May 2015 USDA Home Interest Rates

May 2015 USDA Interest RatesMay 2015 USDA home interest rates have remained pretty much unchanged from last month. Just a few ticks higher, the USDA 30 year fix interest rate currently sits around the 3.75% range as we start May. Of course credit score does play a roll when determining borrowers final USDA interest rate. Generally credit scores over 680 receive the lowest USDA interest rate,  where higher risk credit scores (below 680) will take a slight adjustment higher.

Spring is here, the buying season is in full swing. USDA mortgage interest rates remain near the all time low levels…. now is a great time for Florida first time buyers to enter the housing market. 100% financing USDA Rural Housing is still available in many popular locations around Florida. Buyers can still purchase a home with little to no money out of pocket,  says  Jenny Clay – USDA Loan Specialist.

Homeowner that already have a USDA Rural Development loan still have time to refinance via the USDA Pilot Refinance program. Keep in mind this program is only available for a limited time.  With current USDA interest rates so low in 5/2015, many existing USDA mortgage holders find it cost beneficial to take advantage and refinance their current USDA home loan.  The USDA Pilot refinance program is streamline refi program – very little paperwork and no appraisal or loan to value ( LTV) requirements. You just need to currently have a USDA mortgage ( regardless of your current loan servicer)  Have made on time mortgage payments for the last month, and have household income below the USDA income limits.

New home buyers and refinance applicants that have questions can submit the short Info Request Form on the right side of this page. Mobile users can find the Info Request Form here.  You can also contact us at 7 days a week at  ph: 904-302-6060 /  USDA Mortgage Source

Serving –

Alachua County – Gainesville

Baker County – Macclenny

Bay County – Panama City

Bradford County – Starke

Brevard County – Titusville

Broward County – Fort Lauderdale

Calhoun County – Blountstown

Charlotte County – Punta Gorda

Citrus County – Inverness

Clay County – Green Cove Springs

Collier County – Naples

Columbia County – Lake City

De Soto County – Arcadia

Dixie County – Cross City

Duval County – Jacksonville

Escambia County – Pensacola

Flagler County – Bunnell

Franklin County – Apalachicola

Gadsden County – Quincy

Gilchrist County – Trenton

Glades County – Moore Haven

Gulf County – Port St. Joe

Hamilton County – Jasper

Hardee County – Wauchula

Hendry County – LaBelle

Hernando County – Brooksville

Highlands County – Sebring

Hillsborough County – Tampa

Holmes County – Bonifay

Indian River County – Vero Beach

Jackson County – Marianna

Jefferson County – Monticello

Lafayette County – Mayo

Lake County – Tavares

Lee County – Fort Myers

Leon County – Tallahassee

Levy County – Bronson

Liberty County – Bristol

Madison County – Madison

Manatee County – Bradenton

Marion County – Ocala

Martin County – Stuart

Miami-Dade County – Miami

Monroe County – Key West

Nassau County – Fernandina Beach

Okaloosa County – Crestview

Okeechobee County – Okeechobee

Orange County – Orlando

Osceola County – Kissimmee

Palm Beach County – West Palm Beach

Pasco County – Dade City

Pinellas County – Clearwater

Polk County – Bartow

Putnam County – Palatka

Santa Rosa County – Milton

Sarasota County – Sarasota

Seminole County – Sanford

St. Johns County – St. Augustine

St. Lucie County – Fort Pierce

Sumter County – Bushnell

Suwannee County – Live Oak

Taylor County – Perry

Union County – Lake Butler

Volusia County – DeLand

Wakulla County – Crawfordville

Walton County – De Funiak Springs

Washington County – Chipley

 

 

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Naples FL USDA Rural Development

USDA home loan NaplesNaples remains a hot location for Florida real estate this year. However, many first time home buyers in Naples find it difficult to obtain mortgage financing due to the large down payments required by many home loan programs today.  But there is one hidden secret  – the 100% USDA Rural Development loan.   All of Collier County is currently approved for the USDA rural housing mortgage. Why is this a good thing you ask?  Because it allows many first time home owners in Naples that have little savings, the chance to purchase their dream home. First a little background on the USDA 502 Guaranteed loan program –

