Contents
- – To be eligible for a USDA loan, applicants must meet the basic eligibility requirements set forth by the USDA, which cover credit, income, property usage and home location.
Do You Qualify? – mtgprofessor.com – Loan Amount: This is the amount you borrow and are obliged to repay. It is the balance on your existing loan as of your last monthly statement, plus interest on that loan from the last statement date to the payoff date, plus the balance of a second mortgage if you have one and intend to pay it off with the proceeds of the new loan.