Panama City USDA Home Loan Lender

Bay County Panama City USDA LoanPanama City has very limited 100% mortgage financing options left in 2015.  Thankfully most of Bay County and  Panama City Beach is still eligible for the NO money down USDA Rural Development Home Loan. The USDA RD loan is one of the last $0 down payment government mortgage programs for Florida civilians. The USDA mortgage program is designed to help promote homeownership less populated locations around Florida. Most of Bay County is still eligible for the program in 2015.   You can view the current USDA map here to check your area. If you have trouble, or need assistance, please submit the short Info Request Form on the right side of this page.  Mobile phone users can find the Info Request Form here.  You can also call us at 7 days a week at  ph: 904-302-6060

The USDA loan program will allow homebuyers to borrower up to 102% of the home’s appraised value. In addition, homebuyers can include closing costs into their loan assuming their appraised value is sufficient. Please read more about the USDA FAQ’s here.

A few benefits of a USDA Home Loan include:

  • 102% Financing,  No Down Payment required!
  • Low monthly mortgage Insurance (PMI) nearly half the amount of FHA mortgages.
  • No Loan Amount limits.
  • No Saving Reserve Requirements
  • 6% Seller Contribution Allowed for Closing Costs, 100% Gifted Closing Costs also allowed.
  • 30 year low fixed rate loan.
  • No Prepayment Penalty, Buyers can sell or move at any time.
  • Primary Residents only (no rentals/investments or vacation homes permitted)

To get approved and qualified for the USDA loan program, there are two main requirements that differ from the other government loan programs like the FHA or VA mortgage

  • Property Location: The home must be located in a Florida USDA eligible designated rural area of Bay County. Keep in mind, the seller of the home is not important, just where the home is located! Buyers can purchase a foreclosure, short sale, etc as long as the address is approved “eligible” on the map.
  • Income limits –  Each county has different USDA Income restrictions. The income limit is based on many different variables, please see the current USDA income limits for Bay County.

If you are a homebuyer and find you are not eligible for the USDA program based on income, etc – please contact us below to discuss other min down payment mortgage options.

See our main web site at www.UsdaMortgageSource.com  –  USDA Mortgage Source is your one stop Panama City USDA Home Loan Lender.  Proudly serving all of Bay County FL Monday – Sunday including –  Laguna Beach, Lynn Haven, Mexico Beach, Millville, Panama City, Panama City Beach, Parker, Rosemary Beach, Sand Hills, Sandy Creek, Southport, Springfield, and Youngstown FL, Bay County Rural Housing Development Houses For sale

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Lake County USDA Loan Guide

lake countyUSDA mortgages offer 100% financing in select locations around Florida.  The good news is Lake County is still eligible for the USDA Rural housing program in 2015.  The USDA program continues to grow in popularity with Lake County home buyers searching for 100% financing.  Eligible USDA areas of Lake County include –  Clermont, Lady Lake, Astor, Eustis, Fruitland Park, Grand Island, Groveland, Howey In The Hills, Leesburg, Mount Dora, Sorrento, Tavares and Umatilla.   As many buyers know, all the 100% home loan options in the past have evaporated.  However, USDA still offers zero money down, low 30 year fixed rates, and flexible qualifying in 2015.

The United States Department of Agriculture (USDA) sets the lending standards for the program, which is followed by all USDA approved lenders and banks in Florida.   Also known as the “RD” or “502 Guarantee” this program reduces costs for home buyers in rural and suburban areas. It is one of the most cost effective home buying programs in Lake County 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. In fiscal year 2011 alone, nearly 150,000 homebuyers benefited from the USDA RD program.

Who is Eligible for a USDA Loan?

The USDA mortgage is available to applicants who meet household income and credit standards. By household income, we mean the USDA rural housing loan has income limits in place for household, see below for more details on limits for Lake County. Loan  qualification is pretty easy since the program doesn’t require a down payment or a high credit score. However, all applicants should have a min 640 credit score to be considered.  Home buyers should make sure they are looking at homes within USDA approved geographic areas, because the property location is the most important factor for this loan type.

