First Time Home Buyer Programs 2015

first time home buyers programs 2015Florida First Time Home Buyers have an assortment of home loan financing options and incentives available to them in 2015.  Many of these mortgage options are secure government backed programs – USDA, FHA and VA being the most popular. First Time Home Owners also have a verify down payment assistance programs available through county and city agencies and can be used in conjunction with certain government mortgage programs like FHA and USDA loans.  Below we have listed the most popular first time buyers programs in 2015,  and a little information on each. Please call us at 904-302-6060 with questions, we are happy to assist you!

  • USDA Rural Housing 502 Guarantee Program: USDA home loans are very popular among FL First Time Home Buyers. This is primarily due to the fact that USDA is the only home financing option in Florida that still allows 100% financing.  Unless you have military VA loan benefits, USDA Rural Housing is the only NO money down home financing option.  Since the program is 100% financing,  no down payment assistance is needed. In addition no “fist time homeowners” class or school is required.  The USDA loan pre approval process is quick, applicants can generally complete their application and pre approval in under 20 min.  Other USDA benefits include:  Seller can pay all the homebuyers closing up – as a result buyers often invest little to no money.  Secure 30 year fixed interest rates.  Additionally, the USDA mortgage program is NOT limited to just first time home buyers, however, homeowners that currently own a house could face additional loan qualifying requirements.
  • 100% financing, no first time buyers class, etc – sounds almost too good to be true?  Well the only real “catch” with the USDA loan is the program does have TWO very important eligibility requirements  that must be satisfied.   For starters, the home you purchase must be rural defined eligible location.  See the USDA map area here.   Second, the income (money made) for the household must be below a certain limit based on the county and number of people living in the household.   Click here for the → 2015 USDA household  income limits.  If you have questions about the USDA program please contact us anytime at 904-302-6060 or just submit the info request form on this screen.
  • FHA Mortgage Program: FHA home loans are still the most popular loan available to Florida home buyers.  FHA loans are  available for any move in condition homes, regardless of where the house is located. The home can be located in a busy metro area like Tampa, Orlando, Jacksonville, etc.  Like the USDA RD loan, borrowers are not required to be first time home buyers or required to take any first time buyers class, etc.   There are no income restrictions (limits) with the FHA home loan. However,  FHA loans do require a small down payment of 3.5% – but this down payment can be in the form of a gift from family, etc. First Time Home Buyers can also use the verity of acceptable down payment assistance programs to pay the required 3.5% down payment and closing costs. SHIP among other down payment incentive programs can be used. Contact us today for a list of approved down payment assistance programs, and be sure to visit fhamortgagesource.com for more information on FHA loans in Florida.  Please click here for a list of → 2015 FHA loan requirements.
  • HUD 100 Dollar Down Program: This is essentially the same FHA program as listed above. The only key difference is the HUD $100 down program only requires a small 100 dollar investment like the name suggest.  However, the property being purchased MUST be a HUD owned home listed on this HUD web site here.  Learn more about the HUD 100 down mortgage here.
  • 100% VA Home Loan: This program is ONLY reserved for buyers that have current or past VA military benefits. The VA mortgage program will permit the homebuyer to purchase home with $0 down, reduced closing costs, low secure fixed interest rates, and no monthly mortgage insurance. VA is without a doubt one of the best home financing options available today. Click here to learn about the → Florida VA Mortgage.

USDA Mortgage Source has been showing Florida First Time Home Buyer the way to homeownership since 2007.  Whether it’s a USDA, FHA or VA loan you seek, please call us at 904-302-6060 for assistance 7 days a week.  Serving all of Florida First Time Home Buyers, including Central Florida  – Orlando First Time Buyers, Tampa First Time Home Owners, Lakeland, Gainesville, Ocala FL, First Time Home Buyer Programs 2015

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100% Home Loan Clay County FL

The USDA Rural Development Home Loan is the last remaining no down payment government insured mortgage program for Clay, Bradford and Putnam County home buyers today. The USDA mortgage program is designed to help promote homeownership less populated locations like Clay, Bradford and Putnam County FL.   Many people assume the USDA loan program is only for farmers or cattle ranchers, not true. Many major metropolitan areas have outlining areas that are qualified USDA eligible property locations. Locations around major cities like Jacksonville, Orange Park, Gainesville, Ocala have USDA eligible locations around them. Call us at 904-302-6060 to talk about approved locations in your area.

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 to cover the added costs.

Some benefits of a USDA mortgage include:

  • 102% Financing,  No Down Payment required!
  • Low monthly mortgage Insurance (PMI)
  • No Loan Amount limits
  • No Cash Reserve or Savings Requirements
  • 6% Seller Contribution For Closing Costs Allowed
  • 100% Gifted Closing Costs allowed
  • 30 year low fixed rate loan
  • No Prepayment or “Early Payoff” Penalty
  • Primary Residents only (no rentals home purchases or investments / vacation homes permitted)

To get pre approved for the USDA loan program, there are two main requirements that differ from the other government loan programs (FHA or VA loan program)

  • Property Location: The home must be located in a Florida USDA eligible designated rural area. See the USDA MAP here. Remember, the seller of the property is not important, just where the property is physically located. The good news is all of Bradford, and Putnam County is 100% approved and eligible. Most of Clay county is also an approved area.
  • Household income –  Each county has different USDA Income restrictions. You can read more about the 2015 USDA loan income limits here.

Questions about USDA / RD home loans? Please also visit our USDA Blog for the latest USDA home loan information. You can also call us direct at 904-302-6060.  Please stop by our main web site at www.UsdaMortgageSource.com  to view general USDA program requirements and FAQ’s here.

