USDA home loans have been helping Florida residents become homeowners since the 1940’s. USDA and Rural Housing has invested well over $54 billion in helping people purchase their own homes. USDA and “Rural” often are associated with just farmers or ranchers – but many more people than just people who live in the country are getting USDA loans and seeing what a great loan program it can be.
Let’s face it, there just aren’t many 100% financing mortgage options available for homebuyers anymore. First Time Homeowners, Consider USDA. Many homeowners who are shopping for a home outside a major city are surprised to learn that many properties qualify for a USDA loan even though they can hardly be considered “rural”. Even all the homebuyers around Jacksonville, Orlando, Tampa, Lakeland, Gainesville, Ocala, Tallahassee – should take a close look at USDA before making their choice.
Who type of borrower can qualify for a USDA loan?
USDA loan eligibility is determined by the location of the property, not the seller of the property. So depending on your area in Florida, the property is located it may be eligible for USDA financing. Click here to view the USDA property map. When qualifying for a USDA loan, it is very similar to qualifying for other loan programs like FHA and Conventional loans. it is important to have a current income that you can document, a decent credit history and demonstrated ability to repay the loan.
Not all lenders and banks have experience helping people with USDA loans, so it is important that you choose a lender with the experience and underwriting capability available in house for USDA loans. Regardless of where you are located in Florida or Georgia, we can help. Just call 800-743-7556 or submit the short info request form on this page.
Just to be clear, the USDA loan is also commonly referred to the following names below:
Rural Housing Loan
Rural Development Loan
502 Guarantee Loan.
USDA Loan Highlights:
- USDA loan is backed by the United States Department of Agriculture – Federal Government.
- True 100% – No Money Down financing.
- It can be used to buy a new home or refinance an existing USDA mortgage.
- Many regular home buyers can qualify – just not for farmers.
- Moderate income limits apply – based on family size. Read about USDA income limits here.
- No Prepayment Penalties.
- Purchase: 1% upfront fee that can be rolled into the loan.
- Refinance: 1% upfront fee that can be rolled into the loan.
- 0.35% annual fee that is included in the mortgage payment and paid monthly.
- Competitive 30 year fixed interest rates.
- No maximum loan amount.
- No limits on cash contributions.
- Not restricted to first time home buyers
- The home must be occupied as your permanent residence.
USDA Loan Eligibility:
The two critical factors with USDA eligibility are the location of the property and the income of the household. If you are unsure about any of these things, please reach out to us by submitting the quick info request on this page. We are also happy to assist buyers with the loan application and pre approval requirements.
USDA Streamline Refinance Pilot:
If you are a homeowner that currently has a USDA loan, you may be eligible for the USDA streamline Pilot refinance program. It is currently a pilot and is being done in certain states and is helping people save on their mortgage. Learn more about the USDA Pilot Refinance here. Interest rates are low and the Pilot program is set to expire soon – contact us before times runs out.
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