Florida Mortgage News

First Time Homeowners advice 2012

admin — Tue, 24 Jan 2012 04:38:12 +0000

So you are thinking about taking that big step towards first time homeownership in Florida. For many first time homebuyers the process can be overwhelming and you will have many question. This is to be expected from any first time homebuyer and to help we have outlined some tips and advice to consider before taking the plunge and purchasing your first home in Florida.

First and foremost you must remember that buying a home is the most important financial decision you will ever make. It’s important to insure you have true professionals assisting you along the way. The home buying process will generally always start with the mortgage pre approval. You must determine if you are qualified and for how much before you start looking for that special home. What type of first time buyer program mortgage will best fit your needs? FHA loan? 100% no money down USDA Rural ? Maybe if you are military the VA home loan option will be the best choice. What type of down payment or cash would be needed from you? This is an example of some of the questions involved in the mortgage loan prequalification process.

Tip #1

Insure you speak to a trained mortgage professional before contacting a realtor to show you property. Generally any home sellers will require to see that the homebuyer is pre approved for their mortgage before considering any offers. Most real estate agents will also require you have loan approval before working with you. Remember, everything starts with the mortgage financing and all parties need to insure you are qualified to close on the transaction. Take time to understand the different first time buyer programs available to you like FHA, 100% USDA Rural Housing, etc

Tip #2

Work with a local mortgage professional. If you are looking to purchase a property in Florida, insure you work with a mortgage professional located here in Florida and not a toll free call center located in Michigan. Each state has different “twists and turns” on the way mortgage financing works. Working with a mortgage advisor in your state will help insure you have smooth transaction as they know the requirements related to taxes, insurance, closing costs, etc.

Tip #3

Your realtor – this is another important part of the process for many reasons, especially for first time homeowners. Keep in mind, if you find a house you want to see, you are not required to work with the realtor that has the listing. Many first time buyers assume they must call only the realtor that is listed on the sign – this is false. Some even argue that this is bad idea as the listing realtor generally represents the home sellers interest first and foremost. We recommend that you have your own licensed Florida realtor that is representing you and only you. Your realtor can show you any home that is listed in your area regardless of the real estate company that has the sign in the yard. They can even assist you with new homebuilders. You realtor will assist you with scheduling all home showings, contract negotiations, etc. If you need assistance finding a great real estate agent in your city, just contact us and we will be happy to make the connection for you.

Tip #4

Many properties listed for sale on the market today in Florida are some form of a distressed sales or short sale, etc. These properties will require full approval by the bank before anything happens. Remember to never pay for any upfront costs like home inspection, appraisal, etc until your home contract is fully approved by the selling investor or bank. The only exception to this is the customary earnest money or “good faith” deposit. Getting the full bank approval can sometimes take months to complete depending on the bank or investor that owns the home. For short sales especially, the current home owners approval only is NOT a full approval when secondary bank approval is required. This is important to remember.

USDA Mortgage Source works with first time buyers throughout the state of Florida. 100% USDA Rural Development, FHA and VA home mortgages. Please contact us 7 days a week at 904.302.6060 and visit www.UsdaMortgageSource.com for all the latest USDA mortgage eligibility requirements here in Florida.

Current Rural Housing USDA Income Limits

admin — Thu, 19 Jan 2012 16:57:48 +0000

Please see the new income requirements for Florida USDA Development in 2012. Great news, most of the counties in Florida has increased so more homebuyers can now qualify. Income limits vary from county to county. Remember, other deductions related to child care expenses, disability, elderly, etc and also be applied. Please insure to contact www.UsdaMortgageSource.com for any questions related to the USDA Rural Development eligibility requirements here in Florida.

COUNTIES	1- 4 person household	5 – 8 person household

All FL & VI counties EXCEPT those listed below:	$74,750	$ 98.670
Clay, Duval, Nassau, St Johns	$77,400	$102,168
Collier	$83,750	$110,550
Manatee and Sarasota	$75,200	$99,264
Okaloosa	$78,650	$103,818
Palm Beach	$87,550	$115,566
NOT ELIGIBLE are Broward, Pinellas and Monroe
Add 8% of 1-4 person limit for each person in excess of 8 persons.

