Florida USDA, Florida RURAL DEVELOPMENT, RURAL HOUSING FLORIDA

GUARANTEED USDA RURAL HOUSING LOAN

For the most up to date Florida USDA home loan mortgage information please click here!

Please note, the USDA currently requires a min 640 credit score. No manufactured, mobile homes or raw land permitted.

Florida USDA Purchase Loan Advantages:

• No Down Payment Required with USDA Rural Housing! True 100% financing
• Low 30 Year Fix Rate with NO Pre Payment Penalty
• 102% LTV (100% plus guarantee fee)
• Finance Closing Costs With USDA If Appraisal Is Higher Than Sales Contract
• Very Low Mortgage Insurance
• No Cash Contribution Required From Borrower
• No Maximum Loan Amount
• No Cash Reserve Requirement
• Buyers Closing Costs Can Be Included Into Borrowers USDA Home Loan Or Paid By seller (up to 6%) 
• Competitive Interest Rates (set by underwriting USDA lenders)
• Backed by the US Government

USDA Refinance Mortgage Florida:

The United States Department of Agriculture (USDA) Rural Development (RD) is now offering the opportunity for current USDA Section 502 Guaranteed borrowers in Florida to refinance their existing USDA loans through the recently announced Rural Refinance Pilot program. The Rural Refinance Pilot program allows Florida homeowners to take advantage of the historically low interest rates with reduced documentation requirements.

We are proud to support this program introduced by the USDA, and we are pleased to assist current USDA Section 502 Guaranteed homeowners in taking advantage of current refinance opportunities. The USDA Rural Refinance Pilot loans does not require a new appraisal, or any additional property inspections. However, borrowers must be current (no late payments) on their existing mortgage for the previous 12 months.

Requirements of the new USDA Rural Refinance Pilot program include: 

• The borrower must currently have a USDA mortgage – very important. There are different refinance relief programs for homeowners with conventional or FHA home loans.
• No mortgage late payments in the last 12 months.
• Mobile or Manufactured home are not permitted.
• Pilot States: AL, FL, GA, IN, MI, NC, and TN. We currently only offer Florida.
• The new term of the refinance must be 30 years fix mortgage.
• The upfront USDA guarantee fee will be 1.50% which will be roll into ( or financed) in the new loan ( Currently 2% for USDA purchase loans)
• The applicable USDA annual/monthly fee will be .30%
• The new loan may only include the principle balance of the existing loan plus the upfront guarantee fee of 1.5%.  Borrowers must pay their own closing costs and pre paid escrows. Accrued interest, prepaid interest, closing costs, and funds required to establish an escrow account may not be financed into the new loan. Closing costs and pre paid escrow will generally be around 3-4% of the loan amount.
• No cash out is permitted with this refinance program.
• Income verification for all adult household members is required for USDA income eligibility only, not for determining repayment ability. Current USDA household income limits can be found here
• Borrowers must be employed at the time of closing on the refinance transaction or have alternate sources of income, such as: retirement income, social security income, disability income, alimony, or child support.
• The loan to value (LTV) cap is unlimited. 

The main purpose of this is program is to help Florida’s rural residences that have done everything right, but might of lost significant equity in their home after the housing boom.  Many FL homeowners have made their mortgage payments on time but could not take advantage of the historic low interests of today because of a deprecation in home values. This USDA refinance program is design to help these homeowners,  regardless of how much you own / verses the value of your home.

Rural Development designated Florida rural area:

All Homes must be located in Florida USDA rural eligible areas.

Many people are surprised of what exactly is considered “Rural”  Many popular locations just outside of Jacksonville FL, Tampa FL, Gainesville FL, Ocala FL, Lakeland FL, Sarasota FL, Tallahassee FL and Orlando FL are USDA Rural Housing eligible! Rural areas include open country and places with a population of 10,000 or less and-under certain conditions-towns and cities with between 10,000 and 25,000 residents. There is an automated rural area eligibility calculator at http://eligibility.sc.egov.usda.gov

Please visit our partners at www.UsdaMortgageSource.com for the latest 100% USDA home loan information in Florida. They are always happy to assist you with any USDA loan questions or your USDA loan application.