The 100% USDA Mortgage is the only true No Money Down 100% loan left for Florida homebuyers. The program is targeted at growing home ownership in less densely populated rural areas. However, this does not include farms or ranches, the USDA Rural housing loan program is only intended for the purchase of single-family residences, condos or town homes and it must be a primary residence.
You will be surprised to see what areas have eligible locations and qualify for this program around Florida – Some communities just outside of Orlando – Orange, Osceola county FLA, Jacksonville – St. Johns, Nassau county FLA, Tampa – Hillsborough, Pasco, Manatee county FLA and Sarasota FL. To discuss eligible locations around your town, please call us we are always happy to assist. Or visit this USDA property eligible link here.
The site will show you the location map and whether the property is an eligible area or not, you can also zoom in and out to see where the boundary lines are. The USDA Rural Housing program is moderate-income loan program so there are income limits the household must be under. Most of Florida is right around 90K per year for a family of 1-4 members. The maximum allowable income is determined by county and number of adults and children in the household. The more people in your household the higher the income limit. Our qualified mortgage USDA professionals can help you with your location and income is eligible questions.
Highlights of the 100% USDA Rural Development Program
- Finance full purchase price plus closing costs up to 102% of the appraised value.
- No limit on seller concessions – how much closing costs the seller can pay for the buyer. If the seller is not paying closing costs, they can be rolled into the loan amount up to 101% of the appraised value, not sales price. Great benefit and flexibility here that no other loan has.
- One lien, no down payment first time buyers assistance required.
- No cash or asset reserve requirements.
- Not limited to first time home buyers.
- Full doc only, must have stable work history (2+ years)
- 620 minimum credit score.
- No pre-pay penalty and simple 30 year fixed rates.
- Primary residence only – no investment homes.
- Available for Single-family homes, condos & townhomes only, No mobile homes or multi-family properties permitted. Short sales, foreclosures homes are ok – the important thing is where the property is physically located, NOT who the seller is.
The USDA mortgage program is offered by approved Florida USDA lenders and guaranteed against default. Since this is one loan only, there are no other loan applications to submit as you would on a down payment assistance first time home owner program. If you are looking into qualifying for a USDA or have questions about the loan application process, just submit the quick request form on this page or call 800-743-7556.
Please continue to read the blog for more helpful USDA loan information. If you are not located in a USDA approved location, please visit www.fhamortgagesource.com to learn more about the 3.5% down FHA loan here in Florida.