1,131 New Areas Declared Eligible for 100% Mortgage Financing |
October 2, 2024 |
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Homebuyer USDA Lookup Map
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The USDA 100% mortgage program expanded.
Effective October 1 2023, the U.S. Department of Agriculture made its no-money-down mortgage available in an additional 1,131 new areas nationwide.
Is your home USDA eligible?
The USDA funded more than 1,000,000 mortgages for home buyers since 2018. Its mortgage rates average 0.25% under conventional rates and USDA mortgage insurance is less expensive compared to FHA mortgages.
You may be approved for a USDA mortgage if your home is within a USDA-eligible area, and you:
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Purchase property in a USDA-approved area
Earn a low or moderate household income
Have an average credit rating or better
Have U.S. citizenship or permanent resident alien status
Complete a homeownership education course
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The USDA also requires buyers to use a 30-year fixed-rate mortgage and pay. There are no adjustable-rate loans.
Check our 2024 USDA eligibility map and get pre-approved for a 100% USDA mortgage.
Happy homebuying,
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HOMEBUYER.COM STATISTIC OF THE DAY
Source: FFEIC
States with the most newly-eligible USDA mortgage zones:
Texas: 114 new USDA zones
Illinois: 56 new USDA zones
Ohio: 53 new USDA zones
Georgia: 47 new USDA zone
Pennsylvania: 44 new USDA zone
Data is based on USDA bulletins and Census Data 2020 ACS Survey.
See more USDA mortgage statistics on our website at What is a USDA loan?
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MORTGAGE RATE
CALENDAR
Upcoming events that may change the direction of mortgage rates
October 5, 2023: Initial Jobless Claims
October 6, 2023: Non-Farm Payrolls
October 6, 2023: Unemployment Rate
October 6, 2023: Average Earnings
October 31, 2023: Federal Open Market Committee Meets
Subscribe to our YouTube channel for additional insight.
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FIRST-TIME HOME BUYER PROGRAMS
Status of select
first-time home buyer bills in Congress
The Downpayment Toward Equity Act
A cash grant up to $25,000 for first-time, first-generation home buyers.
- Last Action in Congress: June 21, 2023
- Status: Not yet passed
- Alternative Mortgages: Conventional 100, 100% USDA
The DASH Act
A $15,000 first-time home buyer tax credit.
- Last Action in Congress: March 7, 2023
- Status: Not yet passed
- Alternative Mortgages: HomeReady, HomePossible
The HELPER Act
A 100% mortgage for teachers & first responders.
- Last Action in Congress: May 10, 2023
- Status: Not yet passed
- Alternative Mortgages: Conventional 100, VA Mortgage
The LIFT Act
A
mortgage that builds home equity faster.
- Last Action in Congress: June 22, 2023
- Status: Not yet passed
- Alternative Mortgages: None
The Middle Class Mortgage Insurance Premium Act
A bill to make mortgage insurance tax deductions permanent for homeowners earning less than $100,000/$200,000.
- Last Action in Congress: June 13, 2023
- Status: Not yet passed
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