How can I tell if a property is eligible for a USDA mortgage

The U.S. Department of Agriculture (USDA) offers a mortgage program that is designed to help low- and moderate-income borrowers purchase homes in rural and suburban areas. If you are interested in purchasing a home with a USDA loan, the first step is to determine whether the property you are interested in is eligible for this type of financing.

To determine if a property is eligible for a USDA loan, you can use the USDA's property eligibility tool, which is available on the USDA website. To use this tool, you will need to enter the property's address and select the type of loan you are interested in. The tool will then show you a map of the area and indicate whether the property is located in an eligible area.

In general, properties that are located in rural areas and have a population of 10,000 or less are eligible for a USDA loan. However, there are some exceptions to this rule, so it is always a good idea to check the eligibility of the specific property you are interested in using the USDA's tool.

In addition to the property's location, there are a few other factors that can affect the eligibility of a property for a USDA loan. These include the type of property (single-family, multi-family, or manufactured home), the age of the property, and the condition of the property.

It's also important to note that USDA loans have income limits, so you will need to make sure your household income falls within the eligible range for the area where the property is located. You can check the income limits for your area using the USDA's income eligibility tool.

If you have any questions about whether a property is eligible for a USDA loan, you can contact the USDA directly or speak with a Rize Mortgage loan officer who is familiar with the program. They will be able to provide you with more information and help you determine if the property you are interested in is eligible for a USDA loan.