Attention Florida first time homebuyers – now is great time to achieve your dream of homeownership. Interest rates are at all time lows and property values are again affordable. Why rent when you can own a home for less? Learn more about the benefits of 100% no money down USDA mortgages here in FL by calling 904.302.6060 or visiting www.UsdaMortgageSource.com

Located in a major city like Jacksonville, Orlando, Tampa, Miami West Palm Beach? outside of the USDA eligible zone? Please visit www.FiveStarsMortgage.com to learn more about the other home loan options available in Florida.

Serving the state of Florida only, including Jacksonville FL, Orlando FL, Tampa FL, Tallahassee FL, Gainsville FL, Ocala FL, Sarasota FL, Cape Coral FL, Naples FL, Lakeland FL

Florida VA Home Loan Purchase & Refinance

admin — Tue, 03 Jan 2012 19:41:28 +0000

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.

The VA Mortgage Advantage –

• VA home loans require NO money down – up to 100% financing in Florida.

• There is NO monthly mortgage insurance (PMI) like other home loans.

• Most closing costs can be paid by the property seller.

• Very little assets required to qualify.

• Qualifying for a VA loan with a low credit score is possible (min 640 credit score is required)

• Mortgages are a secure low 30-year fixed rate or adjustable rate – No prepayment penalty.

• VA home loans are for new & existing properties. Only primary homes – no investment or 2nd homes

Florida VA Mortgage Purchase

The Florida VA home loan program requires no down payment and you may finance up to 100% of the appraised value. Since the end of down payment assistance programs in 2008, the VA home loan program along with the 100% USDA loan has become the last two remaining 100% home loans in Florida. With many conventional loans in Florida now requiring 10-20 percent down payment, the Veteran’s Assistance home loan is a great choice for home buyers with limited or no down payment.

More than 29 million veterans and service personnel are eligible to receive VA Home Loans. VA home loans were established to provide financial assistance in purchasing your home with a limited or no down payment. However, many of the Americans that qualify for this beneficial home loan never take advantage of it. For qualified applicants, the VA guarantees 100% home loan amounts up to $417,000, some Florida counties are slightly higher. That means you can purchase your home with NO money down and NO monthly mortgage insurance. VA home loans also allow for seller contributions towards the home buyers closing costs.

Funding Fee Table	Regular Purchase Loans
	Type of Veteran	Down Payment	First Time Use	Subsequent Use
	Regular MilitaryOr Veteran	None5% or more (up to 10%)10% or more	2.15%1.50%1.25%	3.3% *1.50%1.25%
	Reserves/ National Guard	None5% or more (up to 10%)10% or more	2.4%1.75%1.5%	3.3% *1.75%1.5%

NOTE: Veterans who qualify as 10% disabled or greater as a result of active military service are not required to pay a funding fee. Those who are not exempt from a funding fee may lower their fee by putting money down on their VA home purchase. For all VA home loans, the funding fee may be paid in cash or it may be rolled into the loan.

Florida VA Refinance- Streamline and Cash Out

Florida Streamline Refinance:

The VA has created a program called the Streamline Refinance to provide a way for current VA homeowners to lower their interest rate with little or no out-of-pocket costs. These loans can also be made faster “streamlined” and with less much documentation than a typical loan.

An Interest Rate Reduction Refinance Loan or “Streamline Refinance” allows you to refinance your current mortgage interest rate to a lower rate than you are currently paying. This is only available to veterans who are refinancing their original VA mortgage and utilized their original eligibility. No cost Streamline refinance lets you refinance your mortgage with no out-of-pocket expenses.

