USDA Rural Housing is the only ZERO down payment loan program available in Flagler & Volusia County in 2020. This is great news for homebuyers looking to purchase in Palm Coast, Bunnell, Deland, Port Orange and other smaller communities outside of Daytona.
Unless you are military and have VA eligibility and entitlements, USDA is currently the only option for 100% financing in Florida. Interestingly enough when most people think “USDA Rural,” they think about something only related to rancher or farmers, but that is not the case today.
The USDA 502 Guarantee loan is actually for normal single-family homes and most of Flagler County is currently approved eligible! Any single-family home is ok as long as the house is in overall good repair, regardless of the seller. Just about any approved homebuyer looking to purchase a home outside a major city can qualify for a USDA Loan. Even the more populated spots in Florida like Orlando FL, Jacksonville, Tampa, Gainesville, Ocala, Tallahassee FL have areas approved just outside the main city. The USDA program is especially good for Palm Coast first time homeowners that as little cashed saved up.
Some of the requirements that determine if you qualify for a USDA home loan for your home include what county home is located in, your household income and credit history, as well as the number of dependents in the household.
Some advantages of 100% USDA financing in Palm Coast:
- No money down- 100% financing.
- Flexible credit score guidelines. (Minimum credit score 620)
- No limit on the home purchase price limit. Buyers qualify based on their debt to income ratios.
- No requirement on the home seller – any home move-in condition is ok.
- Closing costs can come from any source including gifts funds, family. Closing costs can also be paid by the home seller and/ or rolled into the loan depending on the home appraisal.
- Low 30-year rates – government-backed.
- Very low mortgage insurance ( PMI ) when compared to other loans. Three times less when compared to FHA loans.
Key USDA eligibility factors:
- Occupy the property as your primary residence. No for investment or second homes.
- Be a U.S. citizen, a U.S. non-citizen national.
- Provide a stable and dependable income for repayment ability.
- Have a credit history that indicates a willingness to meet obligations as they become due.
- Have an adjusted household income that is within Rural Development guidelines based on the number of people who will occupy the home.
- Purchase a residential property that is located in a Rural Development eligible area. Most of Flagler and Volusia County are eligible.
Florida home buyers that have questions about getting pre-approved can submit the quick info request form on the right side of this page. Or call us at 800-743-7556
Proud to service all of Flagler and Volusia County Florida, Bunnell, Flagler Beach, Marineland, Palm Coast, Daytona Beach, DeBary, DeLand, Deltona, Edgewater, Holly Hill, Lake Helen, New Smyrna Beach, Oak Hill, Orange City, Ormond Beach, Pierson, Ponce Inlet, Port Orange