Florida is 100% eligible for USDA financing.Â
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.
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.
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.
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
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.