Question: I have completed my USDA application and have my loan preapproval. I want to purchase my first home in the next few months. Does the home I purchase have to be approved by USDA first – what type of home must I choose? Tracy D – Odessa, FL
Answer: Tracy – the USDA home loan can be used for any home that is located in a USDA eligible location. With USDA, the home seller does not matter. The home being purchased can be any general sale, bank owned home, short sale or foreclosure. What matters is where the home is physically located. You can check to see if the property is eligible by clicking here. A lot of Pasco county is still eligible for the USDA mortgage. Some areas around Odessa FL, Wesley Chapel FL, Land O Lakes FL, Zephyrhills FL, Lutz FL
As for the home type – any livable single family home, townhome or condo is ok. USDA loans cannot be used on any existing mobile homes, raw land or rehab type homes. Additionally, the USDA is only to be used as a primary residence, no investor or 2nd homes permitted. Being the USDA program is 100% no money down, it makes it perfect for Florida first time buyers.
USDA Mortgage Source is Florida’s local leader in Rural Housing. Please visit us at www.UsdaMortgageSource.com for more info or call 800-743-7556 for more information.