Serving all of Florida since 2004, including Bradford County: Brooker, Graham, Hampton, Lawtey, Starke and Clay County: Green Cove Springs, Keystone Heights, Middleburg, Orange Park, Penney Farms. Putnam: Crescent City, East Palatka, Florahome, Fruitland, Georgetown, Hollister, Interlachen, Lake Como, Melrose, Orange Mills, Palatka, Pomona Park, Putnam Hall, San Mateo, Satsuma, Welaka. 100% Home Loan Clay County FL

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USDA RD Guarantee & Annual Fee 2015

USDA Mortgage FloridaThe upfront USDA Guarantee Fee for all new Florida USDA 502 Guarantee purchase and refinance loans as of October 1 2014 – October 1 2015  will be as follows:

 

USDA Up front “Guarantee Fee” (this is the upfront fee the USDA charges to participate in the Rural Housing program and is usually financed ( rolled into) the borrower new loan)

USDA Purchase & USDA refinance transactions: new fee effective 2015  – 2% (no change)

An example of how the upfront fee is calculated.  For a sales price of $150,000, the upfront fee would be 2% or $3000, and typically that would be added to the loan amount to make the final loan amount $153,000.

USDA Annual Fee (this is the monthly fee paid with the mortgage payment – most know this term as how it referred to on Conventional loans –  private mortgage insurance or “PMI”)

USDA Purchase & Refinance Transactions: new fee effective October 1st, 2014   .50% (up from .40%)

An example of how the annual fee is calculated.  For a loan amount of $153,000, the new annual fee would be .50%, or $153,000 x .05 = $765.00 divided by 12 for a monthly figure of $63.75 per month.  This amount would be included in the monthly mortgage payment like taxes and homeowners insurance.

The upfront and annual guarantee fee increase has allowed the USDA Rural Housing loan program to be a self sustaining. This allows the program to pay for  itself and removes it from the annual Congressional budget process.  In the past, the USDA guarantee loan program has run out of money as the fiscal year neared its end, and in many cases loan closings were delayed.  This new fee structure has removed that problem which should help avoid the delays in funding.

USDA Mortgage Source is Florida’s leader in 100% USDA Rural Housing loans.  Florida homebuyers that have questions about the program should call us at ph: 904-302-6060 or Please visit our web site at www.usdamortgagesource.com

USDA RD Guarantee & Annual Fee 2015

 

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Tampa, Riverview – No Down Payment Mortgage

first time buyersHillsborough County Florida remains a popular area for the 100% USDA housing program in 2015. In fact most of Hillsborough outside of the immediate Tampa area is still eligible for the 100% USDA Rural Development loan in 2015.  Locations like Riverview FL, Ruskin, Sun City, Apollo Beach are all eligible to for the no money down USDA loan.   The USDA 502 Guarantee program remains one of the last mortgage programs that allows Florida homebuyers to purchase a home with min out of pocket expense.   This is especially great for the Tampa first time buyers that have problems meeting the down payment requirements of other loan programs like FHA or Conventional loans.  Here are some of the USDA benefits listed below.

  • 100% financing, no down payment required.
  • Seller is allowed to pay up to 6% of buyers closing costs and pre paid escrows.
  • Any “move in” single family home is ok! The home just has to be located in a USDA eligible location.
  • You don’t have to be a first time home owner to apply.
  • USDA Rural interest rates are secure low 30 yr fixed rates with no early pay off penalty.
  • No first time buyers class is required to apply. Get your USDA loan application and mortgage pre approval letter in minutes.

We serve all Hillsborough County homebuyers: including Apollo Beach, Brandon,  Dover, Gibsonton, Lithia, Lutz, Mango, Orient Park, Plant City, Riverview, Ruskin, Seffner, Sun City Center, Tampa, Temple Terrace, Thonotosassa, Valrico

Learn more about all the USDA FAQ’s here.  Please contact us at 904-302-6060 with questions, or just submit the quick info request form on this page.  www.UsdaMortgageSource.com

Tampa, Riverview – No Down Payment Mortgage

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USDA RD New 3555 Rule & Guideline changes

USDA 3555 Rule ChangesUSDA Rural Development recently made some positive changes on December 1st 2014 to the 502 Guarantee loan program.  The previous 1990-D rule have been replaced with the new rule 3555. Below we will discuss some changes.

  • USDA will now accept the value of in ground swimming pools and permit this value to be included in the appraisal. In the past  USDA required the value of any in ground swimming  pool to be disregarded or not counted when determining overall appraised value. This would often time to lead to appraisal issues for homebuyers trying to finance a pool home with USDA. This was especially an issue here in Florida due to the amount of pool homes.
  • USDA has eliminating their 30% site – land value requirement. USDA used to cap or limit the land value to 30% of the total site.  If the home/lot size is typical for the area, and NOT income producing in any way, it should be ok
  • Homes located in flood zones are not permitted assuming the homebuyer can obtain eligible flood insurance.
  • Household income limits in regards to eligibility: Working full time students only need to include a max of $480 income to the overall household income, regardless of how much they make.  Since most students are still dependants, this $480 in income will often be offset by the $480 dependant deduction.   Please remember USDA household income limits apply to ALL members of the household that generate income, even if they are NOT on the loan application or qualifying.  Read more about 2015 USDA income limits here.

Please be sure to check out the video of changes here. Also insure you bookmark our BLOG here to stay up to date.  Homebuyers should also take some time and read the USDA Frequently Asked Questions here for tons of helpful information.  Please be sure to call us at 904-302-6060 with questions about the application process.

Serving Lakeland, Sarasota, Fort Myers, Naples, Summerfield, Ocala, Lady Lake, Tampa, Orlando, Jacksonville, Lake City, Fort Walton beach, Destin, Pensacola, Santa Rosa –  USDA RD New 3555 Rule & Guideline changes 2015

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