Below we have outlined the general 100% USDA Rural Development home loan requirements for 2023. Please read below for the basic USDA Rural mortgage guidelines here in Florida and contact us with any questions 7 days a week, we are happy to help.
USDA Credit score requirements – 620 minimum credit score is required for automated GUS approval. However, this credit score requirement alone does not guarantee USDA home financing. Additional requirements include – No repeated late payments on any credit trade lines within the last 12 months. No short sales, foreclosures, or bankruptcies within the last 2 years.
Job and work history – solid two-year history with documentable income. Recent college grads that have just started in the workforce are exempt from this requirement. Applicants are ok if they have switched jobs, as long as they have no unexplainable extended gaps of employment. Please click this link to learn more.
Eligibility income for USDA housing – In general, Florida households with 1-4 members can have a max $110,650 gross income per year. Some high-cost counties are even higher. Households with 5+ members can make even more, over $146,050 in certain counties. USDA also allows deductions for child care, elderly, disabilities, etc. Please click here to learn more about USDA income restrictions and contact us with any questions.
Eligible USDA Property – Any single-family home that is located in a USDA eligible location. Property being purchased can be a short sale, foreclosure, by owner, etc. Existing mobile homes are NOT permitted. The home must be a primary residence, and no investor rental purchases are permitted. The home must be livable, cannot be a “rehab” project. You do not have to be a first-time home buyer to use the USDA loan.
Max USDA Rural Development loan amount – There is no max loan amount with Rural Housing USDA. Home buyers qualify based on income limits put in place and max allowed debt-to-income ratios. Please learn more about USDA loan limits here.
How long does the USDA mortgage closing and processing time take? – Generally, the closing process takes around 25-40 days to complete. USDA loans are different in that they go through a two-tier approval process. Please learn more about USDA closing times here.
Max USDA Rural Development Financing – 100%, NO money down required! Home sellers can also pay closing costs for USDA home buyers.
Is USDA only for First Time Home Buyers? No, USDA can be used by any prospective home buyer. However, only primary homes are permitted – no second homes or investment properties are permitted.
Please read many more USDA FAQs here to learn more about general requirements and guidelines.
Have questions about the USDA housing application process? Call us or just submit the Info Request Form on this page.
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