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Are USDA Loans Available to Everyone? How to Know if You Qualify

Are USDA Loans Available to Everyone? How to Know if You Qualify

USDA home loans offer a path to homeownership for those with lower incomes and for people who are looking to buy a home in certain areas of the country. 

These mortgages are backed by the US Department of Agriculture as part of its Rural Development program, which promotes homeownership in smaller communities nationwide. If you don't have enough money saved for a down payment or if you've been denied a conventional loan, you may have a good chance of qualifying for a USDA loan. 

Don't rule out a USDA loan for yourself even if you aren't moving to an especially rural region, as many suburban areas qualify, too. This means even if you're moving just outside of a city to get more square footage and land, chances are pretty high that you're moving to a USDA-designated area. 

Here is everything you need to know about USDA loans, how to qualify for one and whether it's the right type of home loan for you.

What is a USDA loan? 

USDA loans are insured by the Department of Agriculture and have interest rates that are often lower than rates for a traditional mortgage. In contrast to conventional loans and FHA home loans, which both require a down payment, you can qualify for a USDA home loan with 0% down. USDA loans can also be easier to qualify for, even if you've been turned down for a traditional mortgage. 

So why have you never heard of them? There's one major downside: These loans are only available to lower-income buyers in designated USDA rural and suburban locations. And while most of the US landmass is technically considered rural, over 80% of the population live in the 3% of cities and urban areas that are excluded from this loan program.

Types of USDA loans

USDA-guaranteed loans are the most common type of USDA mortgage, but there are also two other types of USDA loans: direct and home-improvement home loans. The lowest-income buyers who may be unable to get a conventional loan might be eligible for a USDA direct loan, financed by the USDA with rates as low as 1%. If you're looking to improve a home you already own, you can also apply for a USDA home-improvement loan or grant.

USDA-guaranteed loans are obtained through a private lender -- like a conventional loan -- but are backed by the government. This offers a major benefit for private lenders because if you default on your loan, the USDA vouches to repay the lender. Just like a conventional loan, if you put down less than 20%, you'll need to pay for mortgage insurance. Because of that government backing, USDA mortgage insurance is cheaper than other mortgage types.

What are the USDA loan requirements?

There are three main factors the USDA considers when determining your eligibility. First, you must buy a home in a designated area. Next, your household income cannot exceed USDA income thresholds for your place of residence: 15% above the local median income. Finally, you'll need a credit score of at least 640, though contributing some cash toward a down payment can negate this requirement. If you meet the first two specifications but have a low credit score, you might still qualify for a USDA direct loan or FHA loan.

Otherwise, the requirements are straightforward. You must be a US citizen, green-card holder or noncitizen national. Your mortgage payment cannot exceed 29% of your monthly income, and your debt-to-income ratio must be no more than 41% of your monthly salary. You'll also need to use the home as your primary residence, have no history of breaking mortgages or commitments to other federal programs, and meet any other lender-specific requirements.

How to apply for a USDA loan

When applying for a USDA loan, you'll need to submit documentation to prove your identity and income levels, just as you would for any financing agreement. Plan on submitting a copy of your driver's license or passport, your Social Security card, your previous two years' tax returns and pay stubs, and recent bank statements.

You may also be asked to turn in additional documentation if you do not have a credit score, apply with nontraditional credit or have unpredictable income. You can review the complete list of requirements on the USDA website.

Advantages of USDA loans

No down payment requirements

If you can't afford a down payment, you can still qualify for a USDA mortgage.

Lower Interest Rates

You can lock in a lower interest rate with a USDA loan than a conventional loan, especially if you have a good to excellent credit score. This could save you tens of thousands of dollars in interest over the lifetime of the loan.

Less expensive mortgage insurance

Although USDA loans do require mortgage insurance called a guarantee fee, it's much more affordable than private mortgage insurance and FHA insurance. You'll pay an upfront fee at closing equal to 1% of your loan amount and 0.35% of the loan amount annually (as of 2021). 

