{"id":39475,"date":"2024-05-27T18:30:23","date_gmt":"2024-05-27T18:30:23","guid":{"rendered":"https:\/\/www.miamiherald.com\/banks\/?p=39475"},"modified":"2024-08-07T11:35:05","modified_gmt":"2024-08-07T07:35:05","slug":"usda-loan","status":"publish","type":"post","link":"https:\/\/www.miamiherald.com\/banks\/mortgage\/usda-loan\/","title":{"rendered":"What is a USDA Loan?"},"content":{"rendered":" <p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.miamiherald.com\/banks\/mortgage\/dscr-loans\/\">Are you looking to buy a home<\/a> in a rural area? A USDA loan could be an ideal option to secure an affordable mortgage. This guide dives into how these loans work, eligibility guidelines, key benefits, limitations and how to apply for financing. <\/p> <h2 class=\"wp-block-heading\" id=\"h-introduction-to-usda-loans\">Introduction to USDA Loans<\/h2> <h3 class=\"wp-block-heading\" id=\"h-what-is-a-usda-loan\">What is a USDA Loan?<\/h3> <p class=\"wp-block-paragraph\">Backed by the U.S. Department of Agriculture, USDA loans are available to borrowers purchasing in eligible rural areas. They are designed to make homeownership more accessible for those who may have challenges qualifying for conventional mortgages. <\/p> <h3 class=\"wp-block-heading\" id=\"h-history-and-background-of-the-usda-loan-program\">History and Background of the USDA Loan Program<\/h3> <p class=\"wp-block-paragraph\">In 1991, USDA introduced the Single Family Housing Guaranteed Loan Program with the goal of making home loans more accessible to those looking to purchase in rural areas. The first loan under this program originated in Georgia. To date, more than 1.5 million rural residents have taken advantage of this financing option since the program\u2019s inception <\/p> <h2 class=\"wp-block-heading\" id=\"h-types-of-usda-loans\">Types of USDA Loans<\/h2> <p class=\"wp-block-paragraph\">You can choose from these options if you\u2019re considering a USDA loan. <\/p> <h3 class=\"wp-block-heading\" id=\"h-direct-loans\">Direct Loans<\/h3> <p class=\"wp-block-paragraph\">The USDA offers direct loans through the Single Family Housing Direct Loan Program. Borrowers who are categorized as \u201clow income\u201d or \u201cvery low income\u201d receive payment assistance to reduce monthly mortgage payments for a short period. The amount of assistance you\u2019re eligible for depends on your income level. Down payments aren\u2019t required to secure financing. <\/p> <h3 class=\"wp-block-heading\" id=\"h-guaranteed-loans\">Guaranteed Loans<\/h3> <p class=\"wp-block-paragraph\">Guaranteed Loans are insured by the USDA but originated by approved lenders. You can finance 100% of the purchase price, which means no down payment is required. However, you must meet your area\u2019s median household income requirements to qualify. More on this shortly. <\/p> <h3 class=\"wp-block-heading\" id=\"h-home-improvement-loans-amp-grants\">Home Improvement Loans &amp; Grants<\/h3> <p class=\"wp-block-paragraph\">Home improvement loans and grants are also accessible to help you upgrade and repair your current home. Loans can only be used for improvements and are limited to those that improve the health and safety of your property. Grants are reserved for elderly homeowners occupying properties with health and\/or safety hazards. <\/p> <h2 class=\"wp-block-heading\" id=\"h-who-is-eligible-to-apply-for-a-usda-loan\">Who is Eligible to Apply for a USDA Loan?<\/h2> <p class=\"wp-block-paragraph\">U.S. citizens and permanent residents who meet the guidelines outlined below are eligible to apply for a USDA loan. (Note: If you are debarred or suspended from participating in federal programs, USDA loans are inaccessible to you). <\/p> <h2 class=\"wp-block-heading\" id=\"h-understanding-usda-loan-eligibility\">Understanding USDA Loan Eligibility<\/h2> <p class=\"wp-block-paragraph\">Below is a closer look at the eligibility requirements for USDA loans.<\/p> <h3 class=\"wp-block-heading\" id=\"h-property-and-location\">Property and Location<\/h3> <p class=\"wp-block-paragraph\">Only single-family homes used for primary residence can be purchased with USDA loans. Investment or income-producing properties are prohibited. <\/p> <p class=\"wp-block-paragraph\">The home you want to purchase must be in a USDA-designated rural area. You can refer to the eligibility map on the USDA website to check if a particular property is located within a qualified area. <\/p> <h3 class=\"wp-block-heading\" id=\"h-income-and-credit\">Income and Credit<\/h3> <p class=\"wp-block-paragraph\">There are no preset credit score requirements for USDA loans. However, most lenders prefer a score of at least 640 to consider you for a loan. <\/p> <p class=\"wp-block-paragraph\">Regarding income, USDA specifies that your household\u2019s earnings cannot exceed 115% of the median income for the area where the property is located.