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
- 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…
- P&L loan / P&L-only — A non-QM program that qualifies borrowers using a CPA-certified profit-and-loss statement instead of full tax…
- Asset depletion loan — A non-QM program that converts liquid assets into qualifying income using a formula: eligible assets ÷ loan te…
- DSCR loan — Debt-Service Coverage Ratio loan. A non-QM investment property loan that qualifies based on the property’s pro…
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Sources
Educational definition only — not financial, legal, or tax advice. Programs and limits change; verify current terms with a licensed professional.