We receive many inquiries each week asking about the latest USDA loan requirements. Please read below for the basic USDA mortgage guidelines.
Credit score – 620 min credit score is required. However, this credit score requirement is beginning to increase to a 640. No repeated late payments on any credit trade lines within the last 12 months. No short sales, foreclosures or bankruptcies within the last 3 years.
Job history – stable 2 year history of documentable income. Recent college grads that have just started in the work force are exempt from this requirement. Applicants are ok if they have switch around jobs, as long as they have no unexplainable extended gaps of employment. Please click this link to learn more.
Income for USDA eligibility – In general, Florida households with 1-4 members = max $74,050 gross income per year. Some counties are much more. Households with 5+ members can make even more, over $100,000 in some counties. USDA also allows deductions for child care, elderly, disabilities, etc. We would be happy to assist you in figuring out the USDA income limit for your household and county.
Eligible USDA Property – Any single family residence located in a USDA eligible area…. no matter who the seller is. Home being purchased can be a short sale, foreclosure, by owner, etc. Existing mobile homes are NOT permitted. Home must be a primary residence, no investment or rental purchases. Home must be livable, cannot be a “rehab” job. You do not have to be a first time home buyer to use the USDA loan.
Max USDA loan amount – There is not a max loan amount with USDA. Please click here.
Max USDA Financing – 100%, $0 down payment!
Please read the blog for many more general USDA home loan requirements and guidelines.
Questions? just submit the short Info Request Form on the right side of this page for fast service. Mobile users can find the Info Request Form here. You can also contact us at 7 days a week at ph: 800-743-7556
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