USDA Maximum Loan Amount Limit

USDA Mortgage Florida

We receive many questions about USDA Rural Housing loans and the max loan amounts. Generally all loan programs have loan amount limits – FHA mortgages, VA loans, Conventional Fannie Mae, Freddie Mac.  In Florida, these loan amount limits depend on the county and can range from the high 200’s to 500,000 +.

However, USDA 502 Guarantee loans do NOT have a set limits on how much the homebuyer can borrow. Instead home buyers are qualified based on their debt.  Generally speaking USDA (Rural Development) guidelines require that borrowers debt related to housing (mortgage payment, taxes, insurance) not exceed 30% of their gross monthly income.

Example: let’s say you make an income of $3,000 per month – 30% of this would be $900.00.  $900.00 per month would be your max monthly expense allowed for housing per USDA requirements. $900 would equal roughly a home purchase price of $125,000 – $130,000 (depending on exact taxes, insurance, etc)  You can find a handy USDA mortgage calculator here at the bottom right side of the page.

In addition to this, the USDA RD program has household income limits in place for each FL county. The Florida USDA 2014 income limits can be found here.   With these income limits, and housing debt ratio limits,  borrowers will generally “cap out” at loan amount under $300,000.   Also keep in mind the housing debt limit mentioned above at 30% is not “set in stone”  Some home buyers with strong compensating loan factors like high credit scores, money saved, great job history, etc – may be able to slightly exceed this limit.

Please contact us with any questions about USDA loans in Florida.  From general question to the pre approval and application process –  www.USDAMORTGAGESOURCE.com or call ph: 904-302-6060.  You can also submit your quick request form on the right side of this page >

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Polk, Orange, Hillsborough Teacher Program

Florida Teacher Home Loan

Central Florida teachers have some great home financing options available in 2014.   The two main mortgage programs available for FL teachers today are the FHA and USDA home loan.  Depending on your location (Polk County, Orange County, Osceola County, Hillsborough County) one option may work better for you.

Florida Teachers – USDA Home Loan:

  •  No Down Payment Required with USDA Rural Development – true 100% home loan with no down payment.
  • No first time buyer class or down payment assistance needed, again the program is $0 down payment.
  • Low 30 Year Fix Rate with NO Pre Payment Penalty. Government backed.
  • 102% Loan to Value ( 2% USDA guarantee fee can be included into loan)
  • Florida teachers can finance all their USDA closing costs with a higher appraised value. Or, buyers can have the home seller pay their closing costs!
  • Very low monthly mortgage insurance – PMI.  USDA RD annual fee (monthly insurance) is a third LESS than FHA loans
  • Any single family home for sale is eligible – the home just has to be located in a USDA approved eligible area and in move in condition.  Most of Polk County FL outside of the immediate area of Lakeland, Winter Haven is eligible and approved for the program. Same goes for Hillsborough County outside of Tampa, Orange County outside of Orlando, Osceola County as well.
  • Household income limits do apply – Most of Polk County, Orange County, Osceola County, Hillsborough County start at $74,750 and go higher depending on variables like dependants, number of member in the household, etc.  Please click here to check income limits in your county.

For more information on USDA loans and all the common questions, please visit – http://www.usdamortgagesource.com/blog/frequently-asked-usda-rural-housing-loan-questions/

Polk, Orange, Hillsborough County Teachers -  FHA Home Loan:

  • FHA is a great choice for teachers that want to live closer to the more populated (not usda approved eligible) locations.  Locations like Tampa, Orlando, etc.
  • FHA mortgages require a min 3.5% down payment. However, the down payment can be a gift.
  • Closing costs can be paid by the home seller just like USDA loans.
  • FHA home loan have NO household income limits like USDA.
  • Just like USDA loans, FHA loans also have very low 30 year fix rates.

For more information on FHA loans here in Florida – please visit www.FhaMortgageSource.com

Questions? Just submit the quick info request form on the right side > or call ph: 904-302-6060

Serving all of Florida including Polk County, Orange County, Osceola County, Hillsborough County -  Auburndale, Bartow, Davenport, Dundee, Eagle Lake, Fedhaven, Fort Meade, Frostproof, Haines City, Highland Park, Hillcrest Heights, Indian Lake Estates, Lake Alfred, Lake Hamilton, Lake Wales, Lakeland, Mulberry, Nalcrest, Polk City, Providence and Winter Haven. Brandon, Carrollwood Village, Dover, Gibsonton, Lithia, Lutz, Mango, Orient Park, Plant City, Riverview, Ruskin, Seffner, Sun City Center, Tampa, Temple Terrace, Thonotosassa, Valrico. Campbell, Celebration, Champions Gate, Intercession City, Kenansville, Kissimmee, Poinciana, Reunion and St. Cloud. Apopka, Bay Lake, Belle Isle, Christmas, Doctor Phillips, Eatonville, Edgewood, Hunter’s Creek, Lake Buena Vista, Maitland, Oakland, Ocoee, Orlando FL, Tangerine, Windermere, Winter Garden, Winter Park.