USDA Approved Locations –  Eligible Map

As stated above, Lake County still remains 100% eligible. However, home buyers in Orange and Seminole County will want to check the map here for eligible areas as these counties are more populated and contain some ineligible areas.  The seller of the home is not important, but the house must be located in a USDA eligible area. If you have questions about the map, just submit the short Info Request Form on the right side of this page for help. 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 Home Loan Income Limits

USDA 502 Guarantee loans are available to moderate household incomes, which the USDA defines as those earning up to 115% of the area’s median income. For instance, a family of four buying a property in Lake County can make $74,750 per year.

Typically, moderate households find they are well within limits for the program. The Florida USDA 502 Guaranteed income limits can be found here. It’s also important to keep in mind that USDA takes into consideration all the income of the household….even household members that are NOT one the loan application.  For instance, if a family has an elderly family members who receives social security, but is not on the loan, they will need to  disclose their income for USDA eligibility purposes. The elderly members income does not need to be on the loan application or used for mortgage qualification. But the lender will always verify at all household income when figuring  eligibility.

Key USDA Mortgage Features:

100% No Money Down Home Financing

Without a doubt this is the big draw as no other mortgage program in Florida permits 100% financing. The only exception would be a VA mortgage for military folks. USDA still allows for 100% financing of an eligible home’s purchase price, perfect for first time buyers in Lake County.  Conventional and FHA mortgage loans require a minimum 3.5 – 10% down payment, which is out of reach for many home buyers.

The USDA Guarantee Fee

The lender guarantee is partially funded by the USDA mortgage insurance premium, which is 2.0% of the loan amount. The loan also has a 0.50% annual fee (monthly PMI) Example for a $100,000 loan amount, the upfront guarantee fee is $2,000 and the monthly premium is $41.67.  The homebuyer can choose to roll the upfront fee into the loan amount or pay it at closing.  99% of buyers decide to roll the guarantee fee into their loan.  Compared to other loan types, the USDA mortgage insurance (PMI) fees are the lowest. Read more about USDA guarantee fees here.

USDA Low 30 Year Fixed Rates

Lenders and mortgage companies offer USDA loans at very low 30 year fix rates. Since the USDA backs the loans, the risk is less for lenders making USDA loans a safe bet.  USDA loan rates are often lower than those available for conventional and FHA loans. Home buyers who choose USDA often end up with lower monthly payments considering higher mortgage insurance fees associated with other loan types.  Remember, even if you are already approved for a FHA loan, consider a USDA loan as well just for the mortgage insurance savings.

USDA Closing Cost:

USDA loans allow the seller to pay for the buyer’s closing costs, up to 6% of the sales price. Borrowers can also use gift funds from family members to help pay closing costs. Closing costs can also be rolled into the buyers loan, given the appraised value is high enough to support.   For example, a home’s price is $120,000 but it appraises for $125,000. The borrower could open a mortgage for $125,000 and use the extra funds to finance closing costs.

USDA Savings Requirements:

Borrowers who don’t have all their closing costs paid for by the seller or otherwise need cash to close the loan will need to prove they have adequate assets. Two months bank statements will be required.  There’s also a requirement that the borrower can’t have enough liquid assets to put 20% down on a home. A borrower with enough assets to qualify for a conventional loan will not qualify for a USDA RD mortgage.

USDA 2015 Credit Score Standards:

Most lenders and banks will want to see a min 640 credit score for qualifying. It’s important to remember, a 640 score does not guarantee loan approval. There are also additional requirements in place for any applicant(s) that have had a past bankruptcy, short sale, foreclosures, etc.

USDA Mortgage Source is Florida’s local USDA loan leader, serving you 7 days a week!  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 of Florida including Lake, Seminole, Orange County –  Astor, Bassville Park, 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, Umatilla, Orlando, Winter Garden, Lake County USDA Loan Guide

 

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Georgia USDA Rural Loan Guidelines

Georgia USDA LoanThe Government backed USDA  30 year fixed mortgage is one of the last the remaining 100% NO money down home loan available in Georgia.  First time buyers especially in central south GA (Tifton, Sylvester, Adel, Moultrie, Hahira GA) should take notice as all these locations are USDA eligible.  Unless you have VA military benefits, and can do a VA mortgage, the USDA Rural Housing loan is the ONLY 100% home loan available in Georgia.