More thorough appraisal

Lenders order an appraisal to determine a property's value before finalizing your loan. This ensures they are not lending you more money than the home is worth, protecting their investment. USDA appraisals have stricter guidelines than conventional loans, which could save you from pulling the trigger on a home requiring expensive repairs.

Designed for low-income buyers

If a conventional lender has turned you down because of your income, a USDA loan can still offer you a path to homeownership. 

USDA loan limitations

Strict income eligibility requirements

USDA loans are not for everyone. They are designated for low-income Americans who cannot qualify for a traditional mortgage. 

Limited to properties in rural areas

If you live in a city or outside a designated area, you won't be eligible for a USDA loan.

Longer buying process

Guaranteed USDA loans typically have longer application and closing processes since the loans are underwritten twice -- once by the private lender and then by the USDA. 

Pay more over time

Although USDA loans are designed to make homeownership more affordable, the mortgage insurance requirement could mean that you pay more over the lifetime of your home loan.

No option to cancel mortgage insurance

You can cancel PMI on conventional mortgages (and even sometimes on FHA loans) once you reach a certain equity level. The guaranteed fee on USDA mortgages might be cheaper, but it lasts for the lifetime of the loan.

Is a USDA loan right for you?

These mortgage programs are more affordable than traditional mortgages, but they're only possible if you do not exceed the income limits and are buying a home in a designated rural area. If you're just above the income threshold or want to live in a city, you'll need to explore other mortgage options.

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Android malware tries to trick you. Here's how to spot it

Android malware tries to trick you. Here's how to spot it

Android malware is often deceptive. A mobile app called Ads Blocker, for example, promised to remove pesky ads from your phone, which sometimes pop up to cover your screen just when you're about to access something important. But people quickly found the app was nothing less than malware that served up more ads, according to security researchers.

It's just one example of malware that can frustrate Android phone users, plaguing them with ads that the creators get paid to display, even when they're looking at unrelated apps. Malware often also harvests fake clicks on the ads, doubling up on the value for the makers.

"They're making money," said Nathan Collier, a researcher at internet security company Malwarebytes who helped identify the bogus ad blocker in November, "And that's the name of the game."

Researchers say adware like Ads Blocker is the most common type of malware on Android devices. An adware infection can make your phone so frustrating to use that you want to Hulk out and crush it, but Android malware can do worse things -- like stealing personal information from your phone. 

Malware can be disorienting, getting in the way of how you normally use your phone and making you feel uneasy even if you aren't sure what's causing the problem. It's also common. Malwarebytes says it found close to 200,000 total instances of malware on its customers' devices in May and then again in June. 

So how do you know if you have malware on your phone, and how can you stop it? Here are some takeaways from mobile malware experts on what you can do.

How malware on your phone works

Mobile malware typically takes one of two approaches, said Adam Bauer, a security researcher for mobile security company Lookout. The first type of malware tricks you into granting permissions that let it access sensitive information. 

Keep your Android phone safe from hackers with regular software updates.

Juan Garzon/CNET

That's where the Ads Blocker app fits in, and many of the permissions it requested sound like something a real ad blocker would have needed. But they also let the app run constantly in the background and show users ads even when they were using unrelated apps.

The second type of malware exploits vulnerabilities in phones, gaining access to sensitive information by giving itself administrator privileges. That reduces the need to get users to click "OK" on permissions requests, making it easier for malware to run without users noticing its presence on the device.

Signs of malware on your Android phone

If you notice these things happening, your phone might be infected:

• You're seeing ads constantly, regardless of which app you're using.
• You install an app, and then the icon immediately disappears.
• Your battery is draining much faster than usual.
• You see apps you don't recognize on your phone.

These are all worrying signs that mean you should investigate further.

Ransomware on Android phones

Another type of malware is ransomware. Victims typically see their files locked away where you can't use them. Typically, a pop-up demands payment in Bitcoin to get them back. Most Android ransomware can only lock up files on external storage, such as photos, Bauer said.

What mobile malware can do to your phone

Besides making you miserable with constant ads, mobile malware can access private information. Common targets include:

• Your banking credentials
• Your device information
• Your phone number or email address
• Your contact lists

Android phones infected with the Anubis banking trojan can invisibly log passwords entered by users.