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USDA Loan Guidelines 2014 – Tampa, Riverview, Wesley Chapel, FL

USDA mortgage

Did you know in 2014 USDA rural development loans still allow 100% financing with no down payment?   Most Florida home buyers know it’s hard to get a conventional mortgage type without having to pay a down payment at the minimum of 20 percent.  20% down payment is just out of reach for most home buyers, especially first time buyers.  With USDA home loans, a family is now allowed to purchase a home without paying the unaffordable down payment. Homeowner is still possible even if you have limited savings. The USDA Home Loan does have a few eligibility requirements in regards to household income and location of the home (rural) Please read below for more details.

How Does the USDA Rural Housing Loan Program Benefit the Home Borrower?

  • The usda loan is 100% financing and a secure 30 year fix term. USDA is the last remaining $0 down home loan in Florida. All USDA loans are guaranteed (backed) by the United States Department of Agriculture
  • No loan amount limit.  Home buyers qualify based on their debt to income ratios.  Low fixed interest rates also save the borrower thousands of dollars over the life of their loan.  Your closing costs can also be rolled into your loan by using gift funds or grants.

USDA Loan Eligibility in 2014

  • First and foremost the house to be purchased must be located in a USDA approved location.  Please see the USDA eligible map here.  Many area’s around Tampa qualify for the USDA loan!  Riverview, Ruskin, Wesley Chapel, Land O’ Lakes, Bradenton, Palmetto  and Parrish FL to name a few.
  • Household income must be below the limit, per county.  Click here to read about income limits and USDA.
  • Credit – most USDA lenders will require a minimum 640 credit score. This score does not guarantee loan approval as there are additional requirements in place for any borrower that has a past BK or foreclosure, etc.
  • Work history -  generally a min 2 year work history is required.  Recent college grads are exempt from this rule.

Please read all the most frequently asked USDA questions here.  Many locations in Hillsborough county (just outside of Tampa FL) are currently eligible for 100% USDA loansApollo Beach, Dover, Gibsonton, Lithia, Lutz, Mango, Orient Park, Plant City, Riverview, Ruskin, Seffner, Sun City Center, Tampa, Temple Terrace, Thonotosassa, Valrico. In addition, Pasco County -  Land O’ Lakes, New Port Richey, Odessa, Port Richey, San Antonio, Wesley Chapel and Zephyrhills. Manatee County – Bradenton, Palmetto and Parrish

Questions about the USDA loan application for pre approval process? Please visit www.UsdaMortgageSource.com for more information or call 904-302-6060. You can also fast track your request by submitting the quick info request form on the right side.

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USDA Loan Payment Calculator with Taxes, Insurance

USDA mortgage

Please be sure to find the USDA mortgage monthly payment calculator on the lower right side of this screen.  This calculator is formulated for Florida USDA home loans and includes the monthly mortgage insurance (annual fee, PMI) costs each month.  In addition the calculator includes the estimated taxes and home owners insurance.  This is a good “real world” snapshot of your expected monthly loan payment.  Please submit the quick information request form on the upper right side if you have questions about payments, qualifying, etc.  You can also call 904-302-6060.

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2014 USDA Rural Income Eligibility Limits

USDA mortgage

Please see the Florida USDA Rural Housing (RD) income eligibility limits for 2014 below -

COUNTIES 1- 4 person household 5 – 8 person household
All Florida counties EXCEPT those listed below: $74,750 $ 98,650
Clay, Duval, Nassau, St Johns $77,400 $102,150
Collier $83,750 $110,550
Manatee and Sarasota $75,200 $99,264
Okaloosa and Wakulla $78,650 $103,818
Palm Beach $87,550 $115,550
NOT ELIGIBLE are Broward, Pinellas and Monroe
Add 8% of 1-4 person limit for each person in excess of 8 persons.

Please note the following:

  • There are deductions for certain things like children, documentable child care expenses, disabilities, elderly, etc. Please add $480 to the income limits for each child living in the house.
  • The USDA 502 Guarantee program income limits above apply to ALL members in the household that generate income, regardless if they are listed on the USDA loan application or not.
  • The USDA RD income limits only applies to household income at the time of closing. Future income or earning potential is not considered.

If you have questions about the 2014 USDA eligibility income limits, please reach out to us at www.usdamortgagesource.com or call 904-302-6060

Homebuyer’s that exceed the income limits can learn more about the FHA loan at www.FhaMortgageSource.com

Serving :  FL, FLA 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

Rural Development Income Limits 2014

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