Florida VA Streamline Refinance Basics:

Loan assumptions are not permitted.
The homeowner cannot receive any cash back.
Streamlined Process – VA does not require an appraisal, any income or employment verifications, no credit report and no termite report, yet the mortgage must have been paid as agreed for the last twelve (12) months and must be up to date at the time of refinancing.
Any other liens must be subordinated to the VA loan.
This loan can be done with “zero out of pocket money” by including all costs in the new loan or by making the new loan at an interest rate high enough to enable the lender to pay the costs.

Florida VA Cash Out Refinance:

Life is full of surprises and sometimes you may need additional cash quick. Maybe you need to pay school tuition, or make some long needed improvements that will increase the value of your home prior to sale. Maybe you just want to take advantage of lower interest rates so you can keep more of your hard-earned money in your own pocket. It may be the time to consider the many options available for refinancing your VA Home Loan.

Whether you need money to consolidate high interest credit card debt, pay for school tuition, buy a new car, or make home improvements to your home, VAMortgageDepot.com can provide all the necessary information to get you the cash you need through a refinance.

A VA refinance transaction involves repayment of your current real estate debt from the proceeds of your new VA mortgage that has the same borrower(s) using the same property. This is called a “Cash Out” Refinance. Cash-Out Refinances are used for homes that are used as a principal residence by its owner. That owner can refinance for up to 90% of the appraised value plus all closing costs. There is no minimum amount of time that you must own your home, yet your home must have sufficient equity to qualify for the loan.

*VA Funding Fee’s for Streamline & Cash-Out Refinancing Loans*
Cash Out	Percentage for First Time Use	Percentage for Subsequent Use
Regular Military / Veteran	2.15%	3.3% *
Reserves/National Guard	2.4%	3.3% *

Streamline Refinance	Percentage for Either Type of Veteran – Both First Time or Subsequent Use
All Regular Military / Veteran	.50%

To learn more about the benefits of 100% no money down VA loans in Florida – please visit www.FiveStarsMortgage.com or call us at 800-871-2636. Five Stars is Florida’s leading Government loan information resource, serving all of Florida including –

Alachua County – Gainesville, Baker County – Macclenny, Bay County – Panama City, Bradford County – Starke, Brevard County – Titusville, Broward County – Fort Lauderdale, Calhoun County – Blountstown, Charlotte County – Punta Gorda, Citrus County – Inverness, Clay County – Green Cove Springs, Collier County – Naples, Columbia County – Lake City, De Soto County – Arcadia, Dixie County – Cross City, Duval County – Jacksonville, Escambia County – Pensacola, Flagler County – Bunnell, Franklin County – Apalachicola, Gadsden County – Quincy, Gilchrist County – Trenton, Glades County – Moore Haven, Gulf County – Port St. Joe, Hamilton County – Jasper, Hardee County – Wauchula, Hendry County – LaBelle, Hernando County – Brooksville, Highlands County – Sebring, Hillsborough County – Tampa, Holmes County – Bonifay, Indian River County – Vero Beach, Jackson County – Marianna, Jefferson County – Monticello, Lafayette County – Mayo, Lake County – Tavares, Lee County – Fort Myers, Leon County – Tallahassee, Levy County – Bronson, Liberty County – Bristol, Madison County – Madison, Manatee County – Bradenton, Marion County – Ocala, Martin County – Stuart, Miami-Dade County – Miami, Monroe County – Key West, Nassau County – Fernandina Beach, Okaloosa County – Crestview, Okeechobee County – Okeechobee, Orange County – Orlando, Osceola County – Kissimmee, Palm Beach County – West Palm Beach, Pasco County – Dade City, Pinellas County – Clearwater, Polk County – Bartow, Putnam County – Palatka, Santa Rosa County – Milton, Sarasota County – Sarasota, Seminole County – Sanford, St. Johns County – St. Augustine, St. Lucie County – Fort Pierce, Sumter County – Bushnell, Suwannee County – Live Oak, Taylor County – Perry, Union County – Lake Butler, Volusia County – DeLand, Wakulla County – Crawfordville, Walton County – De Funiak Springs, Washington County – Chipley – FLA -FL

