The VA home loan and USDA loan are the only mortgage programs in Florida that offer 100% Zero Down payment. Non-military home buyers in Osceola and Polk County who are not VA eligible may possibly be eligible and approved for USDA financing. Below we have listed all the basic USDA mortgage guidelines for 2023-2024. Please visit USDA Mortgage Source for additional information pertaining to USDA loans.
Please read below for the basic USDA mortgage guidelines.
Credit score – 620 min credit score is required. No repeated late payments on any credit trade lines within the last 12 months. No short sales, foreclosures, or bankruptcies within the last three years.
Job history – stable 2-year history of documentable income. Recent college grads who have just started in the workforce are exempt from this requirement. Applicants are ok if they have switched around jobs, as long as they have no unexplainable extended gaps of employment. Please click this link to learn more.
Income for USDA eligibility – In general, Florida households with 1-4 members = max $110,650 gross income per year. Some counties are much more. Households with 5+ members can make even more income, over $146,050 in some counties. USDA also allows deductions for child care, elderly, disabilities, etc. We would be happy to assist you in figuring out the USDA income limit for your household and county. Please see the USDA income limits here.
Eligible USDA Property – Any single-family residence located in a USDA-eligible area, regardless of the seller. The home being purchased can be a short sale, foreclosure, by owner, etc. Existing mobile homes are NOT permitted. The home must be a primary residence, with no investment, vacation homes or rental purchases. The home must be livable, and cannot be a “rehab” job. You do not have to be a first-time homebuyer to use the USDA loan. Call us to discuss the approved location around Osceola and Polk County.
Max USDA loan amount – There is no max loan amount with USDA. Please click here.
How long does the USDA closing and processing time take – Please click here to read more
Max USDA Financing – 100%, No down payment needed from the home buyer.
Special class or grant needed? Nope, no special schooling for applying for special grants, etc.
Please read the blog for many more general USDA home loan FAQ’s
Have questions or interest in applying for a USDA home loan? Please visit www.UsdaMortgageSource.com or call 800-743-7556 to learn more about the benefits of 100% USDA / Rural Development home loans here in Florida.
Serving many states, including Florida 7 days a week, including Osceola County – Celebration, Champions Gate, Intercession City, Kenansville, Kissimmee, Poinciana, Reunion and St. Cloud. Polk County – Auburndale, Bartow, Davenport, Dundee, Eagle Lake, Frostproof, Haines City, Highland Park, Hillcrest Heights, Indian Lake Estates, Lake Alfred, Lake Hamilton, Lake Wales, Lakeland, Mulberry, and Winter Haven. 2024 USDA Home Loan Guidelines