Field & Main Bank

USDA Home Loans

Allowing affordable home ownership for low-and-moderate income families living in rural areas.

USDA loans are also known as the USDA Rural Development Guaranteed Housing Loan Program by the U.S. Department of Agriculture. This program aims to improve the quality of life in rural communities by providing affordable homeownership opportunities to low-and-moderate-income families living in rural areas.

If you can’t necessarily obtain a traditional home loan, this might be exactly what you’re looking for.

Qualifying for a USDA Loan

There are several conditions that are considered before your loan can be granted.

Home Size – USDA loans are typically offered to “approved applicants seeking adequate, modest dwellings as their primary residence”. Choosing a smaller home is a great way to build some confidence with your lender. They simply want to know that you’re capable of paying back the loan.

Home Location – The “where” matters here. You must live in a rural or suburban area. Since the U.S Department of Agriculture is the entity responsible for granting this homeownership opportunity, they don’t have the ability to extend this privilege to those living in metropolitan areas.

Household size – The more dependants living with you will help determine the income limit. For example, a two-person household income limit will be lower than a five-person household income limit.

To read more about income limitations, click here.

To read more about location eligibility, click here.

Do I Need a Good Credit Score to Obtain a USDA Loan?

You need to have a score of at least 620 to receive automatic approval from the USDA. Take a look at the current FICO® credit score ranges to see where you fit.

Why Field & Main?

Starting the application process for a USDA loan can sound intimidating. There’s a lot to consider and absorb. But with Field & Main, we’re more than happy to help you get started.

We believe that banking starts with relationships. Here, you’re a friend, a neighbor, and then a customer.

Our relationship with the agricultural community has made us an approved choice for those looking to obtain a USDA loan.

To learn even more about USDA Home Loans, read the blog here.

VA Home Loans

For active-duty and retired military personnel and their eligible surviving spouses.

VA Home Loans
Adjustable Rate Loan

Home loans with rates that adjust throughout the entirety of the term length.

Adjustable Rate Loan