Below we have outlined the general 100% USDA Rural Development home loan requirements for 2012. Please read below for the basic USDA Rural mortgage guidelines here in Florida and contact us at www.UsdaMortgageSource.com with any question, we are happy to help.
USDA Credit score requirements – 620 minimum credit score is required. 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 3 years.
Job and work history – solid two year history with documentable income. Recent college grads that have just started in the work force are exempt from this requirement. Applicants are ok if they have switch around 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 = max $74,050 gross income per year. Some counties are much more. Households with 5+ members can make even more, over $100,000 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. Home must be a primary residence, no investment or rental purchases. Home must be livable, cannot be a “rehab” job. You do not have to be a first time home buyer to use the USDA loan.
Max USDA Rural Development loan amount – There is not a 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 click here. to learn more.
How long does the USDA mortgage closing and processing time take – Please click here and 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 allowed.
Please read the USDA blog located here for many more general USDA home loan requirements and guidelines.
Have questions about the USDA housing application process? here in Florida? Please visit our main web site by clicking here.
USDA Mortgage Source is Florida’s leading 100% USDA information resource Serving all of Florida including Tampa FL, Orlando FL, Jacksonville FL, Sarasota FL, Tallahassee FL, Gainesville FL, Ocala FL – please take a look at our main web site at www.UsdaMortgageSource.com or call 800-743-7556 to learn more about the benefits of 100% USDA / Rural Development home loans here in Florida. We are available to serve you seven days a week. Boca Raton | Bradenton | Brandon | Cape Coral | Clearwater | Cocoa Beach | Coconut Creek | Coral Gables | Crystal River | Daytona Beach | DeLand | Deltona | Delray Beach | Destin | Dunedin | Englewood | Fort Lauderdale | Fort Myers | Fort Walton Beach | Gainesville | Hallandale | Hobe Sound | Hollywood | Inverness | Jacksonville | Lakeland | Lake City| Live Oak | Melbourne | Miami | Mount Dora| Naples | Ocala | Ojus | Orlando | Ormond Beach | Palatka| Palm Bay | Panama City | Pensacola | Pompano Beach | Port Charlotte | Port St. Lucie | Punta Gorda | Santa Rosa | Sarasota | Siesta Key | Springhill | St. Augustine | St. Petersburg | Sunny Isles | Tallahassee | Tamarac | Tampa | Titusville | Venice | Vero Beach | Wesley Chapel | West Palm Beach | Winter Haven | Winter Garden