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 in 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 qualify for USDA-eligible property locations. Locations around major cities like Jacksonville, Orange Park, Gainesville, and Ocala have USDA-eligible locations around them. Call us at 800-743-7556 to talk about approved locations in your area.
The USDA loan program will allow homebuyers to borrower up to 101% 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:
- 101% 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 2023 USDA loan income limits here.
Please stop by our web site to view general USDA program requirements and FAQ’s here.
USDA Mortgage Source is Florida’s leading USDA Rural Housing resource serving FL home buyers 7 days a week. Please be sure to contact us at ph: 800-743-7556 You can also submit the short info request form on this page faster service.
Serving all of Florida 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