The USDA loan ( Single Family Guaranteed Housing Program) is a mortgage program that is insured by the U.S. Department of Agriculture (USDA) and provides home buyers a no down payment financing option in approved rural areas – Naples / Collier County is included. The USDA program offers 100% financing to qualified home buyers and allow the closing costs to be paid by the seller or financed in the loan. The USDA RD loan also offers low 30 yr fixed interest rates.  To be eligible for an USDA loan, there are a few factors that will be considered and those are your credit worthiness, USDA loan income restrictions, property location, etc.

USDA Mortgage Loan Eligibility in Naples:

In order to be eligible, the home must be located in a designated rural area. All of Collier County is currently eligible for the program.  Most of Lee County is also eligible.  Interested home buyers can contact us to discuss your location in detail –

Just submit the short Info Request Form on the right side of this page for fast service. Mobile users can find the Info Request Form here.  You can also contact us at 7 days a week at  ph: 904-302-6060

To be eligible for a USDA Guaranteed Loan Program in Naples Collier County, loan applicants must:

  • Meet income-eligibility – Please see the current USDA household income limits here.
  • Occupy the home as a primary residence – no investment home purchases, etc.
  • Be a U.S. Citizen, U.S. non-citizen national or Qualified Resident
  • Has a credit history that demonstrates responsible use. Currently a 620 score is required to be considered.
  • Purchase a property that falls into the USDA approved location-  Again all of Collier County /  Naples FL is approved.

Benefits of the USDA Mortgages in Naples, FL:

There are many great benefits to a USDA Mortgage Loan for Naples home buyers, let’s take a look at some below.

  • 100% and no down payment is the key benefit.
  • The USDA Rural Home Loan Program gives borrowers the ability to finance closing costs into the loan itself – reducing how much money is needed for closing.  The home seller is also pay USDA closing costs.
  • Underwriting guidelines are more relaxed when compared to other conventional loan programs.
  • Buyers are not required to be first time buyers – if you owned a home in the past, it’s ok!
  • Homebuyers can purchase any home listed for sale – regular real estate sale, by owner type sale, foreclosure home, etc. The home is only required to meet standard HUD standards in regards to condition, basically a home that is in move in condition.

Want to learn more about all the lender loan pre approval requirements? Contact us 7 days a week at PH: (904) 302-6060 or visit www.UsdaMortgageSource.com   We are Florida’s leading USDA loan resource serving all homebuyers in South West Florida.

Naples FL USDA Rural Development

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Tampa USDA Loan 100% Financing

USDA loan TampaTampa area home buyers have few options today for low / zero down home financing. Te good news is the USDA Rural Housing loan still offers 100% financing in selected parts of Hillsborough, Pasco and Manatee County.  There ARE still locations outside of metro Tampa where you can purchase a home with no money down!   Apollo Beach, South Riverview, Ruskin, Sun City, Thonotosassa, Lake O Lakes, Odessa to name a few.  For those buyers that qualify, 100% financing is available bringing the dream of home ownership within reach. With low fixed interest rates and flexible guidelines a USDA mortgage could help you achieve your dream of homeownership.

There are certain eligibility criteria that must be met for both the borrower and the property. Borrowers must meet certain income, credit and employment requirements. The home to be purchased must be located within the USDA’s Property Eligibility Map or “approved area”   Many locations just outside of Tampa are still approved, contact us today to discuss all the approved housing locations in Hillsborough, Pasco and Manatee County.  Buyer can just submit the short Info Request Form on the right side of this page with any questions. Mobile users can find the Info Request Form here.  You can also cal us at 7 days a week at  ph: 904-302-6060

What is a USDA mortgage, and why is it so good?

