What options are left today for Florida first time home buyers with little money to put down? The only 100% no money down home loans available in Florida today are the USDA Rural Housing and VA (Veteran’s Assistance) But there’s a catch.. for VA loans you must be past or present military. So if you are regular civilian, the VA option is out. With USDA Rural Development the catch is income and location. You must make under a certain amount of money to be eligible for the USDA housing loan. T
his depending on many variables, click here to learn more. Location is the second requirement – your new home must be located in an approved Rural Housing location in Florida. The good news is many small towns/cities on the outskirts of major metro cities are currently USDA eligible. Some examples below –
Outside of Orlando FL – Winter Garden FL, Ocoee FL, Clermont FL, South Apopka FL, Chuluota FL, Mt Dora FL, Bithlo FL, Celebration FL, Orange City FL- many of these locations are still approved for USDA housing.
Outside of Jacksonville FL – Orange Park FL, Middleburg FL, Green Cove Springs, Fleming Island FL, St Johns County, Callahan FL, etc – some of these locations are approved for USDA Rural housing.
Outside of Tampa / St. Petersburg FL – Riverview FL, Valrico FL, Ruskin FL, Wesley Chapel FL, Lutz FL, Land O Lakes FL, Sun City FL – some of these locations are approved for USDA Rural housing.
In addition to income and location, USDA does have separate qualifying requirements in regards to credit score, employment, etc. Check the blog for information about this.
Questions about USDA mortgages in Florida? Contact us by filling out the short request form located on the upper right side of your screen.
USDA Mortgage Source is Florida’s Rural Housing leader, serving all of Florida 7 days a week.