The borrowers must also choose to live in the home as their primary residence and it should fall under the qualified rural area.<\/li><\/ul>Along with these requirements by the USDA’s Rural Development program, the lenders may set other additional requirements.<\/p>
The borrowers can also want to look at the other different types of USDA loans, like the USDA guaranteed loan and the USDA direct loan. Let us also look at the qualifications of each:<\/p>
Guaranteed USDA loan<\/u>:\u00a0<\/b>The borrowers adjusted household income can\u2019t exceed more than 115% of the median family income in the designated rural area where they prefer to live.\u00a0<\/p>
And this household income includes the combined income of all the adults of the household.<\/p>
Direct USDA loan<\/u>:<\/b>\u00a0The borrowers with low- to very low-income can take help from the direct USDA loan. Qualifying borrowers\u2019 income must fall at or below the low-income limit in a deligated area.\u00a0<\/p>
The borrowers cannot obtain a loan from other resources, and they need to treat the property as their primary residence.\u00a0<\/p>
The home must meet the criteria as under 2,000 square feet or less and should stay within applicable loan limits for the area, it cannot be planned for income-producing activities and cannot have an in-ground swimming pool.<\/p>
The borrowers can seek help from lenders to determine which type of USDA loan they can get.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t