the suburban lifestyle and want to be somewhere more rural? Concerned about the affordability of homes in CA, CO, NV, and want to find a way to purchase a home without breaking the bank? You may be the type of home buyer who could benefit from the unique perks that USDA (United States Department of Agriculture) Home Loans have to offer.

USDA home loans are fantastic options for rural homebuyers even though they typically have slightly tighter approval requirements — income and DTI, specifically — than typical fixed-rate 30 or 15 year fixed mortgages. The DTI restrictions are 29/41 (29% front end/41% back end), but if you have above a 700 credit score, you can sometimes get approved even if you have a 34/44 (34% front end/44% back end) DTI.

You also have to meet the county's eligibility requirements for USDA loans and not all counties are eligible. Check out USDA’s site to see if your county is eligible for a home loan. All loans are issued directly through the USDA loan program — also known as the USDA Rural Development Guaranteed Housing Loan Program — to provide an uncompromised level of loan security.

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There are three USDA home loan programs that you might be eligible for:

If you’re a lower-income (the threshold requirements vary by state) applicant, you may want to look into direct loans. With USDA’s direct assistance, it’s possible to secure reasonable interest rates, which makes housing far more affordable in the long term.

Loan guarantees are a great way to go: The USDA guarantees a mortgage issued by local lenders who participate in USDA programs (like us), similar to an FHA loan and VA-backed loans. This allows buyers to secure low-interest rates regardless of how much money they put down. One drawback of a loan guarantee is that you’ll have to pay a mortgage insurance premium.

Want to make some renovations to your new digs? You can sometimes get your renovations and closing costs rolled into the total loan amount so that you can purchase, update, and move into your new home without shelling out tons of your own cash.

Think that a USDA-approved loan is the way to go for your home purchase in Lake Tahoe? Take our complimentary mortgage evaluation so our team can help you determine which mortgage is right for you.

Check out our blog for other mortgage insights, tips, and recommendations.