<\/p> <h2 class=\"wp-block-heading\" id=\"h-what-are-the-key-benefits-of-a-usda-loan\">What are the Key Benefits of a USDA Loan?<\/h2> <p class=\"wp-block-paragraph\">Several perks come with using a USDA loan to purchase a home. <\/p> <h3 class=\"wp-block-heading\" id=\"h-no-down-payment-requirement\">No Down Payment Requirement<\/h3> <p class=\"wp-block-paragraph\">The most impressive feature is the ability to buy a home without a down payment. Doing so enables you to keep a large sum of your hard-earned money in your pocket. <\/p> <h3 class=\"wp-block-heading\" id=\"h-low-interest-rates\">Low-Interest Rates<\/h3> <p class=\"wp-block-paragraph\">USDA loans offer competitive interest rates that are often lower than those of conventional mortgages. The USDA\u2019s backing makes these attractive rates possible, reducing the level of risk incurred by lenders. <\/p> <h3 class=\"wp-block-heading\" id=\"h-loan-flexibility\">Loan Flexibility<\/h3> <p class=\"wp-block-paragraph\">USDA loans can help both first-time and seasoned homebuyers. You can get a mortgage to purchase a new home or to cover the cost of qualifying repairs and improvements that enhance the health and safety of your home. <\/p> <h2 class=\"wp-block-heading\" id=\"h-what-are-the-limitations-or-restrictions-of-a-usda-loan\">What are the Limitations or Restrictions of a USDA Loan?<\/h2> <p class=\"wp-block-paragraph\">There are also downsides to consider, which include: <\/p> <ul class=\"wp-block-list\"> <li>Restrictions on the properties you can purchase<\/li> <li>Income limits that are problematic if you are on the higher end of the earning spectrum<\/li> <li>The inability to purchase vacation homes or investment properties<\/li> <li>Property standards that apply to all homes purchased with USDA loans <\/li> <li>Citizenship guidelines that prohibit non-citizens (excluding permanent residents) to qualify <\/li> <\/ul> <h2 class=\"wp-block-heading\" id=\"h-comparing-usda-loans-to-other-mortgage-programs-nbsp\">Comparing USDA Loans to Other Mortgage Programs <\/h2> <p class=\"wp-block-paragraph\">Are you wondering how these loans stack up to the competition? Below is a closer look: <\/p> <ul class=\"wp-block-list\"> <li><strong>Down payment:<\/strong> USDA loans do not require a down payment, but conventional loans require 3% to 20%, and FHA loans require 3.5%. <\/li> <li><strong>Mortgage insurance:<\/strong> USDA loans come with an upfront guarantee fee and an annual fee that serves as mortgage insurance. The upfront fee can be rolled into the loan amount. Conventional loans only require private mortgage insurance (PMI) if you put less than 20% down. However, FHA loans come with an upfront and annual mortgage insurance premium (MIP). <\/li> <li><strong>Interest rates:<\/strong> As aforementioned, USDA loans often have lower interest rates than conventional and FHA loans. Small reductions could mean several thousands in cost savings over the life of the loan. <\/li> <li><strong>Credit guidelines: <\/strong>Most USDA lenders want a 640, but conventional loans have a slightly lower minimum threshold of 620. FHA loans are accessible with a 580 credit score (or 500 with a 10% down payment). <\/li> <li><strong>Property eligibility: <\/strong>The property must be located in a designated rural area to use a USDA loan. However, conventional and FHA loans do not have these geographic restrictions. <\/li> <\/ul> <h2 class=\"wp-block-heading\" id=\"h-the-application-process-for-usda-loans\">The Application Process for USDA Loans<\/h2> <h3 class=\"wp-block-heading\" id=\"h-step-by-step-process\">Step-by-Step Process<\/h3> <ul class=\"wp-block-list\"> <li><strong>Step 1 &#8211; Check Eligibility: <\/strong>Confirm that you and the property meet the USDA\u2019s eligibility requirements, which include income limits and location guidelines.<\/li> <li><strong>Step 2 &#8211; Pre-Approval: <\/strong>Work with a USDA-approved lender to get pre-approved. This gives you a clearer idea of how much of a loan they will approve you for. <\/li> <li><strong>Step 3 &#8211; Find a home:<\/strong> Search for a property that meets USDA loan guidelines and that is located in an eligible rural or suburban area.<\/li> <li><strong>Step 4 &#8211; Apply: <\/strong>Complete the formal application via your lender. They will guide you through USDA\u2019s specific requirements.<\/li> <li><strong>Step 5 &#8211; Loan review: <\/strong>The lender will process your application, including credit and background checks.<\/li> <li><strong>Step 6 &#8211; Underwriting: <\/strong>This is where your financial information is closely evaluated to ensure compliance with USDA loan criteria.