USDA Loan Information- Applying

Five Stars Mortgage

Because of the uniqueness of USDA Rural Home Loans, the guidelines are quite different from what is traditionally found with FHA or Conventional loan programs. With that being said, some lenders provide advice that may be well intentioned, but unfortunately is simply not accurate. Homebuyers should remember, there are many USDA “approved lenders” in Florida, however very few actually specialize in the program. Be aware of this when searching for information about USDA Rural Loans.

Here are important highlights that can help with a homebuyer’s qualifying for a Florida USDA mortgage:

Purchasing With FHA Home Loan


Purchasing with FHA home loan can be nervous experience for most homebuyers, especially all you first timers. Below we have outlines some steps of the FHA loan process to help give borrowers a snapshot on what to expect.

FHA Mortgage Application  – Applying & Pre-Qualification.

Buyers want to start the FHA pre-approval process about three months before purchasing a home.  Pre-qualifying can mean several things depending on the lender you talk to, but generally it involves knowing the following key points – the location you want to purchase, the property type, mortgage type and down payment amount.  From there a loan specialist can talk to you about financing options that fit your needs.

Interest Rates August 2014

Florida mortgage interest rates for Conventional, FHA, VA and USDA are currently at the lowest point of 2014. Now is a great time to purchase a new home or refinance your existing home loan.  Secure 30, 15 year fix rate along with adjustable rate loans available.

Homeowners who missed the last decrease in interest rates can look again to see if refinancing makes sense.  All the government loan program like FHA, VA and USDA have refinance programs to assist homeowners that are “under water” or owe more on their house than the current value. Many of these programs are streamline with little documentation and no appraisal report required.

Florida VA Home Loan Purchase & Refinance

The Veteran’s Administration (VA) home loan mortgage is perfect for past or present military looking to purchase a Florida home for little or no money down. The VA loan program is a government mortgage program backed by U.S. Department of Veterans Affairs and provides a number of homeownership opportunities in Florida with no down payment needed. The government backed VA home loan is available to active duty military personal, honorably discharged veterans or their widows. This is one of the last remaining mortgage programs that still allow home buyers to purchase their Florida home with NO MONEY DOWN. First time home buyers and current homeowners in Florida with a VA certificate of eligibility are permitted. Regardless of your financial or mortgage knowledge, Five Stars would be more than happy to assist you.  We take the time to answer all your questions and educated you on the tremendous advantages of VA home loans here in Florida. Listed below are some of the highlights for the Florida VA purchase and Florida VA refinancing program.

USDA Program Updates Fall 2014

Florida buyers thinking about purchasing a home this fall should take note of some USDA program updates fall 2014.  First, the USDA approved area, or map, could be changing drastically October 1st 2014 as USDA is set to update the eligible areas. See the current  eligible location map. What does this mean you might ask? Basically many locations that are currently eligible for the program will not be after Oct 1st. Keep in mind the USDA approved eligibility map has not been updated in a long time, any update is long overdue. The good news is a lot of central FL still qualifies today for the USDA program today –  many locations around Lakeland, Kissimmee, Winter Garden, Plant City, Orlando, Winter Haven, etc, qualify.

How to find USDA approved houses

Five Stars Mortgage

Many home buyers inquire how to find USDA approved homes that are up for sale in FL.  It’s important to know the 100% USDA home loan program is not for houses being sold by “one particular seller”.  What’s important is where the home is located.  USDA has a handy online map where homebuyers can search address to see if a home is located in a USDA approved area.  Just click here to view the USDA map, and look under the property eligibility section. You can also search a general area of your city and town by viewing the shaded ineligible locations.

USDA Mortgage Home Loan Okaloosa Santa Rosa County

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Many Okaloosa and Santa Rosa home buyers can still purchase a home with the USDA rural loan. Many locations around Crestview, Destin, Fort Walton Beach, Pace and Milton FL are currently eligible. If you haven’t heard of the USDA Rural Housing program, read below about some of the great advantages!

Broward County, Palm Beach – FHA Home Loan

Great news for Broward and Palm Beach County home buyers looking to purchase a home with little down payment. The FHA mortgage program still allows low down payments for home buyers and flexibility that can’t be found with conventional loan programs.  Low interest rates and affordable property values makes this a great time to purchase.  Below we will discuss some highlights of the FHA loan, and how to be ready when doing an FHA loan application.

To start, let’s take a look at some of the FHA mortgage benefits:

100% USDA Loan – Live Oak, Lake City, Macclenny

Buyer looking to purchase a home in Live Oak, Lake City, Macclenny FL and surrounding communities can purchase a home with NO down payment thanks to the USDA rural housing loan!   USDA Rural Housing loan is offered by approved USDA lenders / banks in select locations around Florida.  The great news is all of Suwannee County, Columbia County and Baker County is approved for the USDA loan!   USDA rural housing mortgages are especially a good program for first time home buyers that have little cash savings for other loan programs that require a down payment.

USDA Home Listing, Osceola -Polk County

Each week we get numerous inquiries regarding how to find out when a property is qualified for 100% Usda / Rural Housing loans.  Exactly where does one locate a list of USDA / Rural Housing accepted homes?  Well to begin, USDA Rural Development does not produce any specific “listing” of accepted houses, rather simply approved or qualified areas. Under the USDA 502 program the home seller is not relevant, it’s much more about where the house is located.  Even today in 2014 a sizable amount of FL is actually rural housing approved! Okay.. just where do you discover the record of permitted USDA / RURAL HOUSING house areas? Kindly click here to review the USDA approved map.  Select the single family housing hyperlink underneath the “property eligibility” area towards the top left.  While observing the map you’re able to type in a street address and search to find out if the house is qualified to receive 100% USDA / RURAL HOUSING loan financing. You can even look at the overall eligible housing areas near you.