Interest rates and home prices remain at all time low levels and USDA remains a great mortgage solutions for first time buyers that want to purchase a home with NO money down. USDA still remains the only 100% no money down home loan available to Florida citizens. Below you will find all the general loan application and qualifying requirements for USDA Rural Development home loans in 2012 -2013. Please read below and contact us with any questions.
USDA Eligibility income limits – USDA does have maximum household income limits in place. The household income limits depend on the county you live in, how many people live in the household, among other things. In general, Florida households with 1-4 members can make a max gross income of $74,750 per year. Some Florida counties have income limits much higher, over 100K in certain counties with over 5 members in the household. Please note the income limits DO apply to all members in the house that generate income, not only the members on the loan application. Contact us with any questions.
Eligible USDA Property – Any single family home that is located in a USDA approved location, click here to view the map. The home being purchased can be a short sale, bank foreclosure, by owner type sale, etc. Existing mobile homes are NOT allowed. Home must be a primary residence, no investment or rental home purchases. Home must be livable, cannot be a “rehab” job. You do not have to be a first time home buyer to use the USDA loan.
USDA Credit score needed – USDA like many of the home loans today require a min 640 credit score. In addition the min credit scores needed, USDA will want to see a clean payment history on all credit trade lines over the last 12 months. Any late payment in the previous 12 months will need to be explained. Borrowers that have a past short sales or foreclosures generally are not eligible until 3 years out.
USDA maximum loan amount – USDA does not have a max loan amount. Home buyers qualify based on income limits put in place and max allowed debt to income ratios. Please read more about USDA loan amounts.
USDA mortgage closing and processing – Plan accordingly, the USDA loan process generally takes 45 days for closing.
Please read more about USDA loan requirements by clicking here. Five Stars is a leader in Florida mortgage news providing the most up to date and accurate information available. Please visit us at www.FiveStarsMortgage.com for more information.