<\/li> <li><strong>Step 7 &#8211; Approval:<\/strong> Once you receive the clearance to close, the lender will work with you to coordinate the loan closing. <\/li> <\/ul> <h3 class=\"wp-block-heading\" id=\"h-required-documentation\">Required Documentation<\/h3> <p class=\"wp-block-paragraph\">When you\u2019re ready to apply, here\u2019s what you\u2019ll need to provide to the lender: <\/p> <ul class=\"wp-block-list\"> <li><strong>Identifying documents:<\/strong> Valid government-issued ID (i.e., driver\u2019s license, passport, state-issued identification card) to confirm your identity<\/li> <li><strong>Proof of income:<\/strong> Paystubs, tax returns, and W-2s to prove you have a source of income<\/li> <li><strong>Credit Information:<\/strong> Used to assess your creditworthiness.<\/li> <li><strong>Proof of employment: <\/strong>Documents to prove stable employment.<\/li> <li><strong>Property information: <\/strong>Legal descriptions and address of the property you wish to purchase with the USDA loan<\/li> <\/ul> <h2 class=\"wp-block-heading\" id=\"h-conclusion-is-a-usda-loan-right-for-you\">Conclusion: Is a USDA Loan Right for You?<\/h2> <p class=\"wp-block-paragraph\">A USDA loan might be right for you if you are looking to purchase a home in a rural area and meet specific eligibility criteria. These loans typically require no down payment, making them an attractive option for those with limited savings. Furthermore, USDA loans have competitive interest rates and flexible credit requirements &#8211; you could get approved with a score of just 640. <\/p> <p class=\"wp-block-paragraph\">That said, your income must not exceed certain limits, which vary by location and household size. If you meet these criteria and prefer a low-cost mortgage option, a USDA loan could be a suitable option to help you achieve your homeownership goals. <\/p> <h2 class=\"wp-block-heading\" id=\"h-faqs-about-usda-loans\">FAQs about USDA Loans<\/h2> <div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1717439574773\"><strong class=\"schema-faq-question\">Can You Refinance Your USDA Loan?<\/strong> <p class=\"schema-faq-answer\">You can <a href=\"https:\/\/www.miamiherald.com\/banks\/mortgage-refinance\/refinance-mortgage-bad-credit\/\">refinance<\/a> your USDA loan once you\u2019ve occupied your home for at least 12 months. <\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1717439581148\"><strong class=\"schema-faq-question\">Can You Use a USDA Loan for Investment Properties?<\/strong> <p class=\"schema-faq-answer\">No. USDA loans are strictly for primary residences only.<\/p> <\/div> <\/div> ","protected":false},"excerpt":{"rendered":"<p>Curious about USDA loans? Learn all about what they are, how they work, and if you qualify for this type of home loan in this guide.<\/p> ","protected":false},"author":7,"featured_media":39505,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[217],"tags":[],"class_list":["post-39475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage"],"acf":{"zone_id":"322151","sponsored":false,"external_author":1943,"external_editor":39659,"not_show_feature_image":false},"featured_image_src":"https:\/\/www.miamiherald.com\/banks\/wp-content\/uploads\/2024\/05\/what-is-a-usda-loan.jpg","author_info":{"display_name":"","author_link":"https:\/\/www.miamiherald.com\/banks\/author\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What is a USDA Loan? | Miami Herald<\/title>\n<meta name=\"description\" content=\"Curious about USDA loans? Learn all about what they are, how they work, and if you qualify for this type of home loan in this guide.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.miamiherald.com\/banks\/mortgage\/usda-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is a USDA Loan?\" \/>\n<meta property=\"og:description\" content=\"Curious about USDA loans? Learn all about what they are, how they work, and if you qualify for this type of home loan in this guide.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.miamiherald.com\/banks\/mortgage\/usda-loan\/\" \/>\n<meta property=\"og:site_name\" content=\"Miami Herald - Personal Finance\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-27T18:30:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-07T07:35:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.miamiherald.com\/banks\/wp-content\/uploads\/2024\/05\/what-is-a-usda-loan.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/usda-loan\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/usda-loan\\\/\"},\"author\":{\"@type\":\"Person\",\"image\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Allison-Martin.png\",\"name\":\"Allison Martin\",\"jobTitle\":\"Writer\",\"url\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/author\\\/allison-martin\\\/\",\"description\":\"&lt;p&gt;Allison Martin is a personal finance enthusiast and a passionate entrepreneur. With over a decade of experience, Allison has made a name for herself as a syndicated financial writer.&lt;\\\/p&gt;\\n\"},\"headline\":\"What is a USDA Loan?