Did you know Columbia County Florida (Fort White, Lake City, Lulu, Watertown) is totally eligible for the 100% USDA Rural Development loan? USDA Rural Housing is a great way for Florida first time homebuyers to purchase a home without a down payment. USDA is the only loan in Florida that still allows $0 down payment for Florida’s non military residents. USDA does have some lender eligibility and loan qualifying requirements – we have listed the latest for 2013 below.
USDA Down Payment needed? – $0 down payment! USDA and VA loans are the only remaining 100% home loans in Florida. However, for the VA loan you must be past or present military.
USDA home loan limit - There is no max loan amount with USDA Rural Development – buyers quality based on their debt to income ratios.
How long does the USDA closing time – As of 12/2012 -2013 the USDA closing time is around 60 days from the time the buyer is in contract to purchase a home.
Credit score required for USDA loans - 640 min credit score is required. In addition to the min credit score requirement, lenders like to see no repeated late payments on any credit lines within the last 12 months. No short sales, foreclosures or bankruptcies within the last three year period.
Income limits for Rural Housing USDA - Columbia county households with 1-4 members can make a max of $74,750 gross income per year. Some counties in Florida are more. Households with 5+ members can make even more, over $100K per year in some counties. Household will also have deductions for children, child care, elderly, disabilities, etc. Important to remember, the income limits do apply to ALL members in the household that generate income no matter if they are on the loan application or not. Please call us to review in detail if you think you are close to the limit. We are always happy to assist you in figuring out the USDA income limit for your household and county.
Work history needed for USDA loans - stable 2 year history of documentable income. Students that have recently completed college and starting working do not need to meet this requirement. Applicants are ok if they have move jobs, as long as they have no extended gaps of employment.
Eligible USDA Property - Any single family residence located in a USDA eligible area regardless of the home seller. The home being purchased can be a short sale, foreclosure, by owner, etc. All Columbia County including, Fort White, Lake City, Lulu, Watertown FL is eligible for USDA housing. Existing mobile homes are NOT allowed. Home must be a primary residence, no investment or rental purchases from investors. Other restrictions may apply to home that have in ground pools or located on a dirt road.
Please contact us at www.usdamortgagesource.com or call 904.302.6060 with any questions. You can also ask any questions by submitted the short request form the right side of this page.