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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
  • What is 100% USDA Mortgage

    Posted Under: Home Buying in Ocala, Financing in Ocala  |  February 1, 2012 7:34 PM  |  2,067 views  |  No comments


    Even today most  Florida homebuyers have never heard of the USDA home loan. When the housing boom was going on back in 2004-2007 there were many options for homebuyers to get 100% mortgage financing... oh how things have changed. Today only two 100% home loan options remain, the USDA and VA home loans. To obtain a VA mortgage a home buyer must be past or present military. So for civilians.. there leaves only one 100% home loan option here in FL, the USDA Rural Development loan.

    So exactly what is the USDA home loan?  You may ask yourself, I thought USDA had to do with beef?  Actually they do, but the United States Department of Agriculture (USDA) also has the division of Rural Development. The goal is to help Florida's rural communities expand by offering homeownership opportunities in Florida's with NO down payment needed. The great thing is that many popular locations just outside of the major Florida cities (Naples, Tampa, Orlando, Jacksonville, Sarasota, Daytona Beach, Lakeland, Pensacola) do qualify. In addition, the property being purchased can be any single family home (by owner, short sale, foreclosure, bank owned, etc) regardless of the seller. The USDA loan program is a 100% government backed 30 year fix loan available to all Florida's homebuyers, not just first time home owners.

    The USDA Rural Housing programs does have certain eligibility requirements like property location and household income, please click the unlined links for more information. In addition to the eligibility requirements, USDA (like any loan) has qualifying requirements related to credit, etc. Below we have listed some of the requirements.

    1. Min credit score of 640. No bankruptcy in last 3 years.
    2. Stable 2 year job history ( does not apply to recent college grads)
    3. Single family homes located in eligible locations. No mobile or manufactured homes.

    USDA Mortgage Source is Florida's lender in $0 down Rural home loans. Serving you 7 days a week, please call 904-302-6060 or visit www.UsdaMortgageSource.com for all the program details. 2014

    Not located in a USDA eligible location? Learn more about the FHA mortgage at www.FhaMortgageSource.com

  • Mortgage choices for Alachua-Marion county first time home buyers

    Posted Under: Home Buying in Ocala, Financing in Ocala  |  November 25, 2011 1:02 PM  |  2,567 views  |  No comments



    In 2012 Florida first time home owners will have limited choices in which home mortgage options is available to them. The most popular options are the government home loan programs like USDA loans, VA loans and FHA loans.  In most cases first time home buyers prefer a minimum or zero down payment home loan option. Today there is only one choice non military homebuyers the Florida 100% USDA Rural Development home loan. Veterans or current military personal also have the 100% VA loan option available but for citizens, the only 100% option is USDA Rural Housing.

    USDA does have some eligibility and qualifying factors that must be met. Income must be below the county income limit see here. Also the property must be located in an approved Florida USDA location.  As for qualifying, generally a stable 2 year work history and 640 credit score is required. Review all the latest USDA loan requirements at www.UsdaMortgageSource.com

    Florida first time homebuyers looking to purchase a home outside of the USDA approved locations, check into the FHA loan at www.FhaMortgageSource.com With the Florida FHA program the property to be purchased can be located anywhere, plus there is no income restrictions. However, the FHA mortgage does require a min 3.5% down payment.

    Serving all of Gainesville FL Ocala FL, Marion County 7 days a week. Please call 904.302.6060 or visit www.UsdaMortgageSource.com

  • 100% USDA Rural Development Loan Summery

    Posted Under: Home Buying in Marion County, Financing in Marion County  |  November 21, 2011 7:52 PM  |  2,601 views  |  No comments



    Florida has been regarded as a prime spot for residences and business establishments alike. The Sunshine State delivers just about anything the whole world can offer. With a population close to 19 million made up of a diversity of races, Floridians have a continuous need for homes to call their own.

    The USDA has two loan programs for single family households available for Florida's rural areas.

    USDA Direct Rural Housing Loans

    Designed For:

    Very Low Income Household - These are households with an area median income (AMI) of below 50%.

    Low Income Household - These are households with an area median income (AMI) between 50 and 80%.

    Moderate Income Household - These are households with an area median income (AMI) between 50 and 80%.

    Perks:

    No down payment

    Low monthly mortgage insurance

    Low closing costs which can also be included in the loan depending on the appraisal


    USDA Guaranteed Rural Housing Loans

    Designed For:

    Higher Income Household - These are households with an income not higher than 115% of the median household income for the area.

    Perks:

    100% home purchase financing

    Low monthly mortgage insurance

    Low closing costs which can also be included in the loan depending on the
    appraisal

    Fixed rate 30-year term

    Eligibility factors for a USDA loan and other information

    To qualify for a USDA loan in Florida;

    1. An applicant's monthly housing costs have to meet 29 percent of his or her gross monthly income. That means the applicant's property taxes, mortgage principal and interest, as well as insurance must be of a 29% ratio to the gross monthly income.
    2. Most lenders will require a 620 Fair Isaac Company (FICO) credit score.
    3. It's a safe assumption the credit backgrounds will be checked.
    4. Applicants or families have to be of inadequate housing. However, they also have to be capable of paying the monthly mortgage including taxes and insurance.
    5. Applicants need to have sufficient income to be able to pay their housing costs including all monthly debts at a 41% ratio.

