So what type of homebuyer is a good candidate for the USDA loan?
1. Any Florida prospective home buyer that wants to purchase a home, but may not want to put down (or have) the large down payment required by most loan programs in Florida. For first time buyers, USDA is perfect. USDA /Rural housing can allow you to move into your new home with little to no money out of pocket. Florida Teachers, Law Enforcement (Police) Public Service, etc looking to live in less populated USDA eligible locations around Florida. Remember, there are many popular USDA eligible locations right around Tampa FL, Orlando FL, Jacksonville FL, etc.
2. Any prospective Florida home buyer that has income under their specific Florida county limit. If you are a doctor making $200,000 a year, the USDA loan is not the right fit for you. The USDA Rural Housing program is geared towards helping Florida's rural communities expand by offering affordable housing to low - moderate income home buyers. Generally speaking, the USDA home loan income limits ( 502 USDA Guarantee Program) in Florida are as follows -Â Any household 1-4 persons = max income around $74,000-$80,000 per year depending on your county. Households with over 5 family members, the income limits can be over $100,000 depending on your county. You can click this link to see your county USDA income limit.
3. Any prospective Florida home buyer that has decent credit. You do not need perfect credit in order to get USDA financing. However, like all home loans, USDA does have minimum credit score standards in place. Generally speaking you will need a 620 or greater credit score to be considered for a USDA home loan. There are other factors regardless of credit score that are also looked at. Clean payment history in the last 12 months is important, any past bankruptcy, foreclosures, etc. Credit score requirements for all home loans have been changing rapidly (increasing) over the last few years. Please be sure to ask us the latest credit score requirements, we will be happy to help.
A few other notes - You do not have to be a first time home buyer in order to obtain 100% USDA financing. However, if you are a homeowner that currently owns a home, especially in the same proximity, you may have an issue. Also, USDA home loans are for any (livable) single family home, townhome, etc that is located in a USDA eligible location regardless who the seller of the home is. The home just has to be in good condition and physically located in a USDA approved location. Existing mobile homes, any investors or second home purchases are not eligible for USDA financing.
Serving Florida 7 days a week, USDA Mortgage Source is Florida's USDA/Rural Housing mortgage leader. Please visit our main web site at www.UsdaMortgageSource.com for the latest USDA program requirements here in Florida. We are available to assist you 7 days week.
If you do not meet the USDA home loan requirements - Please click here to learn more about Florida FHA Financing.
Servicing the following Florida cities :
Apopka | Aventura
| Boca Raton | Bradenton | Brandon | Cape Coral | Clearwater | Clermont |Cocoa
Beach | Coconut Creek | Coral Gables | Crestview | Crystal River | Daytona
Beach | DeLand | Deltona | Delray Beach | Destin | Dunedin | Englewood |
Fernandina | Flagler Beach | Fort Lauderdale | Fort Myers | Fort Pierce | Fort
Walton Beach | Gainesville | Green Cove Springs | Hallandale | Hobe Sound |
Hollywood | Homestead | Inverness | Jacksonville | Lakeland | Lake City | Lake
Mary | Live Oak | MacClenny |Melbourne | Miami | Milton | Mount Dora | Naples |
Ocala | Ocoee |Ojus | Orange Park | Orlando | Ormond Beach | Palatka| Palm Bay
| Panama City | Pensacola | Pompano Beach | Port Charlotte | Port St. Lucie | Punta
Gorda | Santa Rosa | Sarasota | Siesta Key | Springhill | St. Augustine | St.
Petersburg | Sunny Isles | Tallahassee | Tamarac | Tampa | Titusville | Venice
| Vero Beach | Weeki Wachee | Wesley Chapel | West Palm Beach | Winter Garden |
Winter Haven | Winter Park | Winter Springs | Zephyrhills | Florida | Fla |FL