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New Mexico USDA Loan Eligibility
Income Eligibility
Contrary to other home loan programs USDA has maximum amount of money a household can make in a single year. The USDA income limit is determined by the average income earned in a specific county.
The household income limit in North Carolina is $112,850 for a household up to 4 people. If the household has 5 or more people, the New Mexico USDA income limit is $148,950.
New Mexico has a different income limit for every county. The income limit is based on the average household income in the area.
You can fill out the USDA Eligibility form to see if you qualify for a New Mexico USDA loan.
USDA loans are eligible for new or existing homes in USDA eligible areas. Although the majority of New Mexico qualifies for USDA lending, make sure to check the property eligibility tool to verify property eligibility.
Here is the direct link to USDA’s website to verify the USDA income limits in New Mexico.
New Mexico USDA Loan Benefits
- No down payment required! Finance 100% of the purchase price
- Close With No Money Out of Pocket
- Challenged Credit Exceptions Available
- Fixed Interest Rates - Your Payment Will Not Increase
- Available for Construction or Existing Properties
Do you have a specific question? To speak to a USDA loan specialist fill out the USDA Eligibility Tool.
What Areas in New Mexico are USDA Eligible?
New Mexico USDA Property Eligibility Map
The shaded areas are NOT eligible for USDA financing. USDA has determined the population density to be too high for USDA financing.
What Banks Offer USDA Financing?
Most reputable mortgage lenders or banks will offer USDA Home loans for first time homebuyers. The majority of the product guidelines are very similar to FHA. So.. If you find a bank that offers FHA loans it is likely they will also offer USDA loans.
What Are USDA Loans and How Do They Work?
USDA loan is a rural housing loan backed by the department of agriculture. The loan provides no money down financing for first time homebuyers with low interest rates and minimal fees.
Is it Hard to Get Approved for a USDA Loan?
Its not hard at all. If the property is located in an eligible area and your income falls below theUSDA Median income limits, chances are you qualify !
Are USDA Loans Any Good?
I consider USDA loans to be the best available loan product for first time homebuyers. Granted VA Loans have some advantages that USDA does not but you also have to be a veteran. For the general public, USDA is still the best loan program available.