\",\"datePublished\":\"2024-05-27T18:30:23+00:00\",\"dateModified\":\"2024-08-07T07:35:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/usda-loan\\\/\"},\"wordCount\":1322,\"image\":{\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/usda-loan\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/what-is-a-usda-loan.jpg\",\"articleSection\":[\"Mortgage Loans\"],\"inLanguage\":\"en-US\",\"timeRequired\":\"PT1MIN\"},{\"@type\":[\"WebPage\",\"FAQPage\"],\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/usda-loan\\\/\",\"url\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/usda-loan\\\/\",\"name\":\"What is a USDA Loan? | Miami Herald\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/usda-loan\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/usda-loan\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/what-is-a-usda-loan.jpg\",\"datePublished\":\"2024-05-27T18:30:23+00:00\",\"dateModified\":\"2024-08-07T07:35:05+00:00\",\"author\":{\"@id\":\"\"},\"description\":\"Curious about USDA loans? Learn all about what they are, how they work, and if you qualify for this type of home loan in this guide.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/usda-loan\\\/#breadcrumb\"},\"mainEntity\":[{\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/usda-loan\\\/#faq-question-1717439574773\"},{\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/usda-loan\\\/#faq-question-1717439581148\"}],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/usda-loan\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/usda-loan\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/what-is-a-usda-loan.jpg\",\"contentUrl\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/what-is-a-usda-loan.jpg\",\"width\":1200,\"height\":800,\"caption\":\"what is a usda loan\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/usda-loan\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"What is a USDA Loan?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/#website\",\"url\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/\",\"name\":\"Miami Herald - Personal Finance\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"\",\"url\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/author\\\/\"},{\"@type\":\"Question\",\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/usda-loan\\\/#faq-question-1717439574773\",\"position\":1,\"url\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/usda-loan\\\/#faq-question-1717439574773\",\"name\":\"Can You Refinance Your USDA Loan?\",\"answerCount\":1,\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"You can <a href=\\\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage-refinance\\\/refinance-mortgage-bad-credit\\\/\\\">refinance<\\\/a> your USDA loan once you\u2019ve occupied your home for at least 12 months.\u00a0\",\"inLanguage\":\"en-US\"},\"inLanguage\":\"en-US\"},{\"@type\":\"Question\",\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/usda-loan\\\/#faq-question-1717439581148\",\"position\":2,\"url\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/usda-loan\\\/#faq-question-1717439581148\",\"name\":\"Can You Use a USDA Loan for Investment Properties?\",\"answerCount\":1,\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No. USDA loans are strictly for primary residences only.\",\"inLanguage\":\"en-US\"},\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"What is a USDA Loan? | Miami Herald","description":"Curious about USDA loans? Learn all about what they are, how they work, and if you qualify for this type of home loan in this guide.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.miamiherald.com\/banks\/mortgage\/usda-loan\/","og_locale":"en_US","og_type":"article","og_title":"What is a USDA Loan?","og_description":"Curious about USDA loans? Learn all about what they are, how they work, and if you qualify for this type of home loan in this guide.","og_url":"https:\/\/www.miamiherald.com\/banks\/mortgage\/usda-loan\/","og_site_name":"Miami Herald - Personal Finance","article_published_time":"2024-05-27T18:30:23+00:00","article_modified_time":"2024-08-07T07:35:05+00:00","og_image":[{"width":1200,"height":800,"url":"https:\/\/www.miamiherald.com\/banks\/wp-content\/uploads\/2024\/05\/what-is-a-usda-loan.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/usda-loan\/#article","isPartOf":{"@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/usda-loan\/"},"author":{"@type":"Person","image":"https:\/\/www.miamiherald.com\/banks\/wp-content\/uploads\/2023\/11\/Allison-Martin.png","name":"Allison Martin","jobTitle":"Writer","url":"https:\/\/www.miamiherald.com\/banks\/author\/allison-martin\/","description":"&lt;p&gt;Allison Martin is a personal finance enthusiast and a passionate entrepreneur. With over a decade of experience, Allison has made a name for herself as a syndicated financial writer.