Established in 1949 by the US Department of Agriculture ( USDA) the goal is to give residents of rural areas the opportunity to own a home and promote development in underdeveloped rural areas. Many homes throughout Florida have been financed through the USDA “Rural Housing”  Single Family 502 Guaranteed Loan program. Although it is certainly not new, the USDA Rural Housing Loan program has become more popular in recent years since the evaporation of all 100% mortgage programs. In fact in Florida today there are only two 100% home loans left – USDA and VA which requires military service.

Are you a Tampa area first time buyer with limited cash saved but want to own a home?  USDA Rural Development may be able to help you!  Let’s look at some of the advantages with USDA financing below:

  • 102% Financing (Up to Appraised Value)
  • Low monthly mortgage insurance ( PMI)
  • No Down payment Needed – 100% financing.
  • Not just for first time home buyers – can be used by move up buyers as well.
  • No reserves required
  • No limit on seller concessions, seller can pay all closing costs.
  • 100% Gift Allowed from family, etc.
  • Easy credit score guidelines ( 640 score required)
  • No maximum purchase price / loan amount limit in Hillsborough, Pasco and Manatee County.
  • Secure low fixed 30-year rates
  • No special class or obstacles to get started. Get qualified with a letter of pre approval all in the same day!

The Rural Development guaranteed loan program has assisted thousands of Tampa area homebuyers just like you.  Contact us today to learn more at www.UsdaMortgageSource.com or call 904-302-6060.  Buyers can also submit the short Info Request Form on the right side of this page for fast service. Mobile users can find the Info Request Form here.  You can also contact us at 7 days a week at  ph: 904-302-6060

Homebuyers purchasing in locations not eligible for USDA financing (St. Petersburg, Clearwater, Pinellas, metro Tampa) can still contact us to discuss other low down payment financing solutions.

Tampa USDA Loan 100% Financing

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USDA Housing, Great For Lake- Volusia County

Lake County USDA loansUSDA Rural Housing 502 Guarantee loans are becoming very popular these days for homebuyers purchasing in Lake and Volusia County. Mainly for the fact that 100% mortgage financing is getting harder and harder to find.  In fact USDA and VA are the only two mortgage programs today that permit 100% financing.  This USDA loan, also know as USDA 502 Guarantee loan, or Rural Development loan is administered by the United States Department of Agriculture and helps buyers in Florida’s more rural locations like Clermont and Leesburg  purchase homes with little to no down payment.  The USDA mortgage is one of the most cost effective home buying programs in the Florida today. Since its inception in 1949, the USDA Rural Development loan has helped over 1 million home buyers obtain housing with little or no money down. The USDA mortgage loan has transformed from a relatively unknown government mortgage program just a few years ago to a leading home loan option today, especially for first time home owners.

What does a prospective homebuyer need to do to get qualified for a USDA home loan?

Similar to other loan programs like FHA, and VA, rural housing loans aren’t made by the USDA. Instead,  the USDA guarantees mortgage lenders making USDA loans against loss. The program is meant to spur homeownership in rural and underdeveloped areas. In order to qualify for a USDA mortgage home buyers must meet two primary requirements:

First, the buyer must buy a home in a USDA approved “eligible” area. In general, USDA property map eligibility is governed by census tract density. Please click here to see the USDA housing map.  All of Lake County is eligible for the program, and most of Volusia County!   A buyer’s second USDA eligibility requirement is that household income may not exceed 115% of the area’s median income. Buyers can see all the USDA income limits here.  If you aren’t sure about your income and how to calculate in regards to eligibility, please contact us.  If you would like to start your USDA loan application, just submit the short Info Request Form on the right side of this page for fast service. Mobile users can find the Info Request Form here.  You can also contact us at 7 days a week at  ph: 904-302-6060

There are other USDA eligibility criteria that homebuyers will want to know:

  • The house to be purchased must be a primary residence – no investment or vacation homes
  • The buyer must be at least 2 years complete from a bankruptcy. 4 years from foreclosure.
  • The buyer must have decent credit, most USDA lenders require a min 640 credit score.
  • The buyer must meet a qualifying debt-to-income ratio of 29 percent limit for housing costs; and 42 percent for total debt

Some of these guidelines are flexible like the debt to income ratios for example. Buyers that have very strong credit for example (over 680) may be able to exceed the debt ratios limits a bit.  Buyers are evaluating on the overall strength of their USDA loan application.

