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

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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.

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

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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.

FLORIDACOUNTIES 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