Zephyrhills is a city in Pasco County that is popular among first time home buyers that want to live outside of the hustle and bustle of Tampa. The city is only about 45 minutes from Tampa and offers some great home ownership opportunities for new buyer starting out. Most of central and eastern Pasco county, including Lake O Lakes and Odessa, is approved for the 100 percent USDA Rural Housing mortgage. This program is wonderful for first time home owners that have limited funds and finds it difficult to raise the 3%,5%,10%+ down payments required by many other loans. The USDA 502 Guarantee loan is an easy way to move into a home for little to no money out of pocket.
There are a few stipulations buyers need to know before applying for the USDA loan.
- Be sure you are willing to live in a USDA approved location. Remember USDA Rural Development is only for certain “rural defined” areas of Pasco and Hillsborough County. You can see the map here to check a property address. The parties selling the home is not important (bank, private seller, etc) just where the home is located. Zephyrhills, FL, Land O Lakes, Odessa are all approved locations in Pasco County. Even some areas around Wesley Chapel are approved.
- Make sure your household income is within the USDA income guidelines. If you are over the income requirements, be sure to contact us about other limited down payment options. 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 down below. You can also contact us at 7 days a week at ph: 800-743-7556
- You need decent credit to be approved- generally over a 620 credit score is required.
- You also need good steady, documentable employment and income.
Zephyrhills USDA Loan offers many advantages for buyers like:
- 100% home financing, no down payment.
- Government backed, secure 30 year fixed mortgage terms.
- The home buyer can put money down if they like, and this money can also be a gift from family, etc.
- The home seller can pay the buyers closing costs.
- Just about any single family home, townhome or condo is approved. The property just needs to be in good livable condition, and be located in an eligible area according to the map. No manufactured home, construction to perm, or rebuild type projects.
Ok, so you think you meet the requirements and want to learn more? Contact us to discuss the next steps and get your loan pre-qualification started today. It only takes a few minutes and will ensure you meet all the USDA RD eligibility requirements. Interested homebuyers can fill out the short info request form on this page, or call ph: 800-743-7556.