What makes the RD USDA mortgage a good option?

100% financing makes USDA loans among the most desirable mortgage programs still in existence. The only other programs out there that offer this in FL today are VA loans   Even better than just no down payment, going this route means the possibility of rolling in closing costs or use grants and gift funds, something most other programs won’t allow borrowers to do.

USDA will permit home seller(s) to pay buyers closing costs, up to 6%. This is great because many buyers won’t need any out of pocket cash.  Homebuyers could ask their seller to pay all their closing costs and pre paid tax/insurance escrows.

No savings or reserves.  The buyers are not required to have seasoned funds or a certain amount of  bank savings.

Not limited to first time buyers. The only restriction is that buyers using  USDA financing cannot own a suitable property in the local commuting area.

No length of title seasoning.  Many programs require that the seller of the property own the home for 3 to 6 months or longer.  There are no title requirements for USDA loans.

Low mortgage insurance.  The monthly mortgage insurance or “PMI” with USDA loans is pretty cheap, in fact it’s twice as less as FHA loans.

Some USDA Q&A :

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 for USDA Home Loans at: http://eligibility.sc.egov.usda.gov

What is the Maximum Loan Amount for a USDA Loan?
There is no maximum loan amount for a USDA Rural Development Mortgage. However, it is limited by the appraised value and repayment ability (determined by your household income).

What is the Maximum Loan to Value for a Rural Housing Loan?
The maximum USDA Rural Development Loan To Value (LTV) can be up to 100% LTV plus the Agency guarantee fee of 2%

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 for a USDA Rural Development Loan.

Read all the most commonly asked USDA FAQ’s here.

Questions? just submit the short Info Request Form on the right side of this page for fast service. Mobile users can find the Info Request Form here.  You can also contact us at 7 days a week at  ph: 904-302-6060

Serving all Florida homebuyers: Including those in Lake & Voluisa County  – Astor, Clermont, Eustis, Forest Hills, Fruitland Park, Grand Island, Groveland, Howey-In-The-Hills, Lady Lake, Leesburg, Mascotte, Minneola, Montverde, Mount Dora, Mount Plymouth, Sorrento, Tavares. Daytona Beach, DeBary, DeLand, Deltona, Edgewater, Holly Hill, Orange City, Ormond Beach, Port Orange FL. USDA Housing, Great For Lake- Volusia County

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April 2015 Rural Development Interest Rates

April 2015 USDA Rural Development RatesUSDA Rural Housing interest rates for April 2015 remain pretty much the same as last month.  The USDA 30 year fixed mortgage interest rate for April 2015 is ranging about 3.875% with zero discount points. Of course all applicants have the option to “buy down” their loan interest rate lower by paying discounts points if they choose. Depending on how long a new buyer plans to live in a home will determine if paying loan points makes sense or not.  Any experienced loan specialist can break down the numbers in an easy to understand formula.

Existing Florida & Georgia borrowers that currently have a USDA mortgage can still refinance via the streamline USDA Pilot refinancing program.  The USDA Pilot program is just that… a “pilot” or test refinance program designed for existing home owners that may have difficulty refinancing  due to lost equity. The USDA streamline refinance program does not require a new home inspection, appraisal or any equity. Homeowners that are underwater or upside down on their loan can finally take advantage of April 2015 lower interest rates.   Read all the USDA Pilot Refinance Q&A here.

USDA Mortgage Source is Florida and Georgia’s 100% USDA loan leader. We are available to serve you 7 days week until 8pm.  Please call us at 904-302-6060 with any questions about interest rates or applying for a new loan. You can also submit the quick Info Request Form on the right side of this page for fast service. Mobile users can find the Info Request Form here.

April 2015 Rural Development Interest Rates

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