|
USDA 100% Financing
What is a USDA Housing Loan?
USDA is a Rural Housing Loan that is Federally insured by the USDA and is designed to promote the development of rural and suburban areas of the United States. A home has to be in an eligible geographic location as defined by the USDA Eligibility Maps. This does not mean that the home has to be a farm or have cows on it. To the contrary, eligible areas include communities that you would not consider rural. Many areas are USDA eligible; don't assume that they are not. Please contact us or use the link below to determine eligibility.
HOW DO I QUALIFY?:
-
No Minimum Credit Score
-
No First Time Home Buyer Requirement
-
No Maximum Loan Amount
-
Must not own any other adequate Housing
-
Purchase transaction only (you can refi an existing USDA loan)
-
Owner Occupied only
-
Must provide proof of Income
-
Must provide proof of Assets
-
Only Occupied Homes Only
-
Must meet Income Guidelines based on Household Size
RURAL HOUSING LOAN DETAILS:
-
100% Financing based on Appraised Value
-
No Mortgage Insurance
-
30 Year Fixed Rates Lower than Conventional
-
3.5% Guarantee Fee is Financed into the Loan
-
6% Seller Contributions Allowed
-
Finance Closing Costs and Prepaid Items within Appraised Value
-
Escrow Hold-Backs up to the lesser of 10% of purchase price or $10,000 allowed for repairs
Florida Income Limit Chart
Effective 01-01-2011, Subject to Change
|
1-4 Person Household |
5-8 Person Household |
Each Person Over 8, Add |
|
$73,600 |
$97,100 |
$7,360 |
To search the USDA eligibility maps by address, CLICK HERE
|
