The Smith Mortgage Group has access to the USDA eligibility maps and can quickly check any property address for you. Generally, areas with populations under 35,000 qualify, but many suburban areas just outside major cities are also eligible. We'll help you find eligible properties in your desired area.

Income limits vary by location and household size, typically set at 115% of the area's median income. For example, a family of four might qualify with income up to $103,500 in many areas. The Smith Mortgage Group will help you understand the specific limits for your location and household size.

The USDA guarantee fee is similar to FHA's mortgage insurance premium. It's currently 1% of the loan amount for purchases and can be rolled into your loan. There's also an annual fee of 0.35% of the loan balance, which is much lower than PMI on conventional loans. The Smith Mortgage Group will clearly explain all costs.

USDA loans can be used for existing homes, new construction, and some manufactured homes, but the property must be your primary residence. You cannot use a USDA loan to purchase land alone. The Smith Mortgage Group can help you understand which property types qualify in your area.

USDA loans typically take 45-60 days due to additional government approval requirements. However, The Smith Mortgage Group has streamlined this process and can often close in as little as 35 days when all documentation is provided promptly and the property meets all requirements.