Calculate Loan Guarantee Eligibility, Closing Costs & How Much You Can Afford to Borrow (2022)

Property taxes ($): Homeowner insurance ($): Any Other Misc Monthly Expenses ($):
Monthly PaymentsAmount
All-in monthly payment:
Principal & Interest:
Taxes, Insurance & MIP:
Loan TotalsAmount
Amount Borrowed:
Closing Cost Amount:
Interest Paid:
Create Monthly USDA Loan Amortization Schedule?
Loan origination date:

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USDA Home Loan Basics

USDA guaranteed loans help fund rural development across the country.

In addition to the following brief overview, we also publish a more in-depth guide to USDA loans which highlights their range of loan and grant programs. The following briefly covers the section 502 loan guarantee program.

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Beverly Hills Homebuyers May Qualify for a Low-rate USDA Home Loan

Visit today to prequalify.

The Basics of USDA Guaranteed Home Loans

USDA guaranteed loans help fund rural development across the country. And as home prices continue to increase in major cities, families make the choice to live in the suburbs or rural areas.

In addition to the following overview, we also published a more in-depth guide to USDA loans which highlights their range of loan and grant programs. The following article covers section 502 of the USDA Guaranteed Loan Program.

How USDA Guaranteed Loans Work

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A USDA guaranteed loan is a type of mortgage backed by the U.S. Department of Agriculture. This program is specifically designed for low to moderate income homebuyers who are looking to live in rural or suburban locations. It was created to boost rural development by extending credit to qualified homebuyers. Borrowers can purchase, rebuild, improve, or relocate a dwelling in any approved USDA rural area. The USDA guaranteed loan is also referred to as the Section 502 loan, which is based on section 502(h) of the 1949 Housing Act.

USDA loans are an affordable mortgage option that it come with low interest rates compared to common conventional loans. The guarantee secures USDA-sponsored lenders, allowing them to offer much lower rates. It also provides 100% financing, which means eligible borrowers are not required to make a down payment. And unlike conventional mortgages, has more lenient credit score standards. On the other hand, it requires mortgage insurance premium (MIP) which is called a guarantee fee. USDA loan come with reduced mortgage insurance, which is lower than other types government-back loans. MIP is an additional cost that protects lenders in case you default on your mortgage.

(Video) How To Calculate Loan Payments Using The PMT Function In Excel

USDA guaranteed loans are available as 30-year fixed-rate loans and cannot be taken as an adjustable-rate mortgage. It is only granted for single family homes and cannot be taken for vacation homes or rental properties. Your property may have a barn or silo, but it should not be used for commercial purposes. A condominium unit can be approved for a USDA loan, as long as its located in a USDA rural area.

Moreover, USDA loans do not impose prepayment penalty fees, allowing you to pay your mortgage early without worrying about added costs. For borrowers with an existing mortgage, there are USDA refinancing programs that allow you obtain more favorable rates and terms. This can help make your monthly payments more manageable. But if you need to borrow against your home equity, note that USDA loans do not provide a cash-out option for refinances.

If you’re struggling with reduced income but have a good credit history, consider taking a USDA guaranteed loan. Having a good credit history makes you an ideal candidate. You may still qualify for a USDA loan even if a low income makes you ineligible for a conventional mortgage. USDA loans are offered by banks, credit unions, and mortgage companies.

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USDA Loans & the COVID-19 Pandemic

With the onset of the COVID-19 pandemic in early 2020, unemployment rates rose as high as 14.7% in April, according to the Bureau of Labor Statistics. Many households struggled to make mortgage payments between April to July 2020. Likewise, a considerable number of homebuyers put their purchases on hold until they could find stable employment. Despite these circumstances, the USDA reported June 2020 applications rose by over 53% compared to the previous year.

How to Qualify for a USDA Loan

The USDA program prioritizes applicants that meet qualifying standards such as income eligibility, area requirements, credit score, and debt-to-income ratio, among others. You must satisfy the following requirements to be eligible for a USDA guaranteed loan:

Choose Property in a USDA Rural Area

As a main requirement, you can only select homes in qualified USDA rural areas. The USDA generally defines rural areas as towns, communities, or small cities occupied by less than 20,000 people. But in other instances, they may approve locations with up to 35,000 residents. These places should not be located in a metropolitan statistical area (MSA) and must lack mortgage credit for low to average income households. Urban areas, meanwhile, are usually defined as places with a population of 50,000 or more.

