Many First time homeowners in Florida have been applying for the USDA rural housing program in recent years. The program loan volume has increased over 3 times in the last few years. Why? Well since the end of nearly all the 100% home loan mortgage option in 2008, the choices are very limited. Currently, in Florida, a first time homebuyer has two choices for 100% financing home mortgages – USDA Rural Housing and VA home loans. However, in order to obtain a VA home loan, the buyer must be past or current military.
For non-military home buyers, the only choice for a no money down home loan is USDA. USDA rural development offers the following benefits to first time home buyers in FL –
- 100% no money down.
- USDA home loan closing costs can often be paid by the home seller or rolled into the borrowers new loan.
- Flexible underwriting – generally a 620 credit score is required.
Remember that the USDA loan program has some eligibility factors related to household income and property location. The household income can only be a certain cap, and the home must be located in a USDA eligible area. We can help you determine your eligibility or assist with the USDA loan application and pre-approval process. Just call 800-743-7556 or visit www.UsdaMortgageSource.com for all the general USDA program requirements.