Is A Usda Loan Available In All States In The Us?

Since the USDA Home Loan Program was started in 2009, more than 650 thousand families were able to purchase their own homes through the programs zero-down payment scheme, flexible credit guidelines, friendlier income level requirements, and competitive interest rates. This figure is as of 2015. Today, more and more individuals and their families are beginning to enjoy the fruits of their decision to avail of such a housing loan program. But one of the most often-asked questions by potential homebuyers related to the USDA Home Loan program is if its available in all states of the US.

To answer this question, it is important to understand what the USDA Home Loan Program is all about. The USDA HLP is a mortgage facility offered to individuals in rural and suburban areas of the United States. As of 2015, this accounts for about 97% of the total habitable land area of the US. It excludes urban centers. That being said, there is no state in the US that doesnt have a suburban or rural area. As such, the USDA Home Loan Program is available in all states in the US.

As of 2015, North Carolina leads in the number of USDA Home Loans with almost 36,000. It was followed by Texas (35,225), Michigan (34,065), Florida (31,844), and Louisiana (27,457). The 5 states with the least number of USDA loans included Alaska, New Mexico, North Dakota, Vermont, and Delaware.

USDA Home Loans are gaining popularity especially in suburban areas surrounding large metropolises. For instance, one of the reasons why North Carolina, Texas, Michigan, Florida, and Louisiana are doing well in terms of USDA loan usage is because people are flocking to the suburban areas of the key cities of these states like Charlotte, Austin, Detroit, Orlando, and New Orleans, respectively. The same is true with the states that make up the top ten including Missouri, Indiana, Tennessee, Pennsylvania, and Illinois.

When it comes to USDA Loans by dollar volume, however, California squeezes into the 5th slot, edging Michigan. This is primarily related to the higher property values in the Golden State compared to those in the Great Lakes State. North Carolina still leads, however.

It is expected that as we look forward to the third decade of the new millennium, more and more individuals will avail of the USDA Home Loan program. It has all the right features that many potential homebuyers look for including zero-down payments, low interest rates, low mortgage insurance rates, and very flexible income limits and credit guidelines. Best of all, youve got 97% of US lands just waiting for you.