Naples home buyers that are looking to purchase a home with NO down payment should look into the USDA Rural Development loan! USDA offers 100% financing with minimum out of pocket costs. Believe it or not, you can still buy a home with $0 money down. Below is a list of the USDA mortgage requirements for 2020
- Homebuyers must purchase their home in a USDA rural defined eligible location. The Florida USDA property eligibility map can be found here Remember, the home seller (who is selling the home) is not important. The physical location is what matters. Many popular communities just outside of Jacksonville, Pensacola, Ocala, Tampa, Orlando, Gainesville and Sarasota are eligible!
- Income for the household must be below the USDA income limits for Collier County. The current 2020 USDA RD income limits can be found here This does apply to ALL household members living in the home that generate income, even if they are NOT applying on the loan application.
- Homebuyers must have reasonability decent credit. Most USDA lenders and banks will require a credit score of 600 for all borrowers. Additional restrictions may apply to any USDA loan applicants that had a previous bankruptcy, short sale or foreclosure.
- Income and assets must be documentable with paystubs, tax returns, or W2, etc.
The USDA home loan is the one the last remaining mortgage programs that allows 100% financing with $0 down payment around Naples, perfect for first time home buyers. The term of the USDA loan is a standard 30 year fix with no early payoff penalty.
Questions? just submit the short Info Request Form on this page for fast service. You can also contact us at 7 days a week at ph: 800-743-7556
Serving all of Collier County – Naples 100% Home Financing