So what type of homeowner should look closely at USDA financing?

  • Any Georgia  home buyer that wants to purchase a home, but may not want to put down (or have) the large down payment required by most loan programs in Georgia. First time buyers – USDA is perfect. USDA /Rural housing can allow you to move into your new home with little to no money out of pocket. Georgia Teachers, Police, Public Service, etc looking to live in less populated USDA eligible locations around Georgia. Remember, there are many popular USDA eligible locations – in fact most of Central, and Central South GA is eligible and approved!
  • Any prospective Georgia home buyer that has income under their specific Georgia county limit. If you are a lawyer making $150,000 a year, the USDA loan is not the right fit for you. The USDA Rural Housing program is geared towards helping Georgia’s rural communities expand by offering affordable housing to low – moderate income home buyers. Generally speaking, the USDA home loan income limits ( 502 USDA Guarantee Program) in Georgia are as follows – Any household 1-4 persons = max income around $74,750-$80,000 per year depending on your county. Households with over 5 family members – the income limits can be over $100,000 depending on your county. See the Georgia USDA 502 Guarantee Housing income limits here.
  • Any prospective Georgia home buyer that has pretty good credit should be a good candidate. You do not need perfect credit in order to get USDA financing. However, like all home loans, USDA does have minimum credit score standards in place. Generally speaking you will need a 620 or greater credit score to be considered for a USDA home loan. There are other factors regardless of credit score that are also looked at. Clean payment history in the last 12 months is pretty important, any past bankruptcy, foreclosures, will need a certain about of time.
  • Some other reminders and USDA facts: First, you do not have to be a first time home buyer in order to obtain 100% USDA financing. However, if you are a homeowner that currently owns a home, especially in the same proximity, you may have an issue. Second, USDA home loans are for any (livable) single family home, townhome, etc that is located in a USDA eligible location in GA, no matter who the seller of the home is. The home just has to be in good condition and physically located in a USDA approved location. Existing mobile homes, any investors, or second home purchases are NOT eligible for USDA financing.  Third, buyers are not required to take any class, schooling for the USDA loan. In addition, no grants or down payment assistance is needed since the program is 100% financing. Read all the USDA FAQ’s here.

Want to learn more or get pre qualified for a USDA loan? 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 of GA including –  Macon, Valdosta, Lake Park, Tifton, Sylvester, Adel, Moultrie, Hahira Georgia.

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Georgia USDA Household Income Limits

Please see the 2015 Georgia USDA 502 Guarantee Housing Income limits per county.  All GA counties are the same expect for Atlanta-Sandy Springs-Marietta and Warner Robins, GA MSA . Please keep in mind there are deductions for dependents ($480 each) , child care expenses, disabilities, etc.  If you need help in figuring your household income correctly, or just have general questions about getting pre approved for the 100% USDA loan –  please submit the short Info Request Form on the right side of this page and a USDA loan specialist will contact you. Mobile users can find the Info Request Form here.  You can also contact us at ph: 904-302-6060 – we serve Georgia home buyers 7 days a week.

