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Dallas USDA Mortgage Lender

USDA Home Loans in Dallas, TX

USDA loans are mortgages backed by the USDA as part of the Rural Development Guaranteed Housing Loan program.

USDA loans are available to low-to-average-income home buyers. They provide financing with no down payment, reduced mortgage insurance, and mortgage rates that are lower than the market.

A USDA mortgage can be used to purchase a home or refinance an existing one at a low interest rate. In short, USDA home loans are putting people in homes who previously thought they could only rent.

USDA Loan Requirements

USDA loan requirements are based on the property you’re buying and the area where the home is located.

First, your home must be in a rural area that USDA considers eligible. This means it must have less than 20,000 people in it.

The buyer must meet certain income limits set by the USDA each month. You must earn more than 15% of what the local median income is — a significant portion of your income should be earned outside the U.S. You must use the home as your primary residence. There are no exceptions.

Lastly, borrowers need to meet the basic requirements of the mortgage lender, such as:

  • Income eligibility: Earn a steady income from a steady job, as demonstrated by your tax returns.
  • Credit requirements: At least a 640 credit score from a major credit bureau (though this varies by lender).
  • Existing debt ratio: You must have a ratio that is at least 41% of your monthly gross income.

Use the USDA’s eligibility maps to find out whether the property you plan to buy is in a rural area that meets USDA income requirements or if you have income that exceeds the local poverty limit.

Choosing a Local USDA Lender in Dallas

Canopy Mortgage, LLC provides USDA mortgage loans in Dallas, TX

Buying a new home is exciting, but it can also be stressful. There are lots of decisions to make, and you may feel overwhelmed by the process.

That’s why Canopy Mortgage, LLC was founded: to simplify the entire buying experience. From loan approval to closing, we’re here to make it easier for you.

We believe that every homeowner deserves access to a fast, hassle-free mortgage application process. So we’ve made it our mission to streamline the entire process, from pre-approval to closing.

And because we know that getting approved for a mortgage isn’t always easy, we’ve built our own proprietary software platform to ensure that you receive accurate information throughout the whole process. This allows us to quickly assess your financial situation and determine if you qualify for a particular type of USDA loan.

If you’re looking for a new home in Dallas, get started by clicking on the button below!

About Dallas

  • Dallas is the headquarter capital for the state of Texas and the fourth largest city in the entire country.
  • Dallas is located approximately 20 miles north of downtown Fort Worth along Interstate-45, which about to become Interstate-45N in 2015. Dallas is also the western terminus for Interstate-20.
  • Dallas is serviced by major highways and interstates such as the M1, 75, 190, and 635 freeways.
  • Dallas is a major transportation hub for North Texas.
  • Dallas has a population hovering around 1,200,000 people.
  • Dallas is served by the Dallas-Fort Worth International Airport, which provides a variety of non-stop flights to major cities such as Atlanta, Chicago, Denver, and more.
  • Dallas also features a vibrant passenger rail system, connecting visitors to other communities in the area such as Fort Worth, Arlington, Mansfield, and more.
  • Dallas has two major sports teams; the Dallas Cowboys football team and the Dallas Mavericks basketball team.
  • Dallas sporting and cultural venues attract large crowds year-round, particularly during the annual State Fair of Texas.
  • The Dallas-Fort Worth Metroplex is one of the nation’s leading 26 metropolitan areas and one of the fastest growing regions in the US.
  • To the south and the west of the Dallas metro area are the communities of Grapevine and Colleyville.
  • The city of Dallas is located between the cities of Fort Worth and Arlington and is the largest city in the state of Texas.
  • To the north and south of the Dallas Metroplex are the cities of Irving, Plano, McKinney, Garland, Mesquite, Duncanville, Desoto, Lancaster, Cedar Hill, and Grand Prairie.
  • Dallas is located on the southwestern end of Dallas County; it borders with the cities of Garland and Mesquite to the north, Richardson and Garland to the east, Euless and DFW Airport to the south; Lewisville to the west; Addison to the northwest; Farmers Branch to the northeast; Highland Park to the southeast; University Park to the southwest; Coppell to the northwest; Lake Highlands to the southwest; North.