Still today many Florida homebuyers have never heard of the USDA home loan. When the housing boom was going on back 5 years ago there were many options for homebuyers to get 100% mortgage financing….. oh how things have changed. Today only two 100% home loan options remain, the USDA and VA home loans. To obtain a VA mortgage a home buyer must be past or present military. So for civilians.. there leaves only one 100% mortgage option here in Florida, the USDA Rural Development loan.
Ok, so what is the USDA mortgage? You may ask yourself, I thought USDA had to do with beef? Actually they do, but the United States Department of Agriculture (USDA) also has the division of Rural Development. The goal is to help Florida’s rural communities expand by offering homeownership opportunities in Florida’s with NO down payment needed.
The great thing is that many popular locations just outside of the major Florida cities (Tampa, Orlando, Jacksonville, Sarasota, Gainesville, Ocala, Tallahassee) do qualify. In addition, the property being purchased can be any single-family home (by owner, short sale, foreclosure, etc) regardless of the seller. The USDA loan program is a 100% government-backed 30 year fix mortgage program available to all Florida’s homebuyers, not just first time homeowners.
The USDA Rural Housing programs does have certain eligibility requirements like property location and household income, please click the unlined links for more information. In addition to the eligibility requirements, USDA (like any loan) has qualifying requirements related to credit, etc. Below we have listed some of the requirements.
- Min credit score of 620. No bankruptcy in last 3 years.
- Stable 2 year job history ( does not apply to recent college grads)
- Single family homes located in eligible locations. No mobile or manufactured homes.
USDA Mortgage Source is Florida’s lender in no money down Rural home loans. Serving you 7 days a week, please call 800-743-7556 or visit www.UsdaMortgageSource.com for all the program details.