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.
The USDA loan program will allow homebuyers to borrower up to 102% of the home’s appraised value. In addition, homebuyers can include closing costs into their loan assuming their appraised value is sufficient. Please click here to learn more.
Some great benefits of a 100% USDA Funding mortgage include:
- 102% Financing, No Down Payment required!
- Low monthly mortgage Insurance (PMI) and one-time USDA funding fee that is included into your loan.
- No Loan Amount limits.
- No Cash Reserve Requirements
- 6% Seller Contribution Limitations
- 100% Gifted Closing Costs allowed
- 30 year low fixed rate loan
- No Prepayment Penalty – ever.
- Primary Residents only (no rentals/investments or vaction homes permitted)
To qualify for the USDA loan program, there are two main requirements that differ from the other government loan programs (FHA , conventional)
Property Location- The home must be located in a Florida USDA eligible designated rural area. Please click here. Remember, the seller of the property is not important, just where the property is physically located.
Household income- Each county has different USDA Income restrictions. The income limit is based on many different variables, please click here to learn more.
Questions about USDA funding loan here in Florida? Let us help – 7 days a week. For fast service please submit the “Request Contact” form at the top right side of your screen. Mobile users can find the short Request Contact Form here. Be sure to also visit www.FiveStarsMortgage.com for the latest mortgage info.
Serving all of Florida including Tampa, Wesley Chapel, Land O Lakes, Lutz, Riverview, Hillsborough, Pasco County.