Here are some USDA Rural Development Loans Quick Facts below. If you have questions please call us at 904-302-6060 or just submit the fast request form on the right side of your screen →
- When most folks think “USDA” they think about food inspections and not home loans. But home loans have actually been offered for many years under the USDA Department of Rural Housing. Since the demise of the nearly all 100 percent home loans programs in the past, the USDA program has become very popular option. $0 money down USDA helps to fill the gap for homebuyers that want to purchase a home but have limited money saved for big down payments required by conventional and FHA loans.
- Basic definitions – USDA means United States Department of Agriculture. RD- means Rural Development. RHS means Rural Housing Service. USDA loans are often referred to as any of the above – USDA, RD, RHS, etc.
- The USDA 502 Guarantee program housing program still offers 100 percent financing in select locations around Florida The USDA 502 Guarantee program is for moderate income households and the loans are processed by approved USDA lenders and banks (not the USDA directly)
- USDA loan interest rates are very competitive and offer secure 30 year fix payment terms.
- Any homebuyer that meets the eligibility guidelines can apply, applicants are not required to be a first time home buyer. The critical eligibility requirements are the location of the home and household income limits.
- Any livable house ( not mobile homes) in sound condition is permitted under the USDA Rural Development program. The house just has to be located in an area that is approved by RD. The approved map can be found here.
Many of the most common USDA FAQ’s can be found here. Please contact us with any questions about pre approval lender requirements.