In 2015, the USDA announced updated guidelines for what they consider as rural areas. This update made it more challenging to get approved for a USDA loan, especially since populations have grown substantially over the last decade. Prior to 2015, over 90% of property in the U.S. qualified for USDA financing.

Though these guidelines may seem too restrictive, extended parts of metro areas in small cities and towns may be eligible. To verify if your area qualifies for a USDA loan, you can check interactive maps on the USDA website. You simply type in the address and it will indicate if the location is eligible or not.

Income Limits

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To obtain a USDA loan, you must fall under the required income limit for moderate income. Moderate income is defined as the greater of 115% of the U.S median family income, 115% of the state-wide and state non-metro median family incomes, or 115/80ths of the area low-income limit. These limits are based on both the local market conditions and the size of a family. Household income is calculated by adding the loan applicant’s income plus the income of other family members in a home. This rule applies even if the household member does not share the same family name.

The moderate income guarantee loan limit is the same in any given area for households of 1 to 4 people, and is set to another level for homes of 5 to 8 people. The following table lists examples of limits from a few select areas in the country:

Location1 to 4 Person Limit5 to 8 Person Limit
Fort Smith, AR-OK MSA$78,200$103,200
Northwest Arctic Borough, AK$157,850$208,350
Oakland-Fremont, CA HUD Metro$145,700$192,300
San Francisco, CA HUD Metro$202,250$266,950

The floor values on the above limits are $78,200 and $103,200, respectively. Homes with more than 8 people in them can add 8% for each additional member. You can verify income limits in your local area by checking the USDA income limits page.

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For example, let’s say the income limit in your area for a 1-4 person household is $78,200 per year. That means you can qualify for a USDA loan with an annual income of $89,930 or less. 15% of $78,200 is equivalent to $11,730, which we added to $78,200 to obtain the $89,930 income limit.

What if I can pay 20% down? Generally, if you can afford to make a 20% down payment on top of your mortgage, you won’t qualify for a USDA loan. If you have assets that exceed the imposed income limits, you likely won’t be approved. But in some cases, a USDA-sponsored lender may approve your loan and require you to make a down payment.

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Loan Amount Limits

Loans can be used for regular, manufactured, or modular homes which are no more than 2,000 square feet in size. The effective loan limit starts at $265,400 in low-cost areas and goes as high as $631,000 in expensive (or high-cost areas) in states like California. You can view loan amount limits in your local area here.

Credit Score

As for credit requirements, USDA lenders prefer a FICO credit score of 640. This is the minimum credit score required to qualify for the USDA’s automated writing system. Homebuyers who satisfy this requirement receive streamlined processing of their application. Meanwhile, borrowers with credit scores below 640 (some lend as low as 620) must submit to a manual underwriting process. If you have further credit issues on your record, your application will take longer to approve.

Conventional loan lenders, on the other hand, usually prefer borrowers with a credit score of 680 and above. If you have limited income and an average credit score, consider taking a USDA loan. Again, homebuyers who cannot qualify for a traditional conventional mortgage may be eligible for a USDA home financing.

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Improve Your Credit Score

Before applying for any loan, make sure to check your credit report. Borrowers can request for a free copy at Avoiding late payments and reducing your outstanding debts helps improve your credit score. In the long run, having a good credit profile will help you obtain more favorable loan deals in the future.

Debt-to-Income Ratio (DTI)

Like other types of mortgages, borrowers must also meet the required debt-to-income ratio (DTI) to obtain a USDA loan. DTI is a risk indicator which measures the sum of your total monthly debts compared to your gross monthly income.

(Video) Can a Loan be used to pay for Closing Costs?

