USDA Loans

What Is a USDA Loan?

A USDA loan is a mortgage backed by the United States Department of Agriculture. They are designed to help individuals and families purchase homes in eligible rural and suburban areas with affordable terms.

USDA loans can offer up to 100% financing, meaning you can buy a home with no down payment. They also eliminate private mortgage insurance (PMI) costs and have lower interest rates compared to other home loans.

For many across the Deep South, USDA loans are an affordable, accessible way to move from renting to owning.¹

How Does a USDA Loan Work​?

Backed by the U.S. Department of Agriculture, these home loans allow HOPE to extend greater opportunities to more people across the Deep South through:

• Lower rates
• No down payment requirements
• Flexible underwriting criteria
• No private mortgage insurance (PMI)
• Purchase or refinance options

Who Can Qualify for a USDA Loan?

To qualify for a USDA loan, you typically need to meet a few key requirements:

• Purchase a home in a USDA-eligible rural or suburban area.
• Have a household income within USDA limits, generally no more than 115% of the median income for your area.
• Use the home as your primary residence (USDA loans can’t be used as investment or vacation properties).

You’ll also need to meet standard lending requirements, such as showing steady income and the ability to afford your mortgage payments.

If your credit history isn’t perfect, don’t worry. HOPE’s lending team will work with you to explore your options.

How to Apply for a USDA Loan at Hope Credit Union (HOPE)

At HOPE, we make applying for a USDA loan easy, and you won’t have to navigate the process alone. Our mortgage lending team will provide the guidance, resources, and support to move you through the homebuying process confidently.

If you’re ready to find out how a USDA loan can help you build a brighter future, we’re ready to help make it happen.

¹Loans subject to approval.