Below we have outlined the general 100% USDA Rural Housing mortgage guidelines for 2012. Please contact us at www.UsdaMortgageSource.com with any question, we are happy to help.
USDA Credit score requirements - 620 minimum credit score is required. However, this credit score requirement alone does not guarantee USDA mortgage 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 in their employment history. Please click this link to learn more.
Eligibility income for USDA housing - In general, Florida households with 1-4 members = max $74,750 gross income per year. Some counties are much more. Households with over 5 members can make even more, over $100,000 in certain Florida 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 home that is located in a USDA eligible location. Property being purchased can be a short sale, foreclosure, by owner, etc. Existing mobile homes are NOT permitted. Home must be a primary residence, no investment or rental purchases. Home must be livable, cannot be a re build type home.
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.
Max USDA Rural Development Financing - 100%, NO money down required! Home sellers can also pay closing costs for USDA home buyers.
Is USDA only for First Time Home Owners? 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 process? here in Florida? Please visit our main web site by clicking here.
Source is Florida's leading 100% USDA information resource Serving all of
Florida including Tampa FL, Orlando FL, Jacksonville FL, Sarasota FL,
Tallahassee FL, Gainesville FL, Ocala FL.
Please take a look at our main web site at www.UsdaMortgageSource.com or call 904.302.6060 to learn more about the benefits of 100% USDA / Rural Development home loans here in Florida
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