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USDA Home Loan - Mortgage Guidelines 2011

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Mortgage and Lending with USDA / FHA Mortgage Source

We receive many inquiries each week asking about the latest USDA loan requirements. Please read below for the basic USDA mortgage guidelines.

Credit score -  620 min credit score is required. However, this credit score requirement is beginning to increase to a 640. 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 history - stable 2 year history of 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 of employment. Please click this link to learn more.

Income for USDA eligibility -  In general, Florida households with 1-4 members = max $74,050 gross income per year. Some counties are much more. Households with 5+ members can make even more, over $100,000 in some counties. USDA also allows deductions for child care, elderly, disabilities, etc.  Please click here to learn more. We would be happy to assist you in figuring out the USDA income limit for your household and county.

Eligible USDA Property -  Any single family residence located in a USDA eligible area.... no matter who the seller is. Home 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 "rehab" job. You do not have to be a first time home buyer to use the USDA loan.

Max USDA loan amount - There is not a max loan amount with USDA. Please click here.

How long does the USDA closing and processing time take - Please click here and here

Max USDA Financing - 100%, $0 down payment!

Please read the blog for many more general USDA home loan requirements and guidelines.

Have questions or interest in applying for a USDA home loan in FL ? Please visit our main web site by clicking here.

***  USDA Mortgage Source is Florida's LOCAL leader for all 100% USDA / RD home loans. Serving all of Florida including Gulf, Calhoun ,Franklin and Holmes county - 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. We are available to serve you seven days a week ***

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