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Deland, Deltona, Volusia USDA Mortgage

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Mortgage and Lending

Volusia County has very little choices in 2015 when it comes to NO down payment