The USDA Rural Development Home Loan is the last remaining no down payment government insured mortgage program for Florida civilians. The USDA mortgage program is designed to help promote homeownership less populated locations around Florida. Many people assume the USDA loan program is only for farmers or ranchers, not true. Many major metropolitan areas have outlining areas that are qualified USDA eligible property locations. Locations around major cities like Jacksonville, Orlando, Tampa, Gainesville, Ocala, Tallahassee, Pensacola have USDA eligible locations around them. Seminole County also has eligible locations as of 2015. 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.
Some benefits of a USDA Home Loan include:
- 102% Financing, No Down Payment required!
- Low monthly mortgage Insurance (PMI) 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
- Primary Residents only (no rentals/investments or second homes permitted)
To qualify for the USDA loan program, there are two main requirements that differ from the other government loan programs (FHA or VA loan program)
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, see the RD income limits here.
Need assistance? For fast service please submit the “Request Contact” form at the top right side. Mobile users can find the short Request Contact Form here. Be sure to also visit www.FiveStarsMortgage.com for the latest mortgage info.
Seminole County 7 days a week including Altamonte Springs, Casselberry, Geneva, Lake Mary, Lake Monroe, Longwood, Oviedo, Sanford, Winter Springs, Seminole County USDA Loan Approval