USDA Mortgage Program To Approve More Buyers – May 07, 2024

Host: Dan Green

Published: May 7, 2024

Today's Mortgage Rates for May 7, 2024

Loan Type	Rate	Points	APR
Conventional	6.375%	1.994	6.568%
FHA	6.625%	1.639	7.515%

See all of today's current mortgage rates.

Video Transcript

The USDA has updated its mortgage approval guidelines to approve more loans for more buyers in more U.S. neighborhoods. The USDA, which is best known for its work in food, farming, forestry, it also backs mortgage loans in less densely populated parts of the country.

And its mortgage program, it allows for no down payment, low rates of mortgage insurance, and it gives below-market mortgage rates. Now, it also allows qualifying buyers to use additional credit trade lines to get USDA-approved. Effective immediately, USDA mortgage applicants can use monthly subscription payments such as to Netflix and Xbox or for gym memberships to prove their credit history and qualify for a loan.

The move, it helps buyers who lack traditional credit lines, such as credit cards and car loans, get access to one of the best mortgage loans going. The USDA is expanding to be more inclusive. Learn more about USDA loans on our main channel.

Subscribe now. I’m Dan with Homebuyer.com. Happy homebuying.

Approve Your Mortgage - Instantly!

Wave goodbye to waiting times and say hello to our Immediate Mortgage Approval. It's more than just a mortgage - it's your ticket to home-buying freedom, available anytime you are. With ultra-low rates at your fingertips, the power to secure your future is just a click away. Why wait for office hours? Your home doesn't.

Start Approval >