Current USDA home mortgage requirements 2012

admin — Tue, 03 Jan 2012 14:33:16 +0000

Outlined below is the general 100% USDA Rural Development home loan requirements for 2012. Please read below for the basic USDA mortgage guidelines here in Florida and contact USDA Mortgage Source for more information – www.UsdaMortgageSource.com or Ph:904-302-6060

USDA Credit score requirements – 620 minimum credit score is required. However, this credit score requirement alone does not guarantee USDA home financing. Additional requirements include – No repeated late payments on any credit trade lines within the last 12 months. No short sales, foreclosures or bankruptcies within the last 3 years.

Job and work history – solid two year history with documentable income. Recent college grads that have just started in the work force are exempt from this requirement. Applicants are ok if they have switch around jobs, as long as they have no unexplainable extended gaps of employment.

Eligibility income for USDA home loans - In general, Florida households with 1-4 members = max $74,050 gross income per year. Some counties are much more. Households with 5+ members can make even more, over $100,000 in certain counties. USDA also allows deductions for child care, elderly, disabilities, etc. Please click here to learn more about USDA income restrictions and contact us with any questions.

Eligible USDA Property – Any single family residence, townhome, etc that is located in a USDA eligible location. Many locations even around more populated locations like Orlando FL, Jacksonville FL and Tampa FL, Tallahassee FL, Gainesville FL and Ocala FL are currently eligible for USDA financing. Property being purchased can be a short sale, foreclosure, by owner, etc. Existing mobile homes are NOT allowed. Home must be a primary residence, no investment or rental purchases. Home must be livable, cannot be a “rehab” job.

Max USDA Rural Development loan amount – There is not a max loan amount with Rural Housing USDA. Home buyers qualify based on income limits put in place and max allowed debt to income ratios. Please click here. to learn more.

How long does the USDA mortgage closing and processing time take – Generally 40-45 days from the time the home buyer has a fully executed sales contract.

Max USDA Rural Development Financing – 100%, NO money down required! Home sellers can also pay closing costs for USDA home buyers.

USDA only for First Time Home Buyers? No, USDA can be used by any prospective home buyer. However, only primary homes are permitted – no second homes or investment properties allowed.

Florida FHA home loan mortgage refinance

admin — Tue, 27 Dec 2011 15:32:35 +0000

Most Florida homeowners know the mortgage industry is still recovering from the decline of the world economy a few years ago. Investments have increasingly become trickier and good paying jobs are so much more elusive than ever before.

As such, it gets a lot more challenging to pay monthly interests on debts and loans let alone paying off the principle. Therefore, it becomes extremely important to cut costs or save wherever possible and refinancing through FHA home loans is one very viable alternative.

The five most influential factors why you should seriously consider FHA refinancing are:

1. Debt Consolidation

Consolidating your debts to effectively pay it/them off at lower interest rates is probably the most important reason of all. Credit card loans, which have the highest interest rates around, can be fully paid off. The same can be said of student and car loans. When these are all consolidated through a Florida FHA loan, you would have a bigger opportunity to start saving big.

2. Extend the terms of repayment

Refinancing using an FHA mortgage allows borrowers a longer period of time to pay off their monthly obligations.

3. Low interest rates

Lightly mentioned in number 1, it would be of great advantage to collate all outstanding debts which have varying interest rates, into one monthly repayment obligation. Doing this through an FHA home loan literally guarantees you a low interest rate on a longer repayment term. FHA 30 year fix rates are currently at all time historic lows!

4. Fixed rates

To have a fixed monthly rate on your mortgage, which and FHA loan allows you to do, provides the borrower the opportunity to manage personal finances more accurately. Variable rates simply do not allow this to happen at such a degree.

5. Switching lenders

There are many advantages made available to the borrower when he/she switches lenders such as flexible term on loan repayments and various other options that can be greatly beneficial as well. You would have to carefully compare options before deciding.

