Loan program
USDA
Rural development financing for eligible properties and household income limits, often with no down payment.
Overview
What it is
USDA Rural Development guaranteed loans are designed for eligible primary residences in qualifying geographic areas. “Rural” on a USDA map is often broader than people expect. Some suburban tracts still qualify.
Income limits apply to the household, not just the borrower on the note. Property eligibility is checked by address. Both must fit before the loan can proceed.
Hancock discusses USDA with borrowers when it may be a fit, but availability and overlays should be confirmed with a loan officer. This page is education, not a promise that every Hancock market originates USDA on every file.
Who it may be good for
- Buyers purchasing a primary home in a USDA-eligible area.
- Households whose total income falls within USDA limits for the county.
- Borrowers who may benefit from little or no down payment if they meet the rest of the program.
How it works
- 01
Your officer checks the property address and household income against current USDA tools.
- 02
If both fit, the file is underwritten to USDA guaranteed-loan guidelines, including an appraisal and typical closing process.
- 03
There are guarantee fees structured into USDA loans. Ask for the current structure rather than relying on a remembered percentage.
Potential advantages
- Often little or no down payment when you qualify.
- Can open homeownership in markets where a conventional 20% down payment is unrealistic.
- Designed specifically for eligible rural and some suburban communities.
Things to consider
- Income limits and maps change. An address that qualified last year may not this year, or the reverse.
- The property generally must be a modest primary residence, not an investment or second home.
- Confirm with a Hancock officer that USDA is being originated for your state and property type before you write an offer around it.
Confirm this program with a Hancock loan officer before assuming it applies to your property or state.
Outside the city
USDA is about location and occupancy first. The right house has to sit in an eligible area.
Common questions
Questions about USDA loans
Not necessarily. USDA eligibility is based on official maps and income, not on whether you think of the area as rural. Check the address with a loan officer.
Ready when you are
The house is the point.
Whether you’re buying your first home, moving into your next one, refinancing, or exploring your options, we’re here to help you figure out the next step.