DTI Ratios

  • Front-end DTI ratio – The front-end DTI limit for USDA loans should not exceed 29%. This is the percentage of your income that pays for all housing-related expenses. It includes monthly mortgage payments, property taxes, homeowners insurance, etc.
  • Back-end DTI ratio – The back-end DTI limit for USDA loans should not exceed 41%. This is the percentage of your earnings that pay for your housing-related costs together with your other debts. It includes your car loan, credits cards, student loans, etc.

A low DTI ratio shows you have a good balance of income and debt. This lowers default risk for lenders, which increases your chances of loan approval. On the other hand, a high DTI ratio indicates you cannot take on further debt. DTI requirements for USDA loans are quite similar to conventional mortgages. For conventional loans, the front end-DTI limit is 28%, while the back-end DTI is 43%, but this can be as high as 50% if you have compensating factors.

Comparing USDA Loans & Conventional Mortgages

On regular conventional conforming mortgages, private banks offer funding and typically prefer borrowers that pay 20% down payment of the home’s value. This minimizes the risk of loss to the lender in case a foreclosure takes place. If the borrower pays less than 20% down, they are required to pay private mortgage insurance (PMI). Once the loan balance to home value (LTV) falls below 80%, PMI is automatically cancelled.

On the other hand, USDA loans do not require a down payment, but they are associated with mortgage insurance premium (MIP), which come in two important fees. One is an upfront USDA guarantee fee, and the other is an annual fee which functions similarly to PMI. The upfront fee can be rolled into the loan.

Periodically the fees associated with a USDA loan change to reflect the costs of running the program. The last major change was announced on September 1, 2016, when the upfront guarantee fee dropped from 2.75% to 1%, and the annual fee was lowered from 0.5% to 0.35%. Both the upfront funding fee and the annual insurance premium are far cheaper on USDA loans than the equivalent FHA loan fees.

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The following table highlights the cost of these fees on a $250,000 home:

Fee TypeUpfront FeeAnnual Fee
Upfront Amount$2,500 rolled into loan$0
Annual Amount$0$875.00
Equivalent Monthly Amount$0$72.92

As the principal balance is reduced, the associated monthly amount declines.

For example, for a $250,000 loan, your upfront guarantee fee will cost $2,500. If your principal decreases to $230,000, your annual guarantee fee will cost $805, which is $67.84 per month. As your principal balance is reduced, your annual guarantee fee also decreases. The annual guarantee fee is required for the entire life of the loan.

To summarize the difference between USDA loans and conventional loans, we made the table below:

QualificationsUSDA LoansConventional Loans
Required AreaMust be a USDA rural areaChoose a home location anywhere
Income LimitYour household income cannot exceed 115%
of the median income in your area
Does not impose income limits
Credit ScoreShould be at least 640
Some accept as low as 620
680 & up is usually approved
700 & up is ideal
RatesComes with lower rates because of federal fundingYou can obtain a lower rate with a higher credit score
Making a high down payment helps decrease your rate
Down PaymentNot required Offers 100% financing20% eliminates PMI
10% is the average down payment
3% required minimum for a 97-3 loan
Front-end DTIShould not go over 29%Should not go over 28%
Back-end DTIShould not go over 41%Usually does not go over 43%
With compensating factors, can be up to 50%
Cost1% upfront guarantee fee
0.35% annual guarantee fee
Does not require prepayment penalty
PMI costs in 0.5%-1% of the loan amount annually
PMI is cancelled when mortgage balance is below 80%
May require prepayment penalty

Weigh the Pros and Cons

Besides the benefits, consider the disadvantages of choosing a USDA loan. Since you can only finance a house in a USDA rural area, this option may not suite you. If you work in the city, living too far out may not be a practical choice. Commuting to work daily takes a lot time, money, and energy that you might not have.

Next, income limits may keep you from qualifying for this type of mortgage. If your household earns more than 115% of the median income in your area, you won’t be approved. You should also think of the annual guarantee fee, which is an extra cost you must budget into your mortgage payments.

USDA loans only apply to single family homes. It should also be a primary home, which means you cannot finance an investment property if you’re planning to rent out a house. These loans also follow minimum property standards to ensure the home is livable and safe. If you intend to purchase a house that requires a lot of renovation, a strict appraiser might not readily approve your home.

