Learn more about a U.S. Department of Agriculture home loan in our FAQ section. Still have questions? Contact our team using the form below.
What is a USDA loan?
There are a few kinds of USDA loans. Amplify offers USDA home loans in the form of Single Family Housing Guaranteed Loans. This type of mortgage is used for homes in rural or low-population areas. You can use the USDA’s Eligibility Site to find eligible areas.
How can USDA home loan funds be used?
USDA loans can be used to help low- and moderate-income individuals or households buy homes in low-population and rural areas. Funds can be used to build, repair, renovate, or relocate a home. There is no down payment required for qualified applicants.
Is there a down payment required?
There is no required down payment for qualified applicants. An Amplify team member can work with you to figure out if you’re eligible for a USDA home loan.
How long does an application take?
Processing times can vary depending on the demand for USDA loans, as well as completeness of the application package. We recommend talking to a team member for more information.
Who can apply for a USDA home loan?
There are a number of factors that go into USDA eligibility, and they can change depending on the location you’re looking to buy a home in. Those minimum factors include meeting income eligibility requirements for the area, agreeing to personally occupy the house as a primary residence, and US citizenship.
Reach Out to Learn More
Send us a message and an Amplify Mortgage Lending Specialist will reach out within 1 business day to further assist you.
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The interest rate displayed is for informational purposes only, and is subject to change without notice. APR is the Annual Percentage Rate based on excellent credit (740+). Your actual rate may vary based on your factors.
The rates provided assume the purpose of the loan is to purchase a property, with a loan amount of $200,000 and an estimated property value of $250,000. The property is located in zip code 78732. The property is an existing single family home and will be used as a primary residence. The rate lock period is 45 days and the assumed credit score is 740.
A mortgage of $125,000 for 30 years at 3.87% APR requires a P&I payment of $587.80 per month. Taxes and insurance for escrow payment are not included; your actual payment obligation will be higher. Assumes closing costs paid out of pocket and tax and insurance escrow account created. All rates and programs subject to loan underwriting and approval and may be subject to change depending on individual credit profile and other qualifications.