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USDA 502 Guarantee Loan – First Time Home Buyers

This page updated and accurate as of 05/16/25 National Mortgage Leave a Comment

Are you a Florida home buyer looking to purchase a home with min down payment?   The RD 502 guarantee loan provided by the USDA helps low and moderate income families achieve the American dream of home ownership with No Down Payment. Yes, believe it or not, qualified home buyers can still purchase a home with no money down thanks to the Government backed USDA home loan.
To be eligible for the USDA mortgage borrowers must –

  • Have stable dependable income that is sufficient for the repayment of the loan. This income should be verifiable and continuing for at least 24 months.
  • Be a U.S. citizen, currently reside in the United States, qualified alien, or be legally admitted to the United States for permanent residence;
  • Must meet Moderate income limits as determined by the USDA home loan program with credit history that shows responsible repayment of debt.

Any home located in a USDA funding approved location is eligible.  The home can be newly built, or existing. Existing homes must be in good repair and structurally sound. The home cannot be a rehab or re build type project.

Highlights of the FL USDA 502 Guaranteed Rural Housing Loan Program:

  • Loans may go up to 102% (With 2% USDA Guarantee fee included or rolled into loan)
  • $0 money down – 100% financing!
  • Mortgages are 30-year fixed rate at market interest rates
  • Sellers may contribute or pay all of the buyer’s closing costs
  • Home buyers make application with and pre approval with participating lenders.
  • Buyers must personally occupy the dwelling following the purchase
  • Household income must be below the posted income limit per county, number of member in household.

Questions? We are available to assist you 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.

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Filed Under: First Time Home Buyers, mortgage tips, USDA Home Loan Tagged With: First Time Home Buyers, FL, florida, Getting application, USDA 502 Guarantee Loan, USDA funding

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9050 Cypress Green Dr. Suite #403 Jacksonville, FL 32256

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