Just a few years ago the USDA Rural Development home loan was a “little off the radar” home loan program that very few people every heard of. The total volume national for Rural Housing program in 2007 was 3.7 billion dollars. That number increase to a whopping 13.5 billion in 2010. What a difference 3 years can make.
So the question is why has this Government backed loan program exploded over the last few years? Simple, it’s the only home loan program that is still 100% financing and no down payment needed! In the years past, 100% home loans were everywhere and just about anyone could obtain one. However, since the correction in the housing market, all of these 100% mortgage programs have long disappeared. The only other 100% home loan today is a Veterans Administration (VA) home loan. But of course to get this loan you must be past or present military. So for all you a regular civilian, USDA /Rural Housing is the only NO money down mortgage option.
USDA and Rural Development have stayed committed to the expansion of Florida’s rural communities, and many home buyers are taking advantage. This program is especially vital in Florida and helping to provide homeownership opportunities for Florida first time home buyers. Additionally the USDA loan program helps aid in the overall housing recovery in Florida.
Keep in mind, the eligible Rural Housing areas in Florida may surprise you. Many popular locations just outside of some of Florida’s largest cities are currently USDA Rural Housing approved locations. Some examples below –
Outside of Tampa – Wesley Chapel, FL, Riverview FL, Valrico FL, Ruskin FL may be currently eligible. Many locations in Pasco County and Hillsborough County are currently USDA eligible.
Outside of Orlando – Winter Garden FL, Ocoee FL, Clermont FL, Many locations as well around Deltona FL.
Outside of Jacksonville – Orange Park FL, Julington Creek FL, Middleburg FL, Fleming Island FL, Callahan, etc.
Remember 100% USDA Financing and closing costs can be paid by the seller of the home or rolled into the loan with a higher appraisal.
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USDA Mortgage Source is Florida 100% home loan leader. Serving all of Florida 7 days a week – please call us at 800-743-7556
Prefer to live in a more populated location? Check into the FHA home loan by clicking here