USDA Rural Loan

We offer bad credit mortgage and other mortgage loan facilities, home financing and 80/20 loan in Florida, Altamonte Springs, Apopka, Casselberry, DeLand, Deltona and Edgewater. We also offer other mortgage loan facilities, home financing and 80/20 loan in Kissimmee, Lake Mary, Longwood, Maitland, Ocoee, Ocala, Orange City, Orlando and Tampa.

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USDA, RURAL DEVELOPMENT

GUARANTEED RURAL HOUSING LOAN

Advantages

No Down Payment Required
30 year fixed rate
102% LTV (100% plus guarantee fee)
Finance Closing Costs If Appraisal Is Higher Than Sales Contract
No Mortgage Insurance
No cash contribution required from borrower
Unrestricted gifts, no need to document source
No Maximum Loan Amount
No Reserve Requirement
High earnings potential.
Competitive rates (set by underwriting lenders)

Rural Development designated rural area

Homes must be located in rural areas. Rural areas include open country and places with a population of 10,000 or less and-under certain conditions-towns and cities with between 10,000 and 25,000 residents. There is an automated rural area eligibility calculator at http://eligibility.sc.egov.usda.gov, click on “property eligibility”. If you need additional assistance, please contact your local Rural Development office.

Acceptable credit history

Have a credit history that indicates a reasonable willingness to meet obligations as they become due
Lender underwrites the loan
Streamlined credit approval when primary applicant has a middle credit score above 620
No minimum credit scores
Lack of credit is not derogatory
Caution for applicant(s) with multiple layers of risk such as:
payment shock; low credit scores; ratio waiver; credit waivers; 2-1 buy downs

Check maximum income for eligibility

Applicant(s) have an adjusted household income that does not exceed the moderate income limit established for the area. A family’s income includes the total gross income of the applicant, co-applicant and any other adults in the household. Applicants may be eligible to make certain adjustments to gross income-such as annual child care expenses and $480 for each minor child-in order to qualify. USDA Rural Development field offices can provide information on the moderate income limits for the areas that fall within their jurisdictions, and can provide further guidance on calculating household income. There is an automated eligibility calculator at: http://eligibility.sc.egov.usda.gov

Five Stars Mortgage provides USDA Rural Home Loans to anyone that meets the housing and income requirements. This is a great alternative loan and one of the few that still provides 100% financing regardless if the home is in a declining market or not.

MORTGAGE PROGRAMS

Please CONTACT US to speak with a USDA Rural Home Loan specialist today!