We receive many questions each week asking about the latest 2015 USDA loan requirements and guidelines. Please read below for the basic USDA mortgage guidelines for 2015. As always, please contact us at ph: 904-302-6060 with questions.
USDA Credit score - 640 min credit score is required. 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. Keep in mind a 640 credit score alone does not guarantee loan approval.
USDA 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.
USDA Income Limits - In general, Florida households with 1-4 members = max $74,750 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 see the 2015 USDA income limits here.
Eligible USDA Property - Any single family residence located in a USDA eligible area, regardless of 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, move in ready and 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. See here to learn more.
How long does the USDA closing and processing time take – As of December 2014, the total time from contract to closing is taking about 45 days.
Max USDA Financing - 100%, $0 down payment!
Please read the blog for many more 2015 USDA home loan requirements and guidelines. Have questions or interest in applying for a USDA home loan in FL? We want to hear from you! Please come see us at www.usdamortgagesource.com or call 904-302-6060 to learn more about the benefits of no money down USDA financing. Keep in mind we are available to assist all Florida homebuyers 7 days a week.
Bradenton | Brandon | Cape Coral | Clearwater | Clermont| Cocoa Beach | Coconut Creek | Coral Gables | Crystal River | Daytona Beach | DeLand | Deltona | Delray Beach | Deltona | Ft Myers | Ft Walton Beach | Gainesville | Inverness | Jacksonville | Key West | Lakeland | Land O Lakes | Lady Lake| Largo | Leesburg | Margate | Melbourne | Miami | Mount Dora | N. Ft. Myers | Naples | Ocala | Orange City| Orlando | Ormond Beach | Palm Bay | Panama City | Pensacola | Pompano Beach | Port Charlotte | Port St. Lucie | Punta Gorda | Santa Rosa County | Sarasota County| Springhill | St. Augustine | St. Petersburg |Tallahassee | Tamarac | Tampa | Titusville | Venice | Vero Beach | Wesley Chapel | West Palm Beach | Winter Haven | Winter Garden | Winter Park |FL | Riverview | FLA
Comments(0)