Panama City has very limited 100% mortgage financing options left in 2024. Thankfully, most of Bay County and spots outside of Panama City Beach are still eligible for the NO money down USDA Rural Development Home Loan. The USDA RD loan is one of the last $0 down payment government mortgage programs for Florida civilians.
The USDA mortgage program is designed to help promote homeownership in less populated locations around Florida. Most of Bay County is still eligible for the program in 2024. You can view the current USDA map here to check your area. If you have trouble or need assistance, please submit the short Info Request Form on this page. You can also call us 7 days a week at ph: 800-743-7556
The USDA loan program will allow homebuyers to borrower up to 101% of the home’s appraised value. In addition, homebuyers can include closing costs into their loan assuming their appraised value is sufficient. Please read more about the USDA FAQ’s here.
A few benefits of a USDA Home Loan include:
- 101% Financing, No Down Payment required!
- Low monthly mortgage insurance (PMI) nearly half the amount of FHA mortgages.
- No Loan Amount limits.
- No Saving Reserve Requirements
- 6% Seller Contribution Allowed for Closing Costs, 100% Gifted Closing Costs also allowed.
- 30 year low fixed-rate loan.
- No Prepayment Penalty, Buyers can sell or move at any time.
- Primary Residents only (no rentals/investments or vacation homes permitted)
To get approved and qualified for the USDA loan program, there are two main requirements that differ from the other government loan programs like the FHA or VA mortgage
- Property Location: The home must be located in a Florida USDA eligible designated rural area of Bay County. Keep in mind, the seller of the home is not important, just where the home is located! Buyers can purchase a foreclosure, short sale, etc as long as the address is approved “eligible” on the map.
- Income limits – Each county has different USDA Income restrictions. The income limit is based on many different variables, please see the current USDA income limits for Bay County.
If you are a homebuyer and find you are not eligible for the USDA program based on income, etc. please contact us below to discuss other min down payment mortgage options.
USDA Mortgage Source is your one-stop Panama City USDA Home Loan Lender. Proudly serving all of Bay County FL Monday – Sunday including – Laguna Beach, Lynn Haven, Mexico Beach, Millville, Panama City, Panama City Beach, Parker, Rosemary Beach, Sand Hills, Sandy Creek, Southport, Springfield, and Youngstown FL, Bay County Rural Housing Development Houses For sale