&lt;\/p&gt;\n"},"headline":"What is a USDA Loan?","datePublished":"2024-05-27T18:30:23+00:00","dateModified":"2024-08-07T07:35:05+00:00","mainEntityOfPage":{"@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/usda-loan\/"},"wordCount":1322,"image":{"@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/usda-loan\/#primaryimage"},"thumbnailUrl":"https:\/\/www.miamiherald.com\/banks\/wp-content\/uploads\/2024\/05\/what-is-a-usda-loan.jpg","articleSection":["Mortgage Loans"],"inLanguage":"en-US","timeRequired":"PT1MIN"},{"@type":["WebPage","FAQPage"],"@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/usda-loan\/","url":"https:\/\/www.miamiherald.com\/banks\/mortgage\/usda-loan\/","name":"What is a USDA Loan? | Miami Herald","isPartOf":{"@id":"https:\/\/www.miamiherald.com\/banks\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/usda-loan\/#primaryimage"},"image":{"@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/usda-loan\/#primaryimage"},"thumbnailUrl":"https:\/\/www.miamiherald.com\/banks\/wp-content\/uploads\/2024\/05\/what-is-a-usda-loan.jpg","datePublished":"2024-05-27T18:30:23+00:00","dateModified":"2024-08-07T07:35:05+00:00","author":{"@id":""},"description":"Curious about USDA loans? Learn all about what they are, how they work, and if you qualify for this type of home loan in this guide.","breadcrumb":{"@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/usda-loan\/#breadcrumb"},"mainEntity":[{"@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/usda-loan\/#faq-question-1717439574773"},{"@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/usda-loan\/#faq-question-1717439581148"}],"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.miamiherald.com\/banks\/mortgage\/usda-loan\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/usda-loan\/#primaryimage","url":"https:\/\/www.miamiherald.com\/banks\/wp-content\/uploads\/2024\/05\/what-is-a-usda-loan.jpg","contentUrl":"https:\/\/www.miamiherald.com\/banks\/wp-content\/uploads\/2024\/05\/what-is-a-usda-loan.jpg","width":1200,"height":800,"caption":"what is a usda loan"},{"@type":"BreadcrumbList","@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/usda-loan\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.miamiherald.com\/banks\/"},{"@type":"ListItem","position":2,"name":"What is a USDA Loan?"}]},{"@type":"WebSite","@id":"https:\/\/www.miamiherald.com\/banks\/#website","url":"https:\/\/www.miamiherald.com\/banks\/","name":"Miami Herald - Personal Finance","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.miamiherald.com\/banks\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"","url":"https:\/\/www.miamiherald.com\/banks\/author\/"},{"@type":"Question","@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/usda-loan\/#faq-question-1717439574773","position":1,"url":"https:\/\/www.miamiherald.com\/banks\/mortgage\/usda-loan\/#faq-question-1717439574773","name":"Can You Refinance Your USDA Loan?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"You can <a href=\"https:\/\/www.miamiherald.com\/banks\/mortgage-refinance\/refinance-mortgage-bad-credit\/\">refinance<\/a> your USDA loan once you\u2019ve occupied your home for at least 12 months.\u00a0","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/usda-loan\/#faq-question-1717439581148","position":2,"url":"https:\/\/www.miamiherald.com\/banks\/mortgage\/usda-loan\/#faq-question-1717439581148","name":"Can You Use a USDA Loan for Investment Properties?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"No. USDA loans are strictly for primary residences only.","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"_links":{"self":[{"attributes":[],"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/posts\/39475"}],"collection":[{"attributes":[],"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/posts"}],"about":[{"attributes":[],"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/types\/post"}],"author":[{"attributes":{"embeddable":true},"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"attributes":{"embeddable":true},"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/comments?post=39475"}],"version-history":[{"attributes":{"count":0},"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/posts\/39475\/revisions"}],"acf:post":[{"attributes":{"embeddable":true},"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/external-author\/39659"},{"attributes":{"embeddable":true},"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/external-author\/1943"}],"wp:featuredmedia":[{"attributes":{"embeddable":true},"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/media\/39505"}],"wp:attachment":[{"attributes":[],"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/media?parent=39475"}],"wp:term":[{"attributes":{"taxonomy":"category","embeddable":true},"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/categories?post=39475"},{"attributes":{"taxonomy":"post_tag","embeddable":true},"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/tags?post=39475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}