Teacher Home Mortgage Incentives

Florida Teacher Mortgage


Florida teachers have an assortment of home loan financing options available to them in 2015.  Many of these mortgage options are government backed programs – FHA and USDA being the most popular.  Florida teachers also have a verify down payment assistance programs available through county and city agencies and can be used in conjunction with FHA and USDA loans.  Let’s looks a breakdown of the most popular mortgage options being used to help teachers purchase a home today.

USDA Rural Housing Loan – Fort Walton, Destin, Okaloosa

Five Stars Mortgage

Okaloosa and Walton County Florida remains a popular area for the 100% USDA housing program in 2015. In fact most of Okaloosa and Walton County remain eligible and approved for USDA housing in 2015.   Locations like DeFuniak Springs, Santa Rosa Beach, Crestview, Destin, Fort Walton Beach, and  Valparaiso all remain eligible to for the no money down USDA Rural Development mortgage.   The USDA 502 Guarantee home loan program remains one of the last mortgage programs that allows Florida homebuyers to purchase a home with little to no out of pocket expense.   This is especially great for the Florida first time buyers that have issues meeting the large down payment requirements of other loan programs like FHA or Conventional loans.  Here are some of USDA program highlights below.

Beginning VA Home Loan Process

Great video from our friends at VA Mortgage Hub that shows Beginning VA Home Loan Process-  how to start your VA mortgage application here in Florida.  What paperwork and documentation should be gathered before loan application.

www.FiveStarsMortgage.com Ph: 800-871-2636


FHA HUD $100 Home Loan Financing?

Five Stars Mortgage

Most Florida homebuyer aren’t aware that FHA/HUD has a little known program called the HUD REO $100 Down Program.  Yes! $100 down home loans here in Florida is still possible. In most cases the FHA loan program requires 3.5% down payment, not the HUD $100 down program.  This loan is perfect for new first time buyers entering the housing market with little to no money for large down payments.  The HUD $100 down program is available in  27 states across the U.S., Florida included.  The HUD $100 Down program makes government owned foreclosures available for purchase with just a $100 down payment. And, these homes are available with an insured FHA loan for owner-occupants. In addition, monthly payments can be very low thanks to secure low 30 year fix mortgage rates. First time buyers often find it cheaper to own their own home than to rent.

Seminole County USDA Loan Approval

The USDA Rural Development Home Loan is the last remaining no down payment government insured mortgage program for Florida civilians. The USDA mortgage program is designed to help promote homeownership less populated locations around Florida.  Many people assume the USDA loan program is only for farmers or ranchers, not true. Many major metropolitan areas have outlining areas that are qualified USDA eligible property locations. Locations around major cities like Jacksonville, Orlando, Tampa, Gainesville, Ocala, Tallahassee, Pensacola have USDA eligible locations around them. Seminole County also has eligible locations as of 2015.  Interested homebuyers can click here to view USDA eligible zones in their location.

USDA Zero Down Housing, First Time Buyers

First Time Home Buyers Florida


The USDA loan program is without a doubt one of the best programs for first time buyers in the market today.  Not only is USDA the only program that allows 100% financing, the USDA/ Rural Housing program is available for any qualified first time home buyer in Florida. Unless you have VA benefits, the USDA RHS program is the only housing program that permits 100% financing in Florida.  Oh, and the best part is you don’t need to worry about taking any school/class, or applying for any “first time buyer” housing grant or down payment assistance. In addition, the USDA 502 guarantee loan is available to any eligible homebuyer, you are not required to be a first time buyer.  Get pre approved today, and close on a home in as little as 45 days, it’s that simple.

Jacksonville Hard Money Lender

Jacksonville Hard Money LenderJacksonville home buyers and investors know it  can be very difficult to secure a loan fast. Sometimes you need funds quick to stay out  financial problems with your business or personally, or maybe need to keep your properties from being foreclosed. You just don’t have time to deal with all the red tape involved in traditional financing, enter Hard Money.  Hard money lending rarely recognizes your creditworthiness and instead looks at the value of the property for which the loan is to be made. Equity is the key with hard money. These loans are higher risk without a doubt, for both parties and generally come with higher rates and fees. However any good hard money lender like Five Stars Mortgage makes sure to inform you of all fees involved in advance.

Florida FHA Loan Amount Limit 2014

Five Stars Mortgage

Please see the Florida FHA Loan Amount Limit 2014 below for each FL County. Please call us 7 days week with questions at 800-871-2636. Please also visit http://www.fivestarsmortgage.com/florida-fha-loan for the latest FHA loan info here in Florida.

Florida Counties One-Family Two-Family Three-Family Four-Family MSA
Alachua County $271,050 $347,000 $419,425 $521,250 GAINESVILLE, FL
Baker County $304,750 $390,100 $471,550 $586,050 JACKSONVILLE, FL
Bay County $271,050 $347,000 $419,425 $521,250 PANAMA CITY, FL
Bradford County $271,050 $347,000 $419,425 $521,250 NON-METRO
Brevard County $271,050 $347,000 $419,425 $521,250 PALM BAY-MELBOURNE-TITUSVILLE, FL

100% Mortgage Financing Possible?

Florida USDA mapYes, it is possible, you can still obtain 100% financing in Florida via the USDA 502 Guarantee Loan Program!  The USDA mortgage program basics are the same for all states but local Florida experts will know how to quickly identify if the areas you’re shopping are eligible (this program can only be used in areas designated as rural by the USDA) Don’t assume your locations is not eligible without contacting us first.  You will likely be surprised by some of the areas that are USDA eligible, so it is certainly worth exploring. If your household income must also be within the limits for your county (there are income limitations for the different versions of the program).

FHA Loan Lender – Miami Dade County

Florida FHA loans have been helping people become homeowners since 1934.  Florida FHA Loans are backed by the Federal Housing Administration (Also known as FHA).  FHA insures the loan so your mortgage lender can offer more risky loan products.  For example: FHA loans typically have a lower down-payment and better loan rates for borrowers with lower credit scores. So low in fact you often get an FHA loan with just 3.5% down payment and credit scores as low as 600.
During the Florida Housing Boom around 2005-2006, FHA Home Loans weren’t as popular because of the ample supply of mortgage credit.  Anyone could essentially obtain 100% financing.  Conventional Fannie Mae Loans with 0% down payment and reduced loan documentation requirements.  After the housing market crash, as Fannie Mae and other Florida loan lenders retreated from these riskier loan products, FHA stepped in and Florida FHA Home Loans became the only option for borrowers with limited money for a down payment, or a credit score below 600.