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 Nebraska USDA Loans
What are USDA Home Loans?
USDA stands for United States Department of Agriculture. A USDA Mortgage provides a low-cost insured home mortgage loan that suits a variety of options. A USDA mortgage is likely the best home loan option if you want to purchase a home with no down payment. If you're unsure about your credit rating, or have concerns about a down payment when you're doing a home loan comparison, ENG Lending's USDA Rural Mortgage Loans can give you piece of mind with zero-down, super low closing costs and no monthly mortgage insurance.
What Types of Loans does USDA offer in Nebraska?
Currently, there are two kinds of USDA Home Loans available in Nebraska for single family households:
 USDA Guaranteed Rural Housing Loans
USDA Guaranteed Home Mortgage Loans are the most common type of USDA Loan in Nebraska and allow for higher income limits and 100% financing for home purchases. USDA Guaranteed Loan applicants may have an income of up to 115% of the median household income for the area. Area income limits for this program can be viewed here. All USDA Guaranteed Loans carry 30 year terms and are set at a fixed rate.
USDA Direct Rural Housing Loans
USDA Direct Housing Loans are less common than USDA Guaranteed Loans and are only available for low and very low income households to obtain homeownership, as defined by the USDA. Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI. Click here to see area income limits for this program.
What factors determine if I am eligible for a USDA Loan in Nebraska?
To be eligible for A USDA Rural Loan in Nebraska, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income (29% ratio). Your credit background will be fairly considered. A 620 FICO credit score is required to obtain a USDA Rural Housing Loan approval through ENG Lending. You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio). These ratios can be exceeded somewhat with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. Maximum USDA Guaranteed Loan income limits for your area can be found at here. Maximum USDA Direct Loan income limits for your area can be found at here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.
What is the maximum amount that I can borrow?
The maximum amount for an USDA home loan is determined by:
Maximum Loan Amount: The is no set maximum loan amount allowed for USDA Rural Home Loans. Instead, your debt-to-income ratios will dictate how much home your can afford (29/41 ratios). Additionally, your total household monthly income must be within USDA allowed maximum income limits for your area. Maximum USDA Guaranteed Loan income limits for your area can be found at here.
Maximum financing: The maximum USDA Rural Development Loan amount is 102% of the appraised value of the home (100% plus the 2% USDA RD Loan guarantee fee).
How much money will I need for the down payment and closing costs?
USDA Rural Development Mortgage Loans require no down payment and they allow for the closing costs to be included in the loan amount (appraisal permitting).
What property types are allowed for USDA Rural Loan Mortgages?
While USDA Mortgage Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and single family residences.
Nebraska USDA Loan Adjusted Maximum Income Limits by County
Updated 05/01/2009
| County Name |
|
1-4 Person Households
(Guaranteed Loans)
|
|
5-8 Person Households
(Guaranteed Loans)
|
| HASTINGS, NE (MICRO) |
ADAMS |
$73,600 |
|
$97,150 |
| NON-METRO |
ANTELOPE |
$73,600 |
|
$97,150 |
| NON-METRO |
ARTHUR |
$73,600 |
|
$97,150 |
| SCOTTSBLUFF, NE (MICRO) |
BANNER |
$73,600 |
|
$97,150 |
| NON-METRO |
BLAINE |
$73,600 |
|
$97,150 |
| NON-METRO |
BOONE |
$73,600 |
|
$97,150 |
| NON-METRO |
BOX BUTTE |
$73,600 |
|
$97,150 |
| NON-METRO |
BOYD |
$73,600 |
|
$97,150 |
| NON-METRO |
BROWN |
$73,600 |
|
$97,150 |
| KEARNEY, NE (MICRO) |
BUFFALO |
$73,600 |
|
$97,150 |
| NON-METRO |
BURT |
$73,600 |
|
$97,150 |
| NON-METRO |
BUTLER |
$73,600 |
|
$97,150 |
| OMAHA-COUNCIL BLUFFS, NE-IA (MSA) |
CASS |
$80,350 |
|
$106,050 |
| NON-METRO |
CEDAR |
$73,600 |
|
$97,150 |
| NON-METRO |
CHASE |
$73,600 |
|
$97,150 |
| NON-METRO |
CHERRY |
$73,600 |
|
$97,150 |
| NON-METRO |
CHEYENNE |
$73,600 |
|
$97,150 |
| HASTINGS, NE (MICRO) |
CLAY |
$73,600 |
|
$97,150 |
| NON-METRO |
COLFAX |
$73,600 |
|
$97,150 |
| NON-METRO |
CUMING |
$73,600 |
|
$97,150 |
| NON-METRO |
CUSTER |
$73,600 |
|
$97,150 |
| SIOUX CITY, IA-NE-SD (MSA) |
DAKOTA |
$73,600 |
|
$97,150 |
| NON-METRO |
DAWES |
$73,600 |
|
$97,150 |
| LEXINGTON, NE (MICRO) |
DAWSON |
$73,600 |
|
$97,150 |
| NON-METRO |
DEUEL |
$73,600 |
|
$97,150 |
| SIOUX CITY, IA-NE-SD (MSA) |
DIXON |
$73,600 |
|
$97,150 |
| FREMONT, NE (MICRO) |
DODGE |
$73,600 |
|
$97,150 |
| OMAHA-COUNCIL BLUFFS, NE-IA (MSA) |
DOUGLAS |
$80,350 |
|
$106,050 |
| NON-METRO |
DUNDY |
$73,600 |
|
$97,150 |
| NON-METRO |
FILLMORE |
$73,600 |
|
$97,150 |
| NON-METRO |
FRANKLIN |
$73,600 |
|
$97,150 |
| NON-METRO |
FRONTIER |
$73,600 |
|
$97,150 |
| NON-METRO |
FURNAS |
$73,600 |
|
$97,150 |
| BEATRICE, NE (MICRO) |
GAGE |
$73,600 |
|
$97,150 |
| NON-METRO |
GARDEN |
$73,600 |
|
$97,150 |
| NON-METRO |
GARFIELD |
$73,600 |
|
$97,150 |
| LEXINGTON, NE (MICRO) |
GOSPER |
$73,600 |
|
$97,150 |
| NON-METRO |
GRANT |
$73,600 |
|
$97,150 |
| NON-METRO |
GREELEY |
$73,600 |
|
$97,150 |
| GRAND ISLAND, NE (MICRO) |
HALL |
$73,600 |
|
$97,150 |
| NON-METRO |
HAMILTON |
$73,600 |
|
$97,150 |
| NON-METRO |
HARLAN |
$73,600 |
|
$97,150 |
| NON-METRO |
HAYES |
$73,600 |
|
$97,150 |
| NON-METRO |
HITCHCOCK |
$73,600 |
|
$97,150 |
| NON-METRO |
HOLT |
$73,600 |
|
$97,150 |
| NON-METRO |
HOOKER |
$73,600 |
|
$97,150 |
| GRAND ISLAND, NE (MICRO) |
HOWARD |
$73,600 |
|
$97,150 |
| NON-METRO |
JEFFERSON |
$73,600 |
|
$97,150 |
| NON-METRO |
JOHNSON |
$73,600 |
|
$97,150 |
| KEARNEY, NE (MICRO) |
KEARNEY |
$73,600 |
|
$97,150 |
| NON-METRO |
KEITH |
$73,600 |
|
$97,150 |
| NON-METRO |
KEYA PAHA |
$73,600 |
|
$97,150 |
| NON-METRO |
KIMBALL |
$73,600 |
|
$97,150 |
| NON-METRO |
KNOX |
$73,600 |
|
$97,150 |
| LINCOLN, NE (MSA) |
LANCASTER |
$78,550 |
|
$103,700 |
| NORTH PLATTE, NE (MICRO) |
LINCOLN |
$73,600 |
|
$97,150 |
| NORTH PLATTE, NE (MICRO) |
LOGAN |
$73,600 |
|
$97,150 |
| NON-METRO |
LOUP |
$73,600 |
|
$97,150 |
| NORFOLK, NE (MICRO) |
MADISON |
$73,600 |
|
$97,150 |
| NORTH PLATTE, NE (MICRO) |
MCPHERSON |
$73,600 |
|
$97,150 |
| GRAND ISLAND, NE (MICRO) |
MERRICK |
$73,600 |
|
$97,150 |
| NON-METRO |
MORRILL |
$73,600 |
|
$97,150 |
| NON-METRO |
NANCE |
$73,600 |
|
$97,150 |
| NON-METRO |
NEMAHA |
$73,600 |
|
$97,150 |
| NON-METRO |
NUCKOLLS |
$73,600 |
|
$97,150 |
| NON-METRO |
OTOE |
$73,600 |
|
$97,150 |
| NON-METRO |
PAWNEE |
$73,600 |
|
$97,150 |
| NON-METRO |
PERKINS |
$73,600 |
|
$97,150 |
| NON-METRO |
PHELPS |
$73,600 |
|
$97,150 |
| NORFOLK, NE (MICRO) |
PIERCE |
$73,600 |
|
$97,150 |
| COLUMBUS, NE (MICRO) |
PLATTE |
$73,600 |
|
$97,150 |
| NON-METRO |
POLK |
$73,600 |
|
$97,150 |
| NON-METRO |
RED WILLOW |
$73,600 |
|
$97,150 |
| NON-METRO |
RICHARDSON |
$73,600 |
|
$97,150 |
| NON-METRO |
ROCK |
$73,600 |
|
$97,150 |
| NON-METRO |
SALINE |
$73,600 |
|
$97,150 |
| OMAHA-COUNCIL BLUFFS, NE-IA (MSA) |
SARPY |
$80,350 |
|
$106,050 |
| OMAHA-COUNCIL BLUFFS, NE-IA (MSA) |
SAUNDERS |
$75,200 |
|
$99,250 |
| SCOTTSBLUFF, NE (MICRO) |
SCOTTS BLUFF |
$73,600 |
|
$97,150 |
| LINCOLN, NE (MSA) |
SEWARD |
$76,900 |
|
$101,500 |
| NON-METRO |
SHERIDAN |
$73,600 |
|
$97,150 |
| NON-METRO |
SHERMAN |
$73,600 |
|
$97,150 |
| NON-METRO |
SIOUX |
$73,600 |
|
$97,150 |
| NORFOLK, NE (MICRO) |
STANTON |
$73,600 |
|
$97,150 |
| NON-METRO |
THAYER |
$73,600 |
|
$97,150 |
| NON-METRO |
THOMAS |
$73,600 |
|
$97,150 |
| NON-METRO |
THURSTON |
$73,600 |
|
$97,150 |
| NON-METRO |
VALLEY |
$73,600 |
|
$97,150 |
| OMAHA-COUNCIL BLUFFS, NE-IA (MSA) |
WASHINGTON |
$80,350 |
|
$106,050 |
| NON-METRO |
WAYNE |
$73,600 |
|
$97,150 |
| NON-METRO |
WEBSTER |
$73,600 |
|
$97,150 |
| NON-METRO |
WHEELER |
$73,600 |
|
$97,150 |
| NON-METRO |
YORK |
$73,600 |
|
$97,150 |
 We lend in all of Nebraska's top cities:
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 Why choose a USDA Mortgage?
 USDA Loan FAQs
What is Considered a Rural Area by the USDA?
Rural areas include open country and places with population of 10,000 or less and—under certain conditions—towns and cities. There is an automated rural area eligibility calculator at: http://eligibility.sc.egov.usda.gov.
What is the Maximum Loan Amount for a USDA Loan?
None. However, it is limited by the appraised value and repayment ability (determined by your household income).
What is the Maximum LTV for a USDA Loan?
It can be up to 100% LTV plus the Agency guarantee fee.
Can Closing Costs be Financed into the Loan?
Yes, any difference between the contract price and the appraisal value can be used to finance normal closing costs.
What is a USDA Loan Guarantee?
USDA Rural Development Single Family Housing Program serves as a safety net for mortgage lenders. The USDA provides the full faith and assurance of the U.S. government that any financial loss resulting from servicing the loan will be reimbursed in full up to an amount not exceeding 90% of the original loan amount. All loss up to an amount not exceeding 35% of the original loan is fully reimbursed. Any loss amount exceeding the 35% is 85% reimbursed. This leaves the lender only 15% exposed on the loss amount above the 35% of original loan. In the majority of cases, the total loss does not exceed 35% of the original loan and the lenders are fully reimbursed. This guarantee provides lenders an expanded level of protection against losses. The quality of this guarantee allows lenders to easily sell the loans on the secondary market.
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