Overall, FHA refinancing needs a little foresight before being undertaken. However, consider the options of not having to refinance your loans or debts; you would have to continue making different payments on a monthly basis and would have to keep track of a lot of details on each of those obligations. You would have to be wary of fluctuating interest rates, keep track of due dates to avoid expensive penalties and, perhaps the most difficult, try to manage all your finances to maintain a good credit score.

Five Stars is Florida’s leading FHA home loan mortgage resource. Servicing all of Florida including – Jacksonville FL, Tampa FL, Orlando FL, Sarasota FL, St. Petersburg FL, Clearwater, FL please call us or fill out the short information request form (right side of home page) for assistance.

Florida FHA loan approval application

admin — Thu, 15 Dec 2011 04:27:09 +0000

Below we have listed some simple steps to help Florida home buyers successfully get their FHA mortgage loan approval. Florida first time home buyers will find the information below especially useful.

You have to be aware of what you need do before applying as well as know the process of your application, the documents required, and finally, the closing which is where you are righteously given the keys to your new house.

Before Loan Application:

Debt-to-income ratio
Careful analysis has to be done here. Lenders vary on precise amounts but a debt load that’s higher than 45 percent is risky for an FHA loan. You will need two years of employment preferably without a decline in pay.
Credit check
It’s usually the small things that bite and bring you down so dig deep. Check your income, credit, as well as rent history (paying rent to parents to board in their home does not qualify, mind you) that might show up on a credit report. Get everything on the up and up, aiming for a clean record.
Credit score
A credit score of 640 or better would be ideal for the 3.5% down payment FHA. If you came out of a bankruptcy or foreclosure, you would need to have maintained a perfect credit since then (4 years and 5 years respectively).
Fill out the Buyer’s information request which tells the lender what you have and what you need. >>>

Application proper:

This will aid the lender in creating a customized strategy to aid you in attaining FHA mortgage approval. A FHA loan application will have to be filled out that detail everything about you, the borrower, which will be used in figuring out whether you’re eligible for a loan or otherwise. The rate and the terms of the loan will also be determined largely by the information in your application form.

In the event the your FHA loan application is preapproved, you will get the disclosure documents which are essentially initial loan documents that have all the minute details regarding the terms, interest rates, cost and payments of the loan.
This has to be signed and returned along with other documents such as your bank statements, IDs, references, etc., for verification purposes. Usually these documents are prepped and readied well before the loan application is submitted to the lender.
The processor reviews all verifying documents and requests for missing or any additional documents from the borrower if need be.
Upon completion, the documents are then submitted to the underwriter.
The underwriter will send a Conditions List of additional missing items or documents to the buyer.
Once the buyer completes the needed items on the list, it’s sent back to the lender for final approval. A closing date is then set.

Note: The entire FHA loan application & closing process here in Florida takes about 3 weeks to a month to complete.

Questions? Please call or visit our main site at www.FiveStarsMortgage.com or just fill out the quick information request form on the right side of your screen.

Serving all of Florida Including Sarasota FL, Tampa FL, Fort Myers FL, Naples FL, Cape Coral FL, Key Largo FL and Key West FL

FLA

Florida Jumbo Mortgage Loans

admin — Mon, 12 Dec 2011 22:26:08 +0000

Five Stars is a leading resource for Florida Jumbo loans. Jumbo loans in Florida have become very difficult to find, our resources still offer up to 75% loan to value for primary homes and 70% loan to value for second /vacation homes. Any single family residences and only full documentation loans permitted. Both fix rate and adjustable rate options available. If you have the equity, contact us about your next Jumbo purchase or refinance here in Florida. Interest rates are currently at all time historic lows, and Florida real estate is on sale for half price (in case you haven’t heard already)

Call us today, or just fill out the quick request form located on our home page.

Florida First Time Home Buyers Advice

admin — Wed, 30 Nov 2011 05:09:29 +0000

Florida first time home buyers often have many questions about the home buying process. Many buyers want to know where to start, the loan approval process, etc. Below we have outlined a few tips before you jump in and take that big step towards home ownership.