    There isn't any set maximum loan amount but your debt-to-income ratios (29/41 ratios) are going to be the determining factors regarding how much an eligible applicant can get. The information for the maximum loanable amount that an applicant can borrow in Florida can be found at http://www.rurdev.usda.gov/SupportDocuments/FL%20Direct.pdf.

    In financing, the maximum loanable amount isn 100%. Furthermore, a 2% USDA RD Loan guarantee fee is added to the loan instead of being a separate payment that will have to come out of the borrower's pocket. This then makes it a total of 102%.

    It is hoped that this information sheds light to all of you who have plans of making a home in designated rural areas of Florida.

    Stop by and visit www.UsdaMortgageSource.com for more Florida USDA Rural Housing information.

    Serving all of Florida including - Ocala FL, Gainesville FL, Marion County Florida.

    2/16/2014

  • No Money Down Home Loan Mortgage Ocala FL

    Posted Under: Home Buying in Marion County, Financing in Marion County  |  October 4, 2011 6:32 PM  |  1,086 views  |  No comments


    First time buyers in around Marion county Florida, please visit www.UsdaMortgageSource.com to learn more about 100% home loan financing in Florida. Many outlining locations just outside of Ocala FL qualify for the USDA home mortgage. Silver Springs FL, Reddick FL, Belleville FL to name a few are all 100% USDA eligible. The USDA mortgage is the last remaining no money down loan available in Florida for non military home buyers.  

    USDA Mortgage Source is Florida 100% home loan leader. Serving all of central Florida 7 days a week, please call us at 904.302.6060 or visit www.UsdaMortgageSource.com  

    To learn more about the FHA home loan here in Florida, please visit www.FhaMortgageSource.com

    2/18/2014

  • Florida 100% Rural Housing Home Loan

    Posted Under: Home Buying in Ocala, Financing in Ocala  |  July 21, 2011 10:56 AM  |  1,922 views  |  No comments

    Listed below you will find some of the highlights of NO Money Down Rural Housing mortgage here in Florida.

    1. Rural Housing /USDA Loans require NO money down - up to 102% financing.

    2. Rural Housing /USDA loans have NO monthly mortgage insurance costs (PMI) like other loans.

    3. Closing costs can often be included or rolled into your loan with the Florida Rural Housing program.

    4. There is NO maximum loan amount with Florida Rural Housing. Your loan amount is set based your    income and debts

    5. You do NOT need assets to qualify for the Florida USDA Rural Development Program.

    6. Qualifying for a Rural Housing USDA loan with lower credit scores is possible. *Current min required  credit score is 620*

    7. USDA Rural Housing Mortgages are secure 30-year fixed terms at low market interest  rates.

    8. USDA Rural Housing home loans are for ANY new & existing single family residence located in a USDA eligible area. Home being purchased can be a regular sale, short sale, foreclosure home, etc. 

    100% USDA mortgage financing is particular great for Florida first time home buyers!


    Please visit www.UsdaMortgageSource.com for all the latest Rural Housing program requirements. USDA Mortgage Source services all of Florida (including Ocala FL, Gainesville FL, Archer FL, High Springs FL, Newberry FL) 7 days a week

    Need a mortgage financing in a more populated location of Florida? Check into the FL FHA Home Loan by clicking here.

    2014,  Alachua County, Marion County

  • USDA Rural Home Loan Mortgage - Ocala, Marion County

    Posted Under: Home Buying in Ocala, Credit Score in Ocala  |  July 14, 2011 8:42 PM  |  1,943 views  |  No comments


    100% NO down payment home loans are still possible in Marion County. Nearly all of Marion County just outside of the immediate Ocala area is eligible for 100% USDA /Rural Development financing. Contact us today to check your USDA loan eligibility, it only a few minutes. You can call 904-302-6060 or visit us at www.UsdaMortgageSource.com
     

    USDA Mortgage Source is Florida's USDA loan leader. Please take time to visit our web site at www.UsdaMortgageSource.com for all the latest USDA program requirements here in Florida.

     

    Located outside of the rural areas? Please click here to learn more about FHA home loans.

    FL,FLA, Marion County, Lake County, Levy County, Ocala, Clermont,2014

  • Florida Rural Housing USDA Map - Ocala,Leesburg

    Posted Under: Home Buying in Marion County, Financing in Marion County  |  July 14, 2011 8:50 AM  |  1,321 views  |  No comments


    Click here
    to check all the USDA eligible locations throughout Florida. When you input the property address, leave out the city name. Just input the street/number address, state and zip code. The result will tell you if the address is USDA/Rural ELIGIBLE or INELIGABLE. If the result says "invalid" it's not picking up the address. Contact USDA Mortgage Source and we can assist you.

    USDA Mortgage Source is Florida's leader in 100% rural housing loans, serving you 7 days a week. Ocala, Leesburg, Mt.Dora, Clermont and all stops in between, please visit our main web site at www.UsdaMortgageSource.com for more information. You can also call us at 904.302.6060.

    Not located in a rural area? Check into the FHA Mortgage by clicking here

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