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USDA Mortgage Source Florida

100% USDA Rural Housing Loans, Rural Development Mortgage FL

By Usda Mortgage Source | Mortgage Broker
or Lender in Jacksonville, FL
  • USDA Home Loan Mortgage - Baker, Glen St. Mary, Macclenny

    Posted Under: Home Buying in Baker County, Financing in Baker County, Credit Score in Baker County  |  December 1, 2012 11:21 AM  |  1,682 views  |  No comments

    Baker County Florida is 100% eligible for USDA financing.  USDA Rural Housing is a great way for Florida first time homebuyers to purchase a home with no down payment! USDA does have some lender eligibility and loan qualifying requirements, we have listed some below.

    Credit score required for USDA loans:  640 min credit score is required. In addition to the min credit score requirement, lenders like to see no repeated late payments on any credit lines within the last 12 months. No short sales, foreclosures or bankruptcies within the last three year period.

    Income limits for Rural Housing USDA : Baker county households with 1-4 members can make a max of $74,750 gross income per year. Some counties in Florida are more. Households with 5+ members can make even more, over $100K per year in some counties. Household will also have deductions for children, child care, elderly, disabilities, etc. Important to remember, the income limits do apply to ALL members in the household that generate income no matter if they are on the loan application or not. Please call us to review in detail if you think you are close to the limit. We are always happy to assist you in figuring out the USDA income limit for your household and county.

    Job history needed for USDA loans: stable 2 year history of documentable income. Students that have recently completed college and starting working do not need to meet this requirement. Applicants are ok if they have move jobs, as long as they have no extended gaps of employment.

    Eligible USDA Property - Any single family residence located in a USDA eligible area regardless of the home seller. The home being purchased can be a short sale, foreclosure, by owner, etc. All of Baker County, Glen St. Mary, and Macclenny is eligible.  Existing mobile homes are NOT permitted.  Home must be a primary residence, no investment or rental purchases. Other restrictions may apply to home that have in ground pools or located on a dirt road.

    USDA Down Payment:  100%, $0 down payment! USDA and VA loans are the only remaining 100% home loans in Florida. However, for the VA loan you must be past or present military.

    USDA mortgage loan limit:  There is no max loan amount with USDA Rural Development,  buyers quality based on their debt to income ratios.

    How long does the USDA closing time: As of 12/2012 -2013 the USDA closing time is around 60 days from the time the buyer is in contract to purchase a home.

    Please contact us at www.usdamortgagesource.com or call 904-302-6060 with any questions. Please also visit our USDA blog at http://www.usdamortgagesource.com/blog/ for the latest USDA program updates.

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