USDA loan
A mortgage backed by the U.S. Department of Agriculture for homes in eligible rural areas. Zero down payment, competitive rates, but subject to household income caps and geographic eligibility requirements. Income is documented similarly to conventional.
How does this affect your loan? Estimate self-employed qualifying income with the DTI calculator, or read the self-employed mortgage guide.
Related terms
- Conventional loan — A mortgage that conforms to Fannie Mae and Freddie Mac guidelines. Not government-insured. Lowest rates for bo…
- FHA loan — A mortgage insured by the Federal Housing Administration. Allows lower down payments (3.5% with 580+ credit),…
- VA loan — A mortgage guaranteed by the Department of Veterans Affairs, available to eligible service members, veterans,…
- Bank statement loan — A non-QM mortgage that qualifies borrowers on 12–24 months of bank deposits instead of tax returns. An expense…
- Non-QM loan — Any mortgage that doesn’t meet the CFPB’s Qualified Mortgage definition — usually because it uses alternative…
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Educational definition only — not financial, legal, or tax advice. Programs and limits change; verify current terms with a licensed professional.