Naples Collier County – First Time Home Buyer Program

Naples First Time Buyer

If you are a Florida first time home owners looking to purchase your first home, you will generally start with one question…. what is the best home loan program available for me?  You search endlessly all over the net and to try to find answers.  Nearly all Naples first time home buyers want one thing.. a limited or NO money down mortgage loan solution.  Below we will discuss some options and provide some clarity to the subject.

There are basically three different mortgage programs that offer limited to NO money down in Florida today. Below we will discuss:

USDA Rural Development Loans – Jax, Orange Park, St. Johns

When most people think of USDA Rural Housing loans, they think “farm loans” only to be used to purchase homes way out in the country.  That is not the case with today’s USDA home loan. In fact, properties in almost every area of the Florida’s major metropolitan areas can be purchased with the 100% USDA loan today. Even locations just outside of Jacksonville like Orange Park, St. Johns, Middleburg, Callahan, Yulee, World Golf, St. Augustine, etc.   A USDA loan provides low-cost government insured home mortgage loans that suit a variety of options.  The program is especially great for Florida first time home owners that have little to no cash savings for a large down payment.

FHA Loan Program -Martin County, Jensen, Jupiter, Stuart

Martin County homebuyer can still purchase a home today with minimal down payment. In fact the 2014 FHA loans still permits up to 96.5 financing in Indiantown, Jensen Beach, Jupiter Island and Stuart.  FHA continues to adjusting their mortgage guidelines for Martin County First Time Home Buyers as well as FHA Refinance borrowers. Listed below are a few things to help make sense of the application process and loan requirements for 2014:

Documentation Needed for FHA Application 2014 –

  • Primary and Co-Borrower’s income, current and full two year job history with W2 and/or tax returns.

Rural Development USDA Income Restrictions 2014

Five Stars Logo

The USDA recently published the 2014 income limits for the 100% 502 Guarantee Program offered to all Florida rural eligible locations. Please see below and contact us at www.FiveStarsMortgage.com should you have any questions. You can also submit the “Request Information” form on the top right side of your screen.

FLORIDA

COUNTIES

1- 4 person household 5 – 8 person household
     
All Florida counties EXCEPT those listed below: $74,750 $ 98,650
Clay, Duval, Nassau, St Johns $77,400 $102,150
Collier $83,750 $110,550
Manatee and Sarasota $75,200 $99,264

Jacksonville FHA Loan 2014 – Good for Buyers?

Federal Housing Administration (FHA) home mortgage program is great choice for Jacksonville home buyers in 2014. The FHA still only requires  3.5% for a down payment which is perfect for first time buyers that have little savings for down payment. Below we will discuss some important factors to determine if the FHA loan program is right for you.

100% Financing Mortgage Loan – USDA, Tampa, Hillsborough

Florida first time home buyers are often surprised to find that the USDA still offers 100% financing home loans in FL.  In fact the USDA RD mortgage is the last 100% home loan available in Florida, unless the applicant has VA loan eligibility.  The USDA mortgage program is designed to help promote homeownership less populated locations around Florida.  The great thing is the term “rural” is used loosely. In fact many big metro locations in Florida have outlining areas that are qualified for USDA home funding.  Locations around major cities like Sarasota, Orlando, Tampa, Jax, Gainesville, Naples, Pensacola, etc have USDA eligible locations around them. Interested homebuyers can click here to view USDA eligible zones in their location.

USDA 502 Guarantee Loan – First Time Home Buyers

Are you a Florida home buyer looking to purchase a home with min down payment?   The RD 502 guarantee loan provided by the USDA helps low and moderate income families achieve the American dream of home ownership with No Down Payment. Yes, believe it or not, qualified home buyers can still purchase a home with no money down thanks to the Government backed USDA home loan.
To be eligible for the USDA mortgage borrowers must -

  • Have stable dependable income that is sufficient for the repayment of the loan. This income should be verifiable and continuing for at least 24 months.

Are you Eligible for USDA Rural Loan?

Many FL first time home buyers are still unaware of the 100% USDA Rural Development mortgage program.  Furthermore,  the best part is these USDA mortgages are 100% financing, do not require a down payment and backed by the U.S. government.  Yes, believe it.. No money down home financing is still alive in Florida even in 2014.  The USDA or “RD” loan was originally designed to help Florida rural residents realize the dream of homeownership, these mortgages can also be used to finance a wide array of single-family homes. A USDA Rural Housing loan can be used to purchase or refinance any home located in a qualified area. What many home buyers don’t realize is that these guaranteed loans offer 100 percent financing to qualified borrowers.

FHA Loan Requirements 2014 – Brevard and Indian River County

FHA home loans remain one of the most popular financing option in 2014 for Brevard and Indian River County home buyers.  This is greatly due to the minimum 3.5% down payment FHA loans allows. Government insured mortgages offer many benefits and protections that you will not find in other loans including:

Low cost: FHA loans have competitive interest rates because the Federal government insures the loans for banks and lenders.

Smaller down payment: Florida FHA loans have a low 3.5% down payment requirement and the money can come from a family

member, in the form of a gift.

USDA RD Loans – Wesley Chapel, Tampa, Land O Lakes

Florida first time home buyers in Pasco, Wesley Chapel, Land O Lakes and surrounding communities can still purchase their dream home with NO down payment thanks to the 100% USDA Rural Housing Mortgage.  The USDA loan has many advantages for first time home owners with little or no cash savings. We have outlined a few below.  Please contact us with questions regarding the loan application or pre approval process at 800-871-2630 or visit – http://www.fivestarsmortgage.com/usda-rural-loan

Super Low Monthly Mortgage Insurance (PMI) Premiums: