Did you know Highlands County Florida (Avon Park, Lake Placid, Leisure Lakes, Lorida, Sebring and Venus) is totally eligible for the 100% USDA Rural Development loan? USDA Rural Housing is a great way for Florida first time homebuyers to purchase a home without a down payment. USDA is the only loan in Florida that still allows $0 down payment for Florida’s non military residents. USDA does have some lender eligibility and loan qualifying requirements – we have listed the latest for 2013 below.
Job history needed for USDA loans – stable 2 year history of documentable income. Students that have recently completed college and starting working do not need to meet this requirement. Applicants are ok if they have move jobs, as long as they have no extended gaps of employment.
Eligible USDA Property – Any single family residence located in a USDA eligible area regardless of the home seller. The home being purchased can be a short sale, foreclosure, by owner, etc. All Highlands County Florida including, Avon Park, Lake Placid, Leisure Lakes, Lorida, Sebring and Venus is eligible for USDA housing. Existing mobile homes are NOT permitted under the USDA program. Home must be a primary residence, no investment or rental purchases from investors.
USDA Down Payment – 100%, $0 down payment! USDA and VA loans are the only remaining 100% home loans in Florida. However, for the VA loan you must be past or present military.
USDA mortgage loan limit – There is no max loan amount with USDA Rural Development – buyers quality based on their debt to income ratios.
How long does the USDA closing time – As of 12/2012 -2013 the USDA closing time is around 60 days from the time the buyer is in contract to purchase a home.
Credit score required for USDA loans – 640 min credit score is required. In addition to the min credit score requirement, lenders like to see no repeated late payments on any credit lines within the last 12 months. No short sales, foreclosures or bankruptcies within the last 3 year period.
Income limits for Rural Housing USDA – Highlands County FL households with 1-4 members can make a max of $74,750 gross income per year. Some counties in Florida are more. Households with 5+ members can make even more, over $100K per year in some counties. Household will also have deductions for children, child care, elderly, disabilities, etc. Important to remember, the income limits do apply to ALL members in the household that generate income regardless if they are on the loan application or not. See the chart below and please call us to review in detail if you think you are close to the limit. We are always happy to assist you in figuring out the USDA income limit for your household and county.
|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|
|Manatee and Sarasota||$75,200||$99,264|
|NOT ELIGIBLE are Broward, Pinellas and Monroe|
|Add 8% of 1-4 person limit for each person in excess of 8 persons.|
Please visit us at https://www.fivestarsmortgage.com/usda-rural-loan for more information on the 100% USDA program in Florida.