Area 1-4 Person Households 5-8 Person Households
Albany, GA MSA $74,750 $98,650
Appling County, GA $74,750 $98,650
Athens-Clarke County, GA MSA $74,750 $98,650
Atkinson County, GA $74,750 $98,650
Atlanta-Sandy Springs-Marietta, GA HUD Metro FMR Area $82,600 $109,050
Atlanta-Sandy Springs-Marietta, GA MSA $82,600 $109,050
Augusta-Richmond County, GA-SC MSA $74,750 $98,650
Bacon County, GA $74,750 $98,650
Baldwin County, GA $74,750 $98,650
Banks County, GA $74,750 $98,650
Ben Hill County, GA $74,750 $98,650
Berrien County, GA $74,750 $98,650
Bleckley County, GA $74,750 $98,650
Brunswick, GA MSA $74,750 $98,650
Bulloch County, GA $74,750 $98,650
Butts County, GA HUD Metro FMR Area $74,750 $98,650
Calhoun County, GA $74,750 $98,650
Camden County, GA $74,750 $98,650
Candler County, GA $74,750 $98,650
Charlton County, GA $74,750 $98,650
Chattanooga, TN-GA MSA $74,750 $98,650
Chattooga County, GA $74,750 $98,650
Clay County, GA $74,750 $98,650
Clinch County, GA $74,750 $98,650
Coffee County, GA $74,750 $98,650
Colquitt County, GA $74,750 $98,650
Columbus, GA-AL MSA $74,750 $98,650
Cook County, GA $74,750 $98,650
Crisp County, GA $74,750 $98,650
Dalton, GA HUD Metro FMR Area $74,750 $98,650
Dalton, GA MSA $74,750 $98,650
Decatur County, GA $74,750 $98,650
Dodge County, GA $74,750 $98,650
Dooly County, GA $74,750 $98,650
Early County, GA $74,750 $98,650
Elbert County, GA $74,750 $98,650
Emanuel County, GA $74,750 $98,650
Evans County, GA $74,750 $98,650
Fannin County, GA $74,750 $98,650
Franklin County, GA $74,750 $98,650
Gainesville, GA MSA $74,750 $98,650
Gilmer County, GA $74,750 $98,650
Glascock County, GA $74,750 $98,650
Gordon County, GA $74,750 $98,650
Grady County, GA $74,750 $98,650
Greene County, GA $74,750 $98,650
Habersham County, GA $74,750 $98,650
Hancock County, GA $74,750 $98,650
Haralson County, GA HUD Metro FMR Area $74,750 $98,650
Hart County, GA $74,750 $98,650
Hinesville-Fort Stewart, GA HUD Metro FMR Area $74,750 $98,650
Hinesville-Fort Stewart, GA MSA $74,750 $98,650
Irwin County, GA $74,750 $98,650
Jackson County, GA $74,750 $98,650
Jeff Davis County, GA $74,750 $98,650
Jefferson County, GA $74,750 $98,650
Jenkins County, GA $74,750 $98,650
Johnson County, GA $74,750 $98,650
Lamar County, GA HUD Metro FMR Area $74,750 $98,650
Laurens County, GA $74,750 $98,650
Lincoln County, GA $74,750 $98,650
Long County, GA HUD Metro FMR Area $74,750 $98,650
Lumpkin County, GA $74,750 $98,650
Macon County, GA $74,750 $98,650
Macon, GA MSA $74,750 $98,650
Macon, GA MSA $74,750 $98,650
Meriwether County, GA HUD Metro FMR Area $74,750 $98,650
Miller County, GA $74,750 $98,650
Mitchell County, GA $74,750 $98,650
Monroe County, GA HUD Metro FMR Area $74,750 $98,650
Montgomery County, GA $74,750 $98,650
Morgan County, GA $74,750 $98,650
Murray County, GA HUD Metro FMR Area $74,750 $98,650
Peach County, GA $74,750 $98,650
Pierce County, GA $74,750 $98,650
Polk County, GA $74,750 $98,650
Pulaski County, GA $74,750 $98,650
Putnam County, GA $74,750 $98,650
Quitman County, GA $74,750 $98,650
Rabun County, GA $74,750 $98,650
Randolph County, GA $74,750 $98,650
Rome, GA MSA $74,750 $98,650
Savannah, GA MSA $74,750 $98,650
Schley County, GA $74,750 $98,650
Screven County, GA $74,750 $98,650
Seminole County, GA $74,750 $98,650
Stephens County, GA $74,750 $98,650
Stewart County, GA $74,750 $98,650
Sumter County, GA $74,750 $98,650
Talbot County, GA $74,750 $98,650
Taliaferro County, GA $74,750 $98,650
Tattnall County, GA $74,750 $98,650
Taylor County, GA $74,750 $98,650
Telfair County, GA $74,750 $98,650
Thomas County, GA $74,750 $98,650
Tift County, GA $74,750 $98,650
Toombs County, GA $74,750 $98,650
Towns County, GA $74,750 $98,650
Treutlen County, GA $74,750 $98,650
Troup County, GA $74,750 $98,650
Turner County, GA $74,750 $98,650
Union County, GA $74,750 $98,650
Upson County, GA $74,750 $98,650
Valdosta, GA MSA $74,750 $98,650
Ware County, GA $74,750 $98,650
Warner Robins, GA MSA $82,100 $108,350
Warren County, GA $74,750 $98,650
Washington County, GA $74,750 $98,650
Wayne County, GA $74,750 $98,650
Webster County, GA $74,750 $98,650
Wheeler County, GA $74,750 $98,650
White County, GA $74,750 $98,650
Wilcox County, GA $74,750 $98,650
Wilkes County, GA $74,750 $98,650
Wilkinson County, GA $74,750 $98,650

