Central Florida teachers have some great home financing options available in 2022. The two main mortgage programs available for FL teachers today are the FHA and USDA home loan. Depending on your location (Polk County, Orange County, Osceola County, Hillsborough County) one option may work better for you.
Florida Teachers – USDA Home Loan:
- No Down Payment Required with USDA Rural Development – true 100% home loan with no down payment.
- No first time buyer class or down payment assistance is needed, again the program is $0 down payment.
- Low 30 Year Fix Rate with NO Pre Payment Penalty. Government-backed.
- 102% Loan to Value ( 2% USDA guarantee fee can be included into loan)
- Florida teachers can finance all their USDA closing costs with a higher appraised value. Or, buyers can have the home seller pay their closing costs!
- Very low monthly mortgage insurance – PMI. USDA RD annual fee (monthly insurance) is a third LESS than FHA loans
- Any single-family home for sale is eligible – the home just has to be located in a USDA approved eligible area and in move-in condition. Most of Polk County FL outside of the immediate area of Lakeland, Winter Haven is eligible and approved for the program. The same goes for Hillsborough County outside of Tampa, Orange County outside of Orlando, Osceola County as well.
- Household income limits do apply – Most of Polk County, Orange County, Osceola County, Hillsborough County start at $103,500 and go higher depending on variables like dependants, number of member in the household, etc. Please click here to check income limits in your county.
For more information on USDA loans and all the common questions, please visit – http://www.usdamortgagesource.com/blog/frequently-asked-usda-rural-housing-loan-questions/
Polk, Orange, Hillsborough County Teachers – FHA Home Loan:
- FHA is a great choice for teachers that want to live closer to the more populated (not usda approved eligible) locations. Locations like Tampa, Orlando, etc.
- FHA mortgages require a min 3.5% down payment. However, the down payment can be a gift.
- Closing costs can be paid by the home seller just like USDA loans.
- FHA home loan have NO household income limits like USDA.
- Just like USDA loans, FHA loans also have very low 30 year fix rates.
For more information on FHA loans here in Florida – please visit www.FhaMortgageSource.com
Questions? Just submit the quick info request form on the right side > or call ph: 800-743-7556
Serving all of Florida including Polk County, Orange County, Osceola County, Hillsborough Teacher Program – Auburndale, Bartow, Davenport, Dundee, Eagle Lake, Fedhaven, Fort Meade, Frostproof, Haines City, Highland Park, Hillcrest Heights, Indian Lake Estates, Lake Alfred, Lake Hamilton, Lake Wales, Lakeland, Mulberry, Nalcrest, Polk City, Providence and Winter Haven. Brandon, Carrollwood Village, Dover, Gibsonton, Lithia, Lutz, Mango, Orient Park, Plant City, Riverview, Ruskin, Seffner, Sun City Center, Tampa, Temple Terrace, Thonotosassa, Valrico. Campbell, Celebration, Champions Gate, Intercession City, Kenansville, Kissimmee, Poinciana, Reunion and St. Cloud. Apopka, Bay Lake, Belle Isle, Christmas, Doctor Phillips, Eatonville, Edgewood, Hunter’s Creek, Lake Buena Vista, Maitland, Oakland, Ocoee, Orlando FL, Tangerine, Windermere, Winter Garden, Winter Park.