USDA Loans

USDA loans provide affordable financing options for properties located in designated rural and some suburban communities.
Apply Now: USDA Loans Contact a Loan Officer: USDA Loans

Features and Eligibility

  • Down payment as low as 0%
  • Broad qualification requirements
  • Lower interest rates
  • No prepayment penalty
  • Allows broader range of income, debt, and credit history than conventional mortgages
  • Requires guarantee fee 1% of the initial loan amount at closing, and 0.35% of the average annual unpaid balance each year
  • May use gift funds for closing costs
  • Only available to purchase a primary residence
  • Property eligibility based on property size, location, and condition, and most fall in a USDA designated rural area
  • Borrower must meet USDA's income eligibility limit (income cannot exceed 115% of the area's median household income)

Who Should Use a USDA Loan?

USDA loans are guaranteed by the United States Department of Agriculture (USDA) to provide affordable financing options for homes located in designated rural and some suburban communities. Borrowers who have less-than-optimal credit or limited funds available for a down payment might consider a USDA loan. Borrowers must meet income eligibility (cannot exceed 115% of media household income of that area) and be a U.S. Citizen, non-citizen national or Qualified Alien. The property must be located in a USDA designated rural area to qualify.

Apply For A USDA Loan

Refinance an existing mortgage for a better rate or different terms to meet your needs.1

  • USDA fixed-rate loan
  • Available for primary residences
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Farm Bureau Bank is a full-service financial institution offering personal and business solutions to Farm Bureau members across the United States.
Disclosures:

* By refinancing the existing loan, the total finance charges may be higher over the life of the loan.