Let’s talk about the 100% financing USDA Rural Housing home loan. Obviously to be eligible for a VA home loan applicants must be current or past military. But what about all the other borrowers in Florida that aren’t military, what options do they have for 100 percent financing? USDA is another government backed home loan that helps fill the gap for borrowers that have limited saving for a down payment.
Great for first-time homeowners, the program is offered through approved USDA lenders and backed by the United States Department of Agriculture. The USDA mortgage program (also known as the Rural Housing, RD, Rural Development or 502 Guaranteed loan) offers 100% no money down in select locations around Florida. Below we will discuss some of the details and things to know before applying for the USDA home loan:
- The house you purchase must be located in a USDA approved location according to the eligible property map here. The home doesn’t need to be sold by a certain seller, just located in one of the approved FL locations.
- The income for the family purchasing must be below the USDA county USDA income limits.
- All the other loan qualifying criteria are very similar to the other government home loans like VA and FHA. Applicants will need a 620+ credit score, steady job with income that can be documented, and reasonable debt to income ratios to qualify.
- The USDA loan allows for 100% financing with no down payment. Home sellers can also pay all the borrowers closing costs, or they can roll closing costs into their loan in certain cases.
- USDA monthly mortgage insurance costs – know as “PMI” is less when compared to the Conventional and FHA mortgage.
- Borrowers are not required to take any class or fill out any special paperwork. Just a standard 15 min loan application similar to all other loan programs.
The USDA loan program is especially great for first time home buyers that have limited money cash saved up. However, the program is NOT limited to just first time home buyers and 100% financing. In fact homeowners can opt to put 3%, 5% or 10% down payment is they choose.
Home buyers can visit www.UsdaMortgageSource.com or call ph: 800-743-7756 to learn more. USDA Mortgage Source is available to serve FL & GA homebuyers 7 days a week.
USDA Mortgage – The Other 100% Home Loan – proudly serving – Alachua, Altamonte Springs, Anna Maria, Apopka, Atlantic Beach, Auburndale, Aventura FL, Avon Park, Boca Raton, Bonita Springs, Boynton Beach, Bradenton, Brooksville, Cape Canaveral, Cape Coral, Casselberry, Celebration, Chipley, Cinco Bayou, Clearwater, Clewiston, Cocoa, Cocoa Beach, Coconut Creek, Coral Gables, Coral Springs, Crystal River, Dania Beach, Davie, Daytona Beach, Deerfield Beach, DeFuniak Springs, DeLand, Delray Beach, Deltona, Destin, Dunedin, Eagle Lake, Edgewater, Edgewood, Eustis, Fort Lauderdale, Fort Myers, Fort Pierce, Fort Walton Beach, Fruitland Park, Gainesville, Greenacres, Green Cove Springs, Gulf Breeze, Gulfport, Haines City, Hallandale Beach, Hawthorne, Hialeah, Hialeah Gardens, Highland Beach, Hollywood FL, Holly Hill, Holmes Beach, Homestead, Hypoluxo, Indialantic, Jacksonville, Juno Beach, Jupiter, Key West, Kissimmee, LaBelle, Lady Lake, Lake Alfred, Lakeland, Lake Mary, Lake Park,Lake Wales, Lake Worth, Lantana, Largo, Leesburg, Lighthouse Point, Longboat Key, Longwood, Maitland, Marco Island, Margate, Melbourne, Melbourne Beach, Miami, Miami Beach, Milton, Minneola, Miramar, Mount Dora, Naples, Neptune Beach, New Port Richey, New Smyrna Beach, Niceville, North Port, Oakland Park, Ocala, Ocean Ridge, Ocoee, Okeechobee, Oldsmar, Orange Park, Orlando FL, Ormond Beach, Oviedo, Palatka, Palm Bay, Palm Beach, Palm Beach Gardens, Palm Coast, Palmetto, Panama City, Panama City Beach, Pembroke Pines, Pensacola, Pinellas Park, Plant City, Plantation, Pompano Beach, Port Orange, Port St. Lucie, Punta Gorda, Rockledge, Royal Palm Beach, St. Augustine, St. Cloud, St. Petersburg, Safety Harbor, Sanford, Sarasota, Satellite Beach, Sewall’s Point, Shalimar, Stuart, Tallahassee, Tamarac, Tampa FL, Tavares, Temple Terrace, Titusville, Treasure Island, Valparaiso, Venice, Vero Beach, Wellington, West Palm Beach, Weston, Wilton Manors, Winter Garden, Winter Haven, Winter Park
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