Before you choose a USDA loan, check if any of these factors might not align with your priorities and needs.

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Prepare to Submit Documentation

Like other mortgages, you must submit to credit checks and provide financial documents when you apply for a USDA loan. Be ready to show proof of stable income in the past 24 months. You must submit information about your gross monthly income, total monthly debts, and your assets.

USDA-sponsored lenders screen for a clean credit history. This means your records should not have accounts converted to collections in the last 12 months. But in case of emergencies, if you can prove you were affected by a temporary event outside of your control (such as accidents), you can still obtain a USDA loan.

Make sure to gather the following documents for your application:

  • W-2 tax returns
  • Pay stubs from the last 2 years
  • Documents showing bills and financial obligations
  • Proof of U.S. citizenship or permanent residency
  • OR proof of non-citizen national status or qualified alien status

Calculate Your Mortgage Payments

Calculate Loan Guarantee Eligibility, Closing Costs & How Much You Can Afford to Borrow (11)

USDA guaranteed loans are only available as 30-year fixed-rate mortgages. The long payment term makes monthly payments more affordable for borrowers. And with no down payment required, this sounds convenient for moderate-income homebuyers. However, you must understand that making a small down payment is worth increasing your savings.

Using our calculator on top, let’s estimate mortgage payments with the following example. Let’s say you took a 30-year fixed USDA loan worth $250,000 at 3% APR. The following table compares the cost of making no down payment, a 3% down, and a 5% down on your loan.

  • 30-Year Fixed-Rate USDA Loan
  • Home Price: $250,000
  • Rate: 3% APR
Mortgage DetailsNo Down Payment3% Down ($7,500)5% Down ($12,500)
Amount Borrowed$250,000$242,500$237,500
Upfront Guarantee Fee$2,500$2,425$2,375
Monthly Principal & Interest Payment$1,054.01$1,022.39$1,001.31
Monthly Taxes, Insurance, & MIP$381.25$379.06$377.60
Total Monthly Mortgage Payment$1,435.26$1,401.45$1,378.91
Total Interest Costs$129,444$125,560$122,971

The results show making a small down payment lowers the amount you borrowed. This immediately decreases your upfront guaranteed fee, which is 1% of your loan amount. If you don’t make a down payment, your upfront guarantee fee will cost $2,500. But with 3% down, it’s reduced to $2,425, while a 5% down lowers the upfront guarantee fee to $2,375.

Next, the lower loan amount reduces your total monthly payments. Based on the table, the highest total monthly payment is $1,435.26 when you don’t make a down payment. But with 3% down, your monthly payment decreases to $1,401.45, while a 5% down lowers it to $1,378.91. Paying 3% down saves you $33.81 per month, and a 5% down saves you $56.35 per month.

Savings are most evident when we compare the total interest costs. With no down payment, your total interest will amount to $129,444. But if you pay 3% down, your interest charges will decrease to $125,560, while a 5% down will reduce your total interest costs to $122,971. A 3% down will save you $3,884 on total interest charges, while a 5% down will save you $6,473. The higher your down payment, the more you’ll save on interest costs.

This example shows that making a small down payment will help decrease your mortgage payments. Overall, it significantly reduces your total interest charges over the life of the loan. Even with a zero-down option, it makes better sense to save a small down payment for a USDA loan. Thus, it’s best to save a little down payment before you take this mortgage option.

In Conclusion

Homebuyers looking to live away from the city can take advantage of USDA loans. This provides affordable financing for low to average income borrowers, which comes with low rates and a zero down payment option. It also has more lenient credit requirements compared to conventional loans. USDA loans are a good fit for borrowers who have low income, but otherwise have a decent credit rating.

On the other hand, because it’s strictly limited to USDA rural areas, finding the right location may be challenging. It may not be an option especially if you have a stable job in the city. USDA loans also cannot be used for vacation homes or investment property that generates income.

Moreover, you must satisfy income limits to qualify. If your income does not fall within 115% of the median family income in your area, your loan will not be approved. USDA loans also require MIP in the form of an upfront guarantee fee and an annual guarantee fee. The annual guarantee fee is an added cost that’s usually required for the entire life of the loan. But as your loan amount decreases, so does your guarantee fee.

