Most Florida residence dream of the day they can afford to own a home they can legitimately call their own. The only setback is that the cost of living is never as good as the national economy. It would require some serious belt-tightening and smart expenditures to even scrape up enough money to make the down payment. If that’s accomplished, other problems will start rearing their ugly heads like furnishings, monthly bills, transportation expenses and, worst of all, heavy mortgages.
We all need a bright light somewhere to keep us going and this is where an USDA Home Loan steps in. Simply put, a USDA loan is a perfect option for Florida first time home buyers. The USDA mortgage is designed to essentially lighten the burden by offering 100% financing to eligible homebuyers. The primary requirements by prospective borrowers today are that they have good credit, can property document income and live in a USDA rural eligible location.
A USDA loan has a lot of advantages but if you need to know the best reasons for getting one, we’ve come up with the top five best for you.
1. No Down Payment – 100% Home Loan
This is probably the best reason of all. 100% USDA Rural Housing financing gives many prospective home buyers with limited savings a chance to purchase their first home.
2. Low interest rate/ Fix Rates
USDA 30 year fix interest rates are currently at all-time historic lows in 2020. The USDA loan programs offer secure 30 year fix rates terms, no adjustable-rate terms.
3. Easier credit requirements
This is ideal for individuals who had a few credit bumps in the past. Generally a bankruptcy and foreclosure waiting period is around four to five years. The current min required credit score is 620.
USDA Mortgage Source is Florida’s primary USDA home loan provider. Serving all of Florida 7 days a week including Sarasota FL, Port Charlotte FL, Tampa FL, Fort Myers FL, Naples FL.
Questions? just 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