The USDA 100% Maryland home loan financing is a Government-insured home buying program that may require zero down payment when purchasing a home.
A common misconception about the USDA loan is that it has to be used to buy a property that is a farm. The loan is made use of to help promote home ownership in rural areas (basically, outside cities and major suburbs). The USDA determines the rural locations that are considered viable for USDA 100 percent home loan. Note: These areas change with census data.
In general, the USDA requires that a household income may not exceed 115% of the area's median income.
The income requirements may be adjusted based on certain income deductions allowable.
There are recommended debt-to-income ratios for qualifying. A minimum credit score may be required.