Finally, despite the zero down option, consider making a small down payment. Making a down payment on a USDA mortgage helps reduce your loan amount, which also decreases your monthly payment. In the long run, this will save you thousands of dollars on interest charges compared to not making a down payment at all.

Beverly Hills Homebuyers May Qualify for a Low-rate USDA Home Loan

US 10-year Treasury rates have recently fallen to all-time record lows due to the spread of coronavirus driving a risk off sentiment, with other financial rates falling in tandem. Homeowners who buy or refinance at today's low rates may benefit from recent rate volatility.

Don't pay too much for your mortgage. Leverage our lender network to get a USDA loan at today's historically low mortgage rates.

Find Out What Mortgages You Qualify For Today

Check your mortgage options with a trusted Beverly Hills lender.

Answer a few questions below and connect with a lender who can help you lock-in a low rate USDA loan and save today!

(Video) Home Down Payments: How Much You Should Put Down


How do you calculate the maximum loan can you afford? ›

Maximum monthly payment (PITI) is calculated by taking the lower of these two calculations: Monthly Income X 28% = monthly PITI. Monthly Income X 36% - Other loan payments = monthly PITI.

How do lenders determine how much you qualify for? ›

One of the first factors a lender will analyze is your debt-to-income ratio, or DTI. Lenders use this measurement to ensure that you'll have enough income to cover both your new mortgage payment and any existing monthly debts such as credit card, auto loan and student loan payments.

How do I calculate loan to borrow? ›

The formula to calculate simple interest is: principal x rate x time = interest (with time being the number of days borrowed divided by the number of days in a year). If you borrow a $2,500.00 loan with an interest rate of 5.00% for a period of one year, the interest you owe will be $125.00 ($2,500.00 x . 05 x 1).

How do you calculate 80% LTV? ›

If you make a $10,000 down payment, your loan is for $80,000, which results in an LTV ratio of 80% (i.e., 80,000/100,000). If you were to increase the amount of your down payment to $15,000, your mortgage loan is now $75,000. This would make your LTV ratio 75% (i.e., 75,000/100,000).

How do I calculate loan eligibility in Excel? ›

How to Calculate How Much You Can Borrow Using Excel
  1. Enter the monthly interest rate, in decimal format, in cell A1. ...
  2. Enter the number of payments in cell A2. ...
  3. Enter the maximum amount you could comfortably afford paying each month in cell A3. ...
  4. Enter "=PV(A1,A2,A3)" in cell A4 to calculate the maximum amount of the loan.

How much income do I need for a 500K mortgage? ›

Keep in mind, an income of $113,000 per year is the minimum salary needed to afford a $500K mortgage. If this is where you fall financially, you'll want to look at condos for sale that are below this price range to ensure you aren't over-extended.

How do lenders determine how much house you can afford? ›

Your credit score, interest rate, loan term, cash reserves, expenses and debt-to-income ratio — the percentage of your gross income that goes toward debt — are five factors that help determine how much house you can afford.

What determines the amount you are approved for a home loan? ›

One of the key factors that determines how much you can borrow for a mortgage is your credit score. Your credit score is a product of your past borrowing history and tells the lender how much of a risk you represent. In some cases, a low credit score may make it impossible to get a mortgage in any amount.

How much home loan can I get on 40000 salary? ›

How much home loan can I get on my salary?
Net monthly incomeHome loan amount
Rs. 30,000Rs. 25,02,394
Rs. 35,000Rs. 29,19,460
Rs. 40,000Rs. 33,36,525
Rs. 45,000Rs. 37,53,591
4 more rows

How do you calculate total loan amount? ›

To calculate the total amount you will pay for the loan, multiply the monthly payment by the number of months.

How do you calculate total cost of financing? ›

The formula for calculating Total Loan Cost is per below:
  1. (L * R * (1+R)n*F) / ((1+R)n*F-1)
  2. Loan Installment = (L * R * (1+R)n*F ) / ((1+R)n*F-1)
  3. Loan Installment = (L * R * (1+R)n*F) / ((1+R)n*F-1)

How much is the total cost of borrowing? ›

The total cost of a loan is the actual money you borrow plus all of the interest you will pay.

