Are you located in a more rural area of Florida? If so, maybe the 100% USDA home loan can benefit you.
Some background – The USDA Rural Development Home Loan is the last remaining no down payment government-insured mortgage program for Florida civilians. The USDA mortgage program is designed to help promote homeownership in less populated locations around Florida. Many people assume the USDA loan program is only for farmers or ranchers, not true.
Many major metropolitan areas have outlining areas that are qualified for USDA eligible property locations. Even locations around major Florida cities like Jacksonville, Orlando, Tampa, Gainesville, Ocala, Tallahassee, Pensacola have USDA eligible locations around them. Interested homebuyers can click here to view USDA eligible zones in their location.
The USDA loan program will allow homebuyers to borrow up to 101% of the home’s appraised value. In addition, homebuyers can include closing costs into their loan assuming their appraised value is sufficient. Please click here to learn more.
Some benefits of a USDA Home Loan include:
- 101% Financing, No Down Payment required!
- Low monthly mortgage insurance (PMI) Just a one-time USDA funding fee that is included in your loan.
- No Loan Amount limits.
- No Cash Reserve Requirements
- 6% Seller Contribution Limitations
- 100% Gifted Closing Costs allowed
- 30 year low fixed rate loan
- No Prepayment Penalty
- Primary Residents only (no rentals/investments or second homes permitted)
- 620 min credit score required for USDA home loans.
To qualify for the USDA loan program, there are two main requirements that differ from the other government loan programs (FHA or VA loan program)
Property Location- The home must be located in a Florida USDA eligible designated rural area. Buyers can find the complete USDA eligibility map here. Remember, the seller of the property is not important, just where the property is physically located.
Household income- Each county has different USDA Income restrictions. The income limit is based on many different variables, please click here to learn more.
Questions about USDA / RD home loans? Call us at 800-743-7556. Please also visit our blog for the latest Florida USDA home loan information.
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Florida 100% USDA, 2021
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