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 home buyers 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 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 – USDA closing time is around 35 days from the time the buyer is in contract to purchase a home.
Credit score required for USDA loans – 620 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.
USDA Household Income Limits – Columbia county households with 1-4 members can make a max of $110,650 gross income per year. Some counties in Florida are more. Households with 5+ members can make even more, over $136K per year in some counties. Households 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 an income no matter if they are on the loan application or not. Working Full-time students are exempt from this rule. 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 in 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 in 2023. Existing mobile homes are NOT allowed. The home must be a primary residence, no investment or rental purchases from investors. Other restrictions may apply to home located on a dirt road.
USDA Mortgage Source is Florida’s leading USDA Rural Housing resource serving FL home buyers 7 days week. Questions? just submit the short info request form on this page for fast service. You can also contact us at ph: 800-743-7556 7 days a week.
100% Columbia County Florida, Lake City, USDA Mortgage