Loan application and loan pre qualification – You need to first figure out if you are going to qualify for the perfect home! In addition, you need to understand the costs, timelines, loan process, etc. Do this before you start looking at homes or talking to any realtors. Your loan officer can generally take your loan application in 20 min. All of the information requested by your loan officer will generally be things you know by heart, nothing too complicated – 2 year job history, living history, social, etc. Once this is complete they will advise you on your approval status, costs, payments, terms, etc. You will also be armed with a pre approval letter – most realtors and home sellers will demand this before even talking to you.
Keep everything the same - Don’t quit your job, change employers, open new credit account or move any large amounts of money in/out of your bank account. Very important to always discuss these things with your loan officer in advance. Everything needs to remain the same, your loan approval is based on this.
Save money - Most first time homebuyers in Florida will use one of the available government loan programs – FHA, USDA or VA. The 100% USDA Rural housing loan and VA home loan are the only no down payment loan options available today. Buyers must be past or present military to use the VA mortgage option. Even with the 100% financing mortgages you will need some money. Once you are under contract on that perfect home you will need to provide a good faith or “earnest money” deposit. This is customary and shows the seller(s) you are serious and plan to close. This deposit will generally amount to $500-1000 depending on the purchase price of the home. In addition to this, you will need to pay for your home inspection (around $300) and appraisal (around $400) in advance. With a properly structured loan, first time homeowners using the 100% USDA or VA mortgage can often receive their upfront deposit money back at closing. All the government loan options allow the seller of the home to pay the buyers closing costs.
Communication – call your loan advisor before submitting a contract on a home. Every home is different in regards to taxes, home owners dues, home owners insurance. Once you have selected that perfect home and have the address, your loan advisor can “drill down” and provide more accurate costs to you.

USDA Mortgage Source is Florida’s leading Government loan information resource. Serving all of Florida including Spring Hill FL, Land O Lakes FL, Wesley Chapel FL, New Port Richey FL, Pasco County, Hernando County, Please contact us at 904-302-6060 or visit www.UsdaMortgageSource.com

Florida First Time Home Buyer Orlando – Orange County

admin — Fri, 25 Nov 2011 21:12:07 +0000

2011 /2012 Florida first time home owners have limited choices in which home loan are available to them. The most popular are the three government loan programs – USDA mortgages, VA mortgages and FHA mortgages. In most cases first time home buyers prefer a minimum or zero down payment home loan option. Today there is only one choice non military homebuyers – the Florida 100% USDA Rural Development home loan. Veterans or current military personal also have the 100% VA loan option available – but for citizens, the only 100% option is USDA Rural Housing.

USDA does have some eligibility and qualifying factors that must be met. Income must be below the county income limit see here. Also the property must be located in an approved Florida USDA location. As for qualifying, generally a stable 2 year work history and 640 credit score is required. Review all the latest USDA loan requirements at www.UsdaMortgageSource.com

Florida first time homebuyers looking to purchase a home outside of the USDA approved locations, check into the FHA loan at www.FhaMortgageSource.com With the Florida FHA program the property to be purchased can be located anywhere, plus there is no income restrictions. However, the FHA mortgage does require a min 3.5% down payment.

Serving all of Florida including -Orlando FL, Maitland FL, Longwood FL, Kissimmee FL, Winter Garden FL, Deltona FL, Orange County, Seminole County 7 days a week. Please call 904.302.6060 or stop by www.UsdaMortgageSource.com to learn more.

Everything You Need To Know About Florida USDA Loans

admin — Sun, 20 Nov 2011 23:36:39 +0000

Florida is, and continues to be, regarded as a prime spot for residences and business establishments alike. The Sunshine State delivers just about anything the whole world can offer. With a population close to 19 million made up of a diversity of races, Floridians have a continuous need for homes to call their own.

The USDA has two loan programs for single family households available for Florida’s rural areas.

