Attention Florida first-time home buyers and move-up homeowners in Lakeland Polk County – learn more today about the benefits of 100% no money down USDA financing
Unless you are military and eligible for a VA home loan, the USDA Rural Development is the last remaining $0 down home loan available in Florida. Most of Polk County is still eligible for the program.
USDA loans offer several benefits for homebuyers in Florida, particularly for those purchasing property in eligible rural areas. Here are the key advantages:
1. No Down Payment Required
- One of the most attractive features of a USDA loan is that it allows 100% financing. This means eligible homebuyers can purchase a home without a down payment, making it easier to get into a home with little upfront cost.
2. Low Interest Rates
- USDA loans often have lower interest rates compared to conventional loans. These government-backed loans come with competitive rates, which can result in lower monthly payments.
3. Flexible Credit Requirements
- USDA loans tend to have more lenient credit requirements than conventional loans. While a minimum credit score of around 640 is typically required for automated underwriting approvals, USDA lenders may consider applicants with lower scores if they have strong financial compensating factors.
4. Lower Mortgage Insurance Costs
- Although USDA loans require mortgage insurance, the premiums are often lower than those for FHA or conventional loans with less than 20% down. This can reduce overall mortgage costs.
5. Closing Cost Assistance
- In some cases, the seller can pay for closing costs, or buyers can roll these costs into the loan if the appraised value of the home is higher than the purchase price.
6. No Prepayment Penalty
- There are no penalties for paying off the loan early. This provides borrowers with the flexibility to refinance or pay off their loan ahead of schedule without incurring extra fees.
7. Property Eligibility
- USDA loans are designed to support homeownership in rural areas, but many eligible areas in Florida are suburban. It’s worth checking the USDA eligibility map to see if your desired area qualifies.
8. Income Limits
- USDA loans are aimed at low- to moderate-income families, but the income limits are fairly generous. In Florida, the limits vary by county and family size, allowing many buyers to qualify.
9. Supports First-Time and Repeat Buyers
- USDA loans are available to both first-time and repeat buyers, making them a flexible option for various buyers seeking affordable homeownership.
These benefits make USDA loans an attractive option for eligible homebuyers in Florida, especially those looking for an affordable path to homeownership in rural or suburban areas.
Let us help answer your questions about eligibility and pre-qualification requirements; we are available to assist you 7 days a week. To request assistance, just submit the quick info request form on this page, you can also call us above.
Serving all of Florida including Plant City, FL – Lakeland FL, Winter Haven FL, Hanes City FL, Davenport FL, Polk County, Osceola County