Get Qualified For The USDA Rural Loan

Step 1 of 3 : Loan Information

Purpose of Loan: *
What County: *
Approx Loan Amount: *

Step 2 of 3 : About You

When are you looking to purchase/refinance: *
Estimate your credit: *
Bankruptcy or Foreclosure: *
Full Name *
Email Address *
Phone *
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Free Consultation! No Obligation and No Personal Information Required.

U.S. Department of Agriculture (USDA) Guaranteed Rural Home Loans are creating homeownership opportunities throughout Maryland with No Money Down Financing in rural communities and areas just outside of major metro areas.

The USDA Rural Development Loan Program offers first time homebuyers and move-up buyers:
  • 100% Financed Mortgage, No Money Down, $0 Down Payment
  • USDA Loans monthly mortgage insurance premiums are 59% lower than a comparable FHA Loan
  • Flexible Credit Requirements
  • Safe, Secure 30 Year Fixed Rate Mortgage
  • No Maximum Loan Amount
  • With Seller Help, No Out-Of-Pocket Closing Costs
  • Most Property Types Allowed

If you have an existing USDA Loan you will receive the following benefits of a USDA to USDA Refinance Loan:
  • No appraisal report required and streamline approval process
  • Property valuation not considered, refinance even if the house is worth less than the current mortgage
  • Obtain an interest rate as low as 3.5% (3.841% APR)
  • Skip up to two mortgage payments
  • Roll in all closing costs and fees into the new loan
  • Receive back from your current Loan Servicer a refund of the money held in your escrow account
  • Refinance with our No Closing Cost option

USDA INTEREST RATE

USDA HOME LOAN PAYMENT


Resource Center

USDA Announces Increased Income Limits

Date: May 17, 2017
Source Document
Questions or Comments Regarding This Information?

The income limits for the USDA Guaranteed Rural Housing Program have increased for just a few Maryland Counties effective May 17, 2017. Income limits are based on the income for all adult (18 and over) household members, regardless of whether they will be a borrower on the loan. Maximum County income limits are based on a household size of 1 – 4 or 5 or more people residing in the household. USDA does allow for situations where the household income can exceed the maximum County income, based on certain parameters. Reference MarylandUSDA Income Calculator for an instant income evaluation on whether your income meets or exceeds USDA’s maximum County limits.

USDA’s maximum County income limits are as follows:

Household Size
County1-45+
Allegany$96,150$126,900
Anne Arundel$97,750$129,050
Baltimore$97,750$129,050
Calvert$108,550$143,300
Caroline$96,150$126,900
Carroll$97,750$129,050
Cecil$95,650$126,250
Charles$108,550$143,300
Dorchester$96,150$126,900
Frederick$108,550$143,300
Garrett$96,150$126,900
Harford$97,750$129,050
Howard$97,750$129,050
Kent$96,150$126,900
Montgomery$108,550$143,300
Prince Georges$108,550$143,300
Queen Anne's$97,750$129,050
Somerset$97,750$129,050
St Mary's$97,750$129,050
Talbot$96,150$126,900
Washington$96,150$126,900
Wicomico$96,150$126,900
Worcester$96,150$126,900

Remember that USDA does allow for the total household income to be higher than these income limits provided that certain adjustments or reduction to income can be made including:

  • Documentable childcare expenses for children age 12 and under
  • $480 per child for anyone under 18
  • $480 for any student other then one of the applicants
  • $400 for each disabled or handicapped individual who is not one of the applicants
  • Medical expenses for any elderly family member
These adjustments can be used to lower the gross household income to an amount that is less than the above mentioned maximum gross income. If you are considering financing an upcoming home purchase using a USDA loan and need assistance in calculating your adjusted gross income using USDA Rural Development Loan Income Guidelines complete the contact form or call (866) 747-2882 to speak to your local Maryland loan professional.