Georgia USDA Household Income Limits 2015

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FHA Mortgage Insurance Cost Decreasing

FHA monthly insurance orlandoFHA Mortgage insurance cost will be decreasing at the end of January 2015.  This is welcome news for Orlando residents in a time where it seems taxes and fees only go up.  FHA was hit hard during the housing crisis and had to raised monthly mortgage insurance premiums (MIP) a few times to keep up.  Now the housing crisis is over and home prices have stabilized in Orlando, FHA is operating in the black and can REDUCE the monthly mortgage insurance costs.

Just a little background –  FHA like other government loan programs ( USDA, VA)  have a one time upfront mortgage insurance premium that is typically rolled into the borrower loan.  This UFMIP for FHA loans is currently set at 1.75%.   So on a $100,000 loan, the borrower will have $1,750 added to their loan amount for a final adjusted loan amount of $101,750.  USDA calls this a “guarantee fee”  VA Mortgage calls this a “funding fee”  It’s all essentially the same thing, a fee that reduces the loan’s cost to taxpayers and is required to be paid by the borrower on all government loan programs.

In addition to the one time mortgage insurance premium that is rolled into the loan, FHA home loans also require a monthly insurance fee.  This is the fee that is going to reduced at the end of the month.  The current monthly mortgage insurance ( PMI) rate is 1.35% – and this will be decreasing to  .85%

This is a big deal and will clearly reduce cost for new first time home buyers entering the Orlando housing market in 2015.  In addition, existing home owners that have received their FHA loan over the past few years at the higher 1.35% MI rate can look to refinancing.  In some cases a refinance will make sense just for the fact of the reduced mortgage insurance.  Below we have included an example:

$215,000 loan amount at the current 1.35% monthly rate =  $241.88

$215,000 loan amount at the NEW .85% monthly rate        =  $152.29

In the example above the borrower saves $90.00 each month just with the reduced FHA mortgage insurance costs.  In addition, mortgage interest rates are currently near all time low levels again. This means many of these existing FHA borrowers that do refinance could also receive reduced interest rate, thus increasing their monthly savings even more. It could be a lot more!

So if you are new home buyer in Orlando looking to purchase a home soon with a FHA mortgage –  congrats, your costs are being reduced in 2015.  If you are an existing homeowner that received a FHA loan over the past three years, please contact us so we can review the changes and see if a FHA refinance and reduced monthly mortgage insurance makes sense for you. Please reach out to us today by visiting www.fhamortgagesource.com or call ph: 904-302-6060

Serving Orange County and Seminole County 7 days a week   – Altamonte Springs, Casselberry, Geneva, Lake Mary, Lake Monroe, Longwood, Oviedo, Sanford, Winter Springs- Apopka, Bay Lake, Belle Isle, Christmas, Doctor Phillips, Eatonville, Edgewood, Hunter’s Creek, Lake Buena Vista, Maitland, Ocoee, Orlando FL, Tangerine, Windermere, Winter Garden, Winter Park

FHA Mortgage Insurance Cost Decreasing

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