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.
Please read the USDA blog located here for many more general USDA home loan requirements and guidelines. Have questions about the USDA housing application or pre approval process here in Florida? Please visit our friends at www.UsdaMortgageSource.comfor the latest USDA loan information here in Florida. Serving all of Florida including – Apopka FL | Archer FL| Aventura FL| Boca Raton FL | Bradenton FL| Brandon FL| Cape Coral FL| Clearwater FL| Clermont FL |Cocoa Beach FL | Coconut Creek FL | Coral Gables FL| Crestview FL| Crystal River FL| Daytona Beach FL| DeLand FL | Deltona FL| Delray Beach FL | Destin FL| Dunedin FL | Englewood FL| Fernandina Beach FL| Flagler Beach FL| Fort Lauderdale FL | Fort Myers FL | Fort Pierce FL | Fort Walton Beach FL| Gainesville FL| Green Cove Springs FL| Hallandale FL| High Springs FL| Hobe Sound FL| Hollywood FL| Homestead FL| Inverness FL | Jacksonville FL| Jasper FL |Jupiter FL| Key Largo FL| Key West FL| Keystone Heights FL| Lady Lake FL| Lakeland FL| Lake City FL| Lake Mary FL| Land O Lakes FL|Live Oak FL| MacClenny FL| Madison FL| Melbourne FL| Miami Dade FL | Milton FL| Mount Dora FL | Naples FL| Ocala FL | Ocoee FL |Ojus FL | Orange Park FL| Orlando FL| Ormond Beach FL| Palatka FL| Palm Bay FL| Palm Coast FL | Panama City Beach FL| Pensacola FL| Pompano Beach FL| Port Charlotte FL| Port St. Lucie FL | Punta Gorda FL| Santa Rosa FL| Sarasota FL | Siesta Key FL| Spring Hill FL | St. Augustine FL| Starke FL| St. Petersburg FL | Sunny Isles FL| Tallahassee FL| Tamarac FL| Tampa FL| Titusville FL | Venice FL| Vero Beach FL| Weeki Wachee FL| Wesley Chapel FL| West Palm Beach FL | Winter Garden FL| Winter Haven FL| Winter Park FL| Winter Springs FL| White Springs FL| Zephyrhills FL| Florida |FLA