USDA Home Loans

Yes, you can afford a home in the country!

Wasatch Peaks makes buying a home outside Utah’s major metropolitan areas easier with great rates and the backing of the US Department of Agriculture.

A USDA loan lets you buy a home in outlying suburbs,  smaller towns, or rural areas with no money down or reserve requirements. It’s designed to make living in the country more affordable for locals and newcomers alike.

"Truly outstanding personnel coupled with extremely fast and convenient service makes for an absolutely fantastic experience each and every time!"

- Rory T., Plain City, Utah

FAQs ABOUT USDA HOME LOANS

• Are USDA Loans hard to qualify for?

  No, USDA loans are not necessarily hard to get approved for. USDA loans are designed to help low- to moderate-income borrowers buy homes in eligible rural and suburban areas. While there are specific requirements, many first-time buyers find them accessible. With no down payment required and low interest rates, USDA loans can be a great option if you meet the location and income guidelines.

• How does a USDA Loan work?

  A USDA loan is a government-backed mortgage designed to help people buy homes in eligible rural areas or selected outlying suburbs. It’s offered by approved lenders like Wasatch Peaks and insured by the U.S. Department of Agriculture. USDA Loans include: 

  • No down payment. You can finance 100% of the home’s value.

  • Fixed interest rates on loan terms up to 30 years.

  • Income limits: Your household income must be within the USDA’s limits for your area.

  • Property rules:. Your home must be in a USDA-eligible location and must be your primary residence.

   

• What is the income limit for a USDA loan in Utah?

  Income requirements to qualify for a USDA loan vary by county. In most rural counties, the income limit is $112,450 for households of 1–4 people, and $148,450 for households of 5–8 people.

• What is the most you can borrow from a USDA loan?

  USDA loans don’t have a standard loan amount cap like FHA or VA loans. Instead, lenders determine the max amount based on your income, debts, and the appraised value of the property.

• What credit score is required for a USDA home loan?

  While the USDA does not have a minimum credit score to qualify for a loan, most approved lenders require applicants to have a score above 640 to allow the loan to be approved through the USDA’s automated loan approval system, among other credit requirements, such as your debt-to-income ratio.

• Do I need to join Wasatch Peaks Credit Union to apply for a USDA Home Loan?

  No, you don’t need to be a member to apply. Since we don’t directly service USDA loans, we partner with a trusted third-party lender so we can offer this option to both members and non-members.

  That said, you’re always welcome to join Wasatch Peaks if you meet the membership criteria:

  • You are an immediate family member of an existing member-owner: parent, child, brother, sister, spouse or surviving spouse, grandparent, or grandchild. This includes stepparents, stepchildren, stepsiblings, and adoptive relationships. 

  • You live, work, worship, attend school, or regularly conduct business with companies and other legal entities located in Weber, Davis, and Morgan Counties, or within a select underserved community located in Box Elder, Salt Lake, Summit, Utah, Tooele, and Juab Counties. 

  • Member of Trails Foundation of Northern Utah (TFNU.org), a 501(c)(3) NGO functions as a planner, promoter, constructor, and protector of a network of public paths, trails, and related open spaces for non-motorized use. Not a member of the Trails Foundation Northern Utah? Wasatch Peaks will enroll you at no additional cost to you. 

  • None of these fit, but I still want to join. A Wasatch Peaks Member Service Representative will find the best eligibility option for you.

   

OTHER GREAT HOME FINANCING OPTIONS FROM WASATCH PEAKS