Thinking about purchasing a home, but have limited down payment? Great news is nearly all of Florida’s panhandle is still approved and eligible for the 100% USDA Rural financing. Escambia, Santa Rosa, Okaloosa, Walton, Holmes, Washington, Bay, Gulf, Calhoun and Jackson counties all have USDA approved locations. In fact many of these counties are 100 percent eligible for the USDA home loan. Below we discuss some of the USDA home loan advantages for first time home buyers.
USDA Mortgage Advantages:
- $0 Down Payment Required with USDA Rural Development! The USDA program is still allows no money down, 100% financing
- Low 30 Year Fix Rate with NO Pre Payment Penalty. Competitive interest rates comparable to FHA loans (set by underwriting USDA lenders)
- 102.75% LTV (100% plus 2.75% one- time guarantee fee that is added into new loan)
- USDA Closing costs can be added into the loan if appraisal value is higher than sales contract price. Or paid by the home seller (up to 6%)
- Very low mortgage insurance – 2 times lower monthly PMI costs when compared to the FHA mortgage.
- No cash saving or large down payment required from borrower.
- No limits or caps on maximum loan amount.
- No cash reserve requirement or min savings requirements.
- Backed by the U.S. Government.
- You are not required to be a first time home buyer.
- Low fixed interest rates – some of the lowest of any mortgage program today.
- Any single family home is ok regardless of seller – just has to be located in a USDA rural defined location. Pretty much all of the Florida Panhandle outside of the immediate Pensacola, Fort Walton Beach and Panama City area is covered under the USDA 502 Guarantee program. Contact us to discuss all the USDA approved houses in your area. Ph: 904-302-6060
What are the steps to apply for USDA mortgage?
Applying for a USDA Rural Development loan is pretty easy. We have outlined below the general information that will be needed (asked from you) during the USDA loan application process so you can be prepared.
- Complete (2) year living history.
- Complete (2) year employment work history.
- Income amounts for each household member – even if they are not listed on the loan application ( for income eligibility purposes)
- Savings – amounts in bank accounts and retirement accounts.
- Explanation for any derogatory ( late, collection) credit accounts.
- Credit report to be obtained by USDA lender – min 620 credit score needed to get approved.
This is the basic information that will be asked during the USDA loan application process. The USDA mortgage application process generally takes about 30 minutes on the phone to complete. All applicants can expect a loan pre approval decision in the same day.
USDA Mortgage Source is Florida’s primary source for all USDA RD mortgages. Assisting home buyers in Escambia, Santa Rosa, Okaloosa, Walton, Holmes, Washington, Bay, Gulf, Calhoun and Jackson county. Need help, or want to learn more? Please submit the short Info Form on the right side of this page for quick service. Mobile phone users can find the Info Request Form here. You can also call us anytime at ph: 904-302-6060
Port St. Joe, Wewahitchka, Brent, Brownsville, Century, Cantonment, Ensley, Gonzalez, Myrtle Grove, Pensacola. Avalon Beach, Gulf Breeze, Jay, Milton, Navarre, Pace FL. Crestview, Destin, Fort Walton Beach, Laurel Hill, Mary Esther, Niceville, Shalimar, Valparaiso. DeFuniak Springs, Freeport, Miramar Beach, Paxton, Point Washington, Redbay, Santa Rosa. Bonifay, Esto, Noma, Ponce De Leon, Westville. Altha, Blountstown. Chattahoochee, Greensboro, Gretna, Havana, Midway, Mount Pleasant. Panama City Beach, Youngstown, 100 percent loan Panhandle 2015. 2016