What does 60% LTV mean? ›

What does LTV mean? Your “loan to value ratio” (LTV) compares the size of your mortgage loan to the value of the home. For example: If your home is worth $200,000, and you have a mortgage for $180,000, your LTV ratio is 90% — because the loan makes up 90% of the total price.

What is an 80% loan? ›

An 80-10-10 mortgage is a loan where first and second mortgages are obtained simultaneously. The first mortgage lien is taken with an 80% loan-to-value (LTV) ratio, meaning that it is 80% of the home's cost; the second mortgage lien has a 10% LTV ratio, and the borrower makes a 10% down payment.

What is a good LTV score? ›

What Is A Good LTV Ratio For A Mortgage? Generally, a good LTV to aim for is around 80% or lower. Managing to maintain these numbers can not only help improve the odds that you'll be extended a preferred loan option that comes with better rates attached.

Which Excel function can you use to calculate maximum purchase price you can afford? ›

You can use PV with either periodic, constant payments (such as a mortgage or other loan), or a future value that's your investment goal. Use the Excel Formula Coach to find the present value (loan amount) you can afford, based on a set monthly payment.

How do you calculate the amount of finance in Excel? ›

We can calculate an original loan amount by using the Present Value Function (PV) if we know the interest rate, periodic payment, and the given loan term.
We can input any of the following as the rate:
  1. 0.0125.
  2. The cell containing the interest rate divided by 12.
  3. 15%/12.

What is the formula for calculating monthly payments? ›

Divide your interest rate by the number of payments you'll make that year. If you have a 6 percent interest rate and you make monthly payments, you would divide 0.06 by 12 to get 0.005. Multiply that number by your remaining loan balance to find out how much you'll pay in interest that month.

How much do you have to make a year to afford a $300 000 house? ›

To purchase a $300K house, you may need to make between $50,000 and $74,500 a year. This is a rule of thumb, and the specific salary will vary depending on your credit score, debt-to-income ratio, the type of home loan, loan term, and mortgage rate.

How much do I need to make to qualify for a 400k mortgage? ›

What income is required for a 400k mortgage? To afford a $400,000 house, borrowers need $55,600 in cash to put 10 percent down. With a 30-year mortgage, your monthly income should be at least $8200 and your monthly payments on existing debt should not exceed $981. (This is an estimated example.)

How much do you have to make a year to afford a $400 000 house? ›

To afford a $400,000 house, for example, you need about $55,600 in cash if you put 10% down. With a 4.25% 30-year mortgage, your monthly income should be at least $8178 and (if your income is $8178) your monthly payments on existing debt should not exceed $981.

How much home loan can I get if my salary is 25000? ›

25,000, you can avail as much as Rs. 18.64 lakh as a loan to purchase a home worth Rs.
Home loan eligibility based on salary.
AgeNet monthly income (in Rs.)
25,000 – 50,00075,000
25 Years18.64 lakh - 37.28 lakh55.93 lakh
30 Years18.64 lakh - 37.28 lakh55.93 lakh
35 Years18.64 lakh - 37.28 lakh55.93 lakh
3 more rows

How much house can I afford if I make 36 000 a year? ›

If you make $36,000 per year, you'll likely be able to afford a home that costs between $144,000 and $195,000. The exact amount you'll be able to afford will depend on your debts, credit score, location, down payment, and other variables.

How much house can I afford making $70000 a year? ›

So if you earn $70,000 a year, you should be able to spend at least $1,692 a month — and up to $2,391 a month — in the form of either rent or mortgage payments.

How much house can I afford making $70000 a year? ›

So if you earn $70,000 a year, you should be able to spend at least $1,692 a month — and up to $2,391 a month — in the form of either rent or mortgage payments.

What is the maximum loan amount? ›

A maximum loan amount describes the total sum that one is authorized to borrow on a line of credit, credit card, personal loan, or mortgage. In determining an applicant's maximum loan amount, lenders consider debt-to-income ratio, credit score, credit history, and financial profile.


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