Please read below to find the basic 100% USDA Rural Development loan requirements in Florida. Bay & Walton County have many USDA approved locations!
- Your income and your monthly expenses. Standard debt-to-income ratios are 29/41 for USDA Loans. These ratios may be exceeded with compensation factors like high credit score, great job history, savings, etc.
- Min credit score FICO of 620 or above is required for all loans
- The property must be located in a USDA approved location. Remember, the home seller is not important – just the physical location of the home.
- Your household income must be under the limit set for your county – please click here.
Other Notes –
- USDA Rural Housing Loan is the only mortgage program in FL that offers 100% financing with NO down payment needed (unless you are military VA eligible) Buyers can choose to put money down if they like.
- USDA also allows the home seller to pay all the buyers closing costs – up to 6%.
- USDA monthly mortgage insurance (PMI) is much less when compared to FHA loans. So USDA/RD loans make sense even for home buyers that are considering a FHA loan. As long as you meet the location, income and credit restrictions – consider USDA first!
Please visit us at www.usdamortgagesource.com for any questions regarding the USDA loan requirements here in Florida. USDA also has great refinance options for Florida homeowners that currently have a USDA/RD loan.
Serving all of Bay and Walton County – including Bayou George, Bear Creek, Callaway, Cedar Grove, Fountain, Hiland Park, Laguna Beach, Lynn Haven, Mexico Beach, Millville, Panama City, Panama City Beach, Parker, Rosemary Beach, Sand Hills, Sandy Creek, Southport, Springfield, West Bay, West Panama City Beach and Youngstown ,DeFuniak Springs, Freeport, Miramar Beach, Paxton, Point Washington, Redbay, Santa Rosa Beach FL