Tampa area home buyers have few options today for low / zero down home financing. Te good news is the USDA Rural Housing loan still offers 100% financing in selected parts of Hillsborough, Pasco and Manatee County. There ARE still locations outside of metro Tampa where you can purchase a home with no money down!
Apollo Beach, South Riverview, Ruskin, Sun City, Thonotosassa, Lake O Lakes, Odessa to name a few. For those buyers that qualify, 100% financing is available bringing the dream of home ownership within reach. With low fixed interest rates and flexible guidelines, a USDA mortgage could help you achieve your dream of homeownership.
There are certain eligibility criteria that must be met for both the borrower and the property. Borrowers must meet certain income, credit and employment requirements. The home to be purchased must be located within the USDA’s Property Eligibility Map or “approved area”
Many locations just outside of Tampa are still approved, contact us today to discuss all the approved housing locations in Hillsborough, Pasco and Manatee County. Buyers can just submit the short Info Request Form on this page with any questions. You can also call us at 7 days a week at ph: 800-743-7556
What is a USDA mortgage, and why is it so good?
Established in 1949 by the US Department of Agriculture ( USDA) the goal is to give residents of rural areas the opportunity to own a home and promote development in underdeveloped rural areas. Many homes throughout Florida have been financed through the USDA “Rural Housing” Single Family 502 Guaranteed Loan program.
Although it is certainly not new, the USDA Rural Housing Loan program has become more popular in recent years since the evaporation of all 100% mortgage programs. In fact in Florida today there are only two 100% home loans left – USDA and VA which requires military service.
Are you a Tampa area first time buyer with limited cash saved but want to own a home? USDA Rural Development may be able to help you! Let’s look at some of the advantages with USDA financing below:
- 102% Financing (Up to Appraised Value)
- Low monthly mortgage insurance ( PMI)
- No Down payment Needed – 100% financing.
- Not just for first time home buyers, it can be used by move-up buyers as well.
- No reserves required
- No limit on seller concessions, seller can pay all closing costs.
- 100% Gift Allowed from family, etc.
- Easy credit score guidelines ( 620 scores often required)
- No maximum purchase price/loan amount limit in Hillsborough, Pasco and Manatee County.
- Secure low fixed 30-year rates
- No special class or obstacles to get started. Get qualified with a letter of pre-approval all in the same day!
The Rural Development guaranteed loan program has assisted thousands of Tampa area homebuyers just like you. Contact us today to learn more at www.UsdaMortgageSource.com or call 800-743-7556. Buyers can also submit the short Info Request Form on this page for fast service. You can also contact us at 7 days a week at ph: 800-743-7556
Homebuyers purchasing in locations not eligible for USDA financing (St. Petersburg, Clearwater, Pinellas, metro Tampa) can still contact us to discuss other low down payment financing solutions.
Tampa USDA Loan 100% Financing