USDA Direct Rural Housing Loans

Designed For:

Very Low Income Household – These are households with an area median income (AMI) of below 50%.

Low Income Household – These are households with an area median income (AMI) between 50 and 80%.

Moderate Income Household – These are households with an area median income (AMI) between 50 and 80%.

Perks:

- No down payment

- Low monthly mortgage insurance

- Low closing costs which can also be included in the loan depending on the appraisal

USDA Guaranteed Rural Housing Loans

Designed For:

Higher Income Household – These are households with an income not higher than 115% of the median household income for the area.

Perks:

- 100% home purchase financing

- Low monthly mortgage insurance

- Low closing costs which can also be included in the loan depending on the appraisal

- Fixed rate 30-year term

Eligibility factors for a USDA loan and other information

To qualify for a USDA loan in Florida;

An applicant’s monthly housing costs have to meet 29 percent of his or her gross monthly income. That means the applicant’s property taxes, mortgage principal and interest, as well as insurance must be of a 29% ratio to the gross monthly income.
Most lenders will require a 620 Fair Isaac Company (FICO) credit score.
It’s a safe assumption the credit backgrounds will be checked.
Applicants or families have to be of inadequate housing. However, they also have to be capable of paying the monthly mortgage including taxes and insurance.
Applicants need to have sufficient income to be able to pay their housing costs including all monthly debts at a 41% ratio.

There isn’t any set maximum loan amount but your debt-to-income ratios (29/41 ratios) are going to be the determining factors regarding how much an eligible applicant can get. The information for the maximum loanable amount that an applicant can borrow in Florida can be found at http://www.rurdev.usda.gov/SupportDocuments/FL%20Direct.pdf.

In financing, the maximum loanable amount isn 100%. Furthermore, a 2% USDA RD Loan guarantee fee is added to the loan instead of being a separate payment that will have to come out of the borrower’s pocket. This then makes it a total of 102%.

It is hoped that this information sheds light to all of you who have plans of making a home in designated rural areas of Florida.

Serving – Alachua County – Gainesville, Baker County – Macclenny, Bay County – Panama City, Bradford County – Starke, Brevard County – Titusville, Broward County – Fort Lauderdale, Calhoun County – Blountstown, Charlotte County – Punta Gorda, Citrus County – Inverness, Clay County – Green Cove Springs, Collier County – Naples, Columbia County – Lake City, De Soto County – Arcadia, Dixie County – Cross City, Duval County – Jacksonville, Escambia County – Pensacola, Flagler County – Bunnell, Franklin County – Apalachicola, Gadsden County – Quincy, Gilchrist County – Trenton, Glades County – Moore Haven, Gulf County – Port St. Joe, Hamilton County – Jasper, Hardee County – Wauchula, Hendry County – LaBelle, Hernando County – Brooksville, Highlands County – Sebring, Hillsborough County – Tampa, Holmes County – Bonifay, Indian River County – Vero Beach, Jackson County – Marianna, Jefferson County – Monticello, Lafayette County – Mayo, Lake County – Tavares, Lee County – Fort Myers, Leon County – Tallahassee, Levy County – Bronson, Liberty County – Bristol, Madison County – Madison, Manatee County – Bradenton, Marion County – Ocala, Martin County – Stuart, Miami-Dade County – Miami, Monroe County – Key West, Nassau County – Fernandina Beach, Okaloosa County – Crestview, Okeechobee County – Okeechobee, Orange County – Orlando, Osceola County – Kissimmee, Palm Beach County – West Palm Beach, Pasco County – Dade City, Pinellas County – Clearwater, Polk County – Bartow, Putnam County – Palatka, Santa Rosa County – Milton, Sarasota County – Sarasota, Seminole County – Sanford, St. Johns County – St. Augustine, St. Lucie County – Fort Pierce, Sumter County – Bushnell, Suwannee County – Live Oak, Taylor County – Perry, Union County – Lake Butler, Volusia County – DeLand, Wakulla County – Crawfordville, Walton County – De Funiak Springs, Washington County