Military Homebuyers in Winter Haven can still purchase a home with NO down payment. It’s no secret one of the biggest challenges many Polk and Hillsborough County first time home owners face is lack of mortgage down payment. Most conventional loans these days require 10% -20% down payment, which is out of reach for even many move-up buyers.
Even with the disappearance of $0 down mortgage financing years ago, a few government 100% program still remain. First, for the past and present military there is the VA home loan. Backed by the VA (Veterans Administration), The VA mortgage still offers 100% financing with NO monthly mortgage insurance.
This is without a doubt the best home financing option available today in Florida. In addition to 100% financing, the VA loan offers the lowest 30 year fixed interest rates around. This program is backed by the Federal Government and administered by approved VA lenders/banks in Florida. Florida Vets that have VA benefits should certainly look into this mortgage option first. Let’s look at some of the advantages of VA home loans:
100% financing – no down payment.
No Monthly Mortgage Insurance – All other programs like FHA, USDA, and certain conventional loans require monthly PMI or mortgage insurance to be paid, not the VA program! In some cases, this can save buyers hundreds of dollars each month.
Seller Paid Closing Costs – sellers concession for VA closing costs can be paid by the home sellers. This reduces the out of pocket money needed from home buyers.
Low 30 Yr Fixed Rates – VA Home Loans offer a low fixed rate. This is a rate that starts low, and stays low. That gives you the peace of mind that your payment will not increase in the future and that your home will remain affordable for years to come.
More flexible credit requirements – Because a VA Home Loan is insured by the government, we can offer VA Home Loans to applicants that may not qualify for other types of home financing, including FHA loans. The current min credit score FICO is 600.
Easy Refinance Options – VA makes refinancing easy through the VA IRRRL streamline refinance should interest rates ever do lower.
Questions about applying for a VA loan in Florida? Please call us at ph: 800-743-7556 or just submit the quick Info Request Form on this page and a VA loan specialist will contact you 7 days a week.
The second 100% home loan still available in Florida is the USDA Rural Housing program (also known as RD or 502 Guaranteed loans) this program is reserved strictly for properties located in approved USDA rural locations. This is the only 100% financing option available for non-military home buyers in FL. Many parts of Polk County and Hillsborough County are still eligible for this program.
Area’s right around Riverview, Plant City, Valrico, Winter Haven and Lakeland may be still approved. You can see the approved USDA housing map here. The program can be used for ANY move-in condition home as long as it’s located in an approved USDA zone. Mobile homes, rehab homes, lot loans, “build on your own land” is not permitted.
Many parts of East Hillsborough and Polk County DO qualify for the USDA loan program which could save home owners a considerable amount of money when compared to other options FHA or conventional mortgages. In fact most of Polk County is eligible for USDA financing. In addition, many parts of East Hillsborough County are eligible around Riverview, etc.
So what makes the USDA RD mortgage program good for Central FL buyers?
No Down Payment Required – Unlike conventional and even FHA loans, Rural Development home loans do not require any down payment. This is especially beneficial for first time homebuyers around Plant City. Saving up a down payment can be very difficult for younger buyers just starting out. Utilizing a Rural housing loan means that it is no longer an obstacle to homeownership.
Low Monthly Mortgage Insurance (PMI) – The monthly mortgage insurance on a USDA loan is much lower than it is for an FHA or conventional loan. This can greatly reduce your monthly mortgage payment, allowing you to qualify to buy a more expensive home, or allow you to put more money into savings every month.
Seller Paid Closing Costs – Sellers concession for closing costs allows the seller to pay for some (or all) of your closing costs out of their proceeds from the sale of the home. Couple that with 100% financing that is available, and you can be in a home without any of your own money, meaning you can keep your money in savings to cover any moving expenses.
Financed Closing Costs – On some purchase transactions, distressed sales in particular, the seller’s concession for closing costs may not be possible. A USDA loan allows the financing of the closing costs even if the seller will not agree to a sellers concession assuming the appraised value is high enough. All of the closing costs can be financed, up to 100% of the appraised value of the home. This is extremely beneficial when a seller’s concession is not an option.
Low 30 Yr Fixed Rates – Like VA loans, the USDA Home Loans offer a low fixed rate.
Easy credit requirements – Because a USDA Home Loan is insured by the government, we can offer VA Home Loans to applicants that may not qualify for other types of home financing, including FHA loans. Like VA, the current min credit score FICO for USDA is 620.
No Loan Amount Limits – While conventional loans have a maximum loan amount limit of $647,200, and FHA loan amount limits vary by county, the USDA Home Loans do not have a loan amount limit in Winter Haven, Plant City, Tampa, Lakeland, etc. This is especially useful in areas with lower VA/FHA loan limits.
Interested home buyers can learn more about USDA financing at www.UsdaMortgageSource.com
Serving all Florida buyers In Polk and Hillsborough County: Auburndale, Davenport, Frostproof, Haines City, Lake Alfred, Lake Hamilton, Lake Wales, Lakeland, Mulberry, Polk City, Winter Haven, Apollo Beach, Brandon, Dover, Gibsonton, Lithia, Lutz, Plant City, Riverview, Ruskin, Seffner, Sun City Center, Tampa, Thonotosassa, Valrico FL. Winter Haven 100% Home Loans