Courtesy of Lookout

Hackers can use this information for a variety of malevolent tasks. They can commit identity theft with your banking credentials. The Anubis banking Trojan, for example, accomplishes this by tricking users into granting it the access to an Android phone's accessibility features. This, in turn, allows the malware to log every app that you launch and the text you enter, including passwords. After you grant the permission one time, the malware's activity is completely invisible on screen, with no sign anything malevolent is happening as you log into your accounts.

Hackers can also use malware to collect and sell your device and contact information, until you're flooded with robocalls, texts and, oh yeah, more ads; and they can send links for more malware to everyone on your contacts list.

If you suspect your information has already been caught up in the robocall machine, you can see what your phone carrier offers to help keep the annoying phone calls to a minimum. For example, customers of T-Mobile, Sprint and MetroPCS will have access to Scam Shield, a free app announced in July.

How to stop malware on your Android phone

Whether you think you already have malware on your Android device or you just want to protect yourself, there are clear steps you can take. 

First, keep your phone's software updated. Security experts consistently rank a current OS and updated apps as one of the most important steps users can take to protect their devices and accounts. If you already have malware running on your phone, software updates from your phone-maker -- say Android 10 or the upcoming Android 11 -- can patch vulnerabilities and cut off the access the malicious software enjoyed. Updates can also keep malware from working in the first place.

Next, review what permissions your apps have. Does a game have the ability to send SMS messages? That's probably unnecessary and could be a red flag, Bauer said. Keep this in mind when installing apps in the future, too.

Removing apps you think are malicious can be tricky. At times you can just remove the app's permissions, delete the app and be done with it. Other malicious apps will give themselves administrator privileges, so they can't just be deleted without extra steps. If you have trouble removing a specific app, you can try looking it up online to find what has worked for other people.

You can also consider installing antivirus apps. These services can sometimes slow your phone, and they do have heightened access to your phone in order to spot malicious behavior, so you have to choose one you trust. And you're likely to want to choose the paid option if you can, both to unlock all the best features and to avoid seeing even more ads. 

Still, the apps can warn you about malware on your phone and offer you customer service when you need to deal with something nasty. At the very least, you can use a well-known program like Malwarebytes, Norton, Lookout or Bitdefender to scan your device if you think you already have malware installed.

Finally, you can get rid of or avoid Android apps downloaded from third-party app stores. These apps don't go through review by Google and can more easily sneak malicious software onto your phone. Google doesn't catch everything before it gets on your phone, as reports about malicious Android apps being removed show, but sticking to the official Google Play Store -- and having a direct outlet to report problems you encounter -- is a further line of defense.

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How much are closing costs on a new mortgage how much are closing costs for a mortgage how much are closing costs on a new mortgage how much should closing costs be for mortgage how much are mortgage closing costs in ny reverse mortgage closing costs refinance mortgage no closing costs what are closing costs for what are carbohydrates

What Are Closing Costs For a Mortgage and How Much Are They?

What Are Closing Costs For a Mortgage and How Much Are They?

When buying a new home, many people focus on how much of a down payment they'll need to secure a mortgage. But you also need to factor in the additional expenses that come with the transaction -- including closing costs. 

Closing costs refers to the assortment of fees you must pay to your mortgage lender when closing on your home. They're due when you finalize your mortgage and take over the property title. They usually range from 2% to 5% of the amount you're borrowing, and will add up to thousands of dollars. Most are paid by the buyer, but the seller may be on the hook for a few charges, too. 

Closing costs can be significant and should be included in your homebuying budget. Here's everything you need to know about closing costs, how much they will cost you and how to avoid any last-minute surprises when closing on your new home.

What are mortgage closing costs? 

Closing costs refer to the upfront fees charged to secure a loan and transfer the ownership of a property, according to the Consumer Financial Protection Bureau. Sometimes they're referred to as settlement costs.

They cover a lot of behind-the-scenes transaction costs that your realtor, bank, title company, appraisers and document-drafting lawyers all need to be paid. Some common closing costs include title insurance, government taxes, appraisal fees, tax service provider fees and prepaid expenses, according to a list published by the Consumer Financial Protection Bureau.

The buyer usually ends up paying most of these costs -- but standard arrangements vary among states and from deal to deal. Sometimes, a buyer can negotiate to have the seller pick up some of the closing costs in exchange for a higher overall sale price, though in the current competitive housing market most buyers are picking up their own closing costs. Buyers may also have a lender chip in on closing costs, but that could result in a higher loan amount or interest rate.

What do closing costs pay for? 

Your closing costs will depend on your particular transaction and can be impacted by interest rates, local insurance fees, tax rates, local appraisal fees and other factors. But here's a general breakdown of some of the common expenses covered by closing costs: 

Title insurance: This protects lenders from financial losses stemming from problems related to a property title, such as liens or ownership conflicts.    

Taxes: These could include the property tax on the home, local government fees -- such as one for recording the sale of the property -- and a tax for transferring the title from the seller to the buyer. 

Appraisal fees: These are charged by an appraiser for coming to the property and assessing the home's value to determine an appropriate loan amount. 

Tax service provider fees: These help pay for third parties to keep track of property tax payments and other tax monitoring duties. 

Prepaid expenses: These are items like homeowners insurance, property taxes and interest until the first payment is due. 

How much are closing costs? 

Most lenders and industry watchers will tell you that your closing costs, on average, will cost you somewhere between 2% and 5% of the amount borrowed. 

The national average closing costs for a single-family property were $6,905 in 2021, according to ClosingCorp, which analyzes closing cost data for the industry. 

For a more specific estimate, we used a closing cost calculator from banking service BBVA to show what these fees might look like for a $250,000 loan. After entering a 20% down payment, 30 years for the term and a 4% interest rate, the total amount of closing costs was calculated at $7,042.

What are closing documents? 

One of the key documents you'll get before the final signing is the closing disclosure, which outlines the details about your loan, including your closing costs. The lender should provide you with that document three business days before the scheduled loan closing.

It's important to review this document to make sure all the information is correct and that the terms of the loan are accurate and clear. This closing disclosure explainer can help you as you review the document. You want to make sure your closing costs match the most recent loan estimate. 

Other important closing documents include:

Promissory note: A legal document stating that you will repay your mortgage.

Mortgage, security instrument or deed of trust: Gives the lender the right to take your property by foreclosure if you do not pay your mortgage according to the terms you've accepted.

Initial escrow disclosure statement: Details the charges that you pay into an escrow each month.        

Right to cancel form: Outlines the rules for when and how you can cancel your loan, usually used as part of the refinancing process.

If you have questions about any of these, ask your lender, broker, or lawyer for help. 

Are closing costs tax deductible?

The only closing costs you can deduct are the points you pay to reduce your mortgage interest rate and real estate taxes you're required to pay upfront, according to the IRS. If you itemize, you can deduct these costs during the year you buy your home.

The IRS also has a list of closing costs you can add to the basis of your home. They include things like legal fees, recording fees and surveys. Tax rules are always changing, which is why we advise talking to a tax professional about what you can and can't deduct from the closing of your house. 

Tips and tricks for saving on closing costs 

Saving all your cash for the down payment is a home buying mistake to avoid. Closing costs will run you thousands of dollars on top of your down payment, so you need to be prepared to save for them too.

"In a seller's market, we have offered to reimburse borrowers for their appraisal cost, have a network of title companies that will reduce title fees and provide grant programs for qualifying borrowers to cover down payment and some closing costs," says Steve Twyman, branch manager with Mortgage Experts. "There are options for lender credits as well."

It never hurts to ask the seller to pay for closing costs. "This is a common occurrence so don't feel shy about asking for this. Remember the worst that can happen is they can say no," says Orlando Miner, principal at Miner Capital Funding, LLC.

But again, this will be harder to negotiate when it's a seller's market, as it is right now in many regions of the US.

Keep in mind, the timing for closing on your house is also important because closing at the end of the month will save you on prepaid interest. "You have to pay prepaid interest from the date you close to the end of that month," says Miner. "So the closer you close to the end of the month, the less money you pay."

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