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USDA 538 Loans

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Most people have never heard of the USDA 538 program. USDA loans offer high LTVs, low interest rates, and long terms (25-40 years). The USDA 538 Loan Program is a government-guaranteed loan available to developers of multifamily housing in rural areas. To qualify, multifamily housing projects must be intended for low- and moderate-income families.

RPA Commercial Loans is very experienced with the USDA 538 Loan Program and we can walk you through the steps to apply, qualify, and get funded with one of these loans. Now, you might be surprised at what counts as "rural" to the USDA. Even if you think there is no chance your property is in a qualified area, have us check first! The mapping is a bit complex and confounding, as in some areas, one side of the street might qualify, while the other side will not.

The next step is to determine if you qualify for a USDA 538 loan. Your property must be owned under one of the following structures:

  • For-profit organizations (C-Corp, S-Corp, LLC) - 90% maximum LTV
  • Non-profit organizations (501(c)3) - 97% maximum LTV
  • Federally-recognized Tribes
  • State and local government agencies
  • Individuals

Most likely, you will qualify under one of the first two categories. Once you determine that the property and you are both program eligible, we can assist you with the application process to get you the loan you need.

The application requirements include the following items:

  • Corporate or Partnership formation documents
  • Financial statements
  • Credit Score
  • Project information including location, pro-forma financials and budget, market studies, site plans, etc.

Once your application is submitted, the USDA will ensure that you meet underwriting criteria.

USDA loans may include an interest credit, which will be disclosed to you when you receive your Notice to Proceed document.

Tenant Requirements

  • Tenant income cannot exceed 115% of the area median income, adjusted for family size.
  • Rent is capped at 30% of the 115% of the area median income, adjusted for family size.
  • To ensure affordability, the average rent for the entire project cannot exceed 30% of 100% of the area median income, adjusted for family size.

Guarantee Types 

  • Option One - Permanent Loan Guarantee.  The agency guarantees the permanent financing only.
  • Option Two - Construction and Permanent Loan Guarantee.  The agency guarantees construction advances and permanent financing once regulatory requirements have been met.
  • Option Three - Single, Continuous Guarantee for construction and permanent financing.  Projects that have a loan-to-cost ratio of 70 percent or lower are eligible for this guarantee.

In addition to the USDA 538 program, we have several programs available for farmers and property owners who lease land to farmers.  You may start the application process for any of these programs by clicking on the button below.

Apply Now!
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