About USDA Loans

We don’t currently offer USDA loans. Like USDA loans, there are other loan types that can be a good choice for qualifying borrowers looking for 0% down.
"Who Are USDA Loans Suitable For?"

A USDA loan, also called a rural development loan, helps to make home ownership more affordable. This is especially true in eligible rural areas, suburban locales, and for households within the limits of USDA.

"How Does A USDA Loan Work?"

A USDA Loan is fully backed by the U.S. Department of Agriculture, making them more accessible than other loan options.

You can get your USDA loan as a fixed-rate mortgage with a 30-year term.

Do you already have a USDA loan? If the answer is yes, you can refinance it into a brand new USDA loan. However, you can not refinance with your USDA loan if you have another loan type.

What Are The Qualifications For A USDA Loan?

To qualify for a USDA loan, you’ll need:

  • A FICO ® Score of at least 640.
  • The property you’re looking to purchase or refinance must be in an area deemed eligible*.
  • The US Department of Agriculture has a certain area-based annual household income threshold. They consider this when determining whether you can buy a property in its service area. Check your income eligibility with the USDA to confirm that you are suitable.

*This includes certain rural and suburban areas.

The Top 5 USDA Loan Benefits
  • You’re able to qualify with a credit score as low as 640.
  • USDA loans don’t require a down payment, unlike conventional and FHA loans.
  • The United States Department of Agriculture monthly guarantee fee is lower than that of the Federal Housing Administration monthly mortgage insurance, in most cases. You could roll these fees into your new loan.
  • You might be able to roll the closing costs into your home loan.
  • If you have an existing USDA loan, you can actually refinance that loan into a new USDA loan.
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  • A down payment on the home of at least 3.5%.
  • A FICO® Score of 580 (or better).
  • A DTI, or debt-to-income ratio, equal to or lower than 50%*. You also need a steady history of employment. 
  • Cash to cover the UFMIP, or upfront mortgage insurance premium. This amount will usually be equal to 1.75% of the loan amount.
  • Enough cash to cover the costs for closing, at around 2 – 6% of the total purchase price.
*You can calculate your DTI by:
1. Adding up monthly debt payments (for example credit card and/or car payments).
2. Divide the total amount by your monthly income before taxes. You need that number to be under 50% to qualify for the FHA loan.
Take your first home loan step with Crown Mortgage of the West.

Call us now to get personalized recommendations about USDA Loans, or to discuss different options.

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USDA Property Requirements
  • The property must be a primary home for you, not an income property or a vacation home.
  • Your property can not be a working farm.
  • The appraisal must show that your home is up to USDA standards including water, electrical, air-conditioning, and heating. It must have a structurally sound foundation, and be accessible from an all-weather or paved road.
Why You Should Choose Crown Mortgage of the West
  • You’ll get access to an online application process, which saves you paperwork.
  • Our Home Loan Experts will be there to answer questions and concerns, and to help you get clear on all the details so you get the perfect mortgage for your needs.
  • After you’ve closed the home loan, you’ll be able to manage your mortgage online without any hidden fees.
  • You can expect customer service long after you’ve closed. You see, we service around 99% of all our mortgages.
Here's What Other Homeowners Like You Have To Say About Us
Discover A Similar Loan
  • FHA loans offer you a low down payment and no restrictions on where you can buy, in contrast to USDA loans.
  • Conventional loans provide the option for down payments as low as 3%.
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Other Mortgage Options

Keep the following in mind:

  • Mortgage rates are in constant flux.
  • Your actual mortgage payments will vary. This is based on your individual situation as well as current rates.
  • Certain products may not be available in every state.
  • Certain jumbo products are unavailable to first-time homebuyers.
  • Lending services are unavailable in some areas.
  • Certain restrictions could apply based on your location and situation.
  • Unless stated otherwise, we assume a refinance or purchase of a primary residence without a cash-out at closing.
  • Unless stated otherwise, we’ve assumed the following: all costs associated with closing are paid out of your pocket; it’s your primary residence and it’s a single-family home; your debt-to-income ratio (DTI) doesn’t exceed 30%; your credit score is greater than 720 (for certain jumbo products, we assume a credit score of 740 or higher.
  • You have a 40-day lock period for your mortgage rate.
  • If LTV > 80%, PMI will be added to your monthly mortgage payment, with the exception of Military/VA loans (these loans don’t require PMI).
  • Keep in mind that we don’t have all the necessary information to make an accurate assessment if you don’t contact us. At Crown Mortgage of the West, we offer a wide selection of home loan options. Do you want more precise and personalized results? Call us at (805) 434-5226 right now, and speak to one of our mortgage experts.

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When you submit your contact information to us, you’re agreeing to our Security Policy, Privacy Policy, and Terms of Use. 

You’re also consenting to having Crown Mortgage of the West, our partner companies, and our Family of Companies, reach out to you about your inquiry through a text message or a phone call*. 

We’ll call the cellular or residential telephone number you’ve provided with us. We’ll do this even if your telephone number is on a corporate, state, or national Do Not Call Registry. You’re NOT obliged to receive such messages or calls as a condition of saying yes to our services, or the services of our affiliates. 

When you’re talking to us over the phone, you’re consenting to the call being monitored and recorded. You’re also agreeing that we can share the personal data and contact information you’ve provided with us. We can share this information with third parties, including our mortgage partners, affiliates, or partner companies. The stated parties are allowed to use your contact information and personal data for analytic and marketing purposes. They may also use the information to improve your experience.

*This includes an automatic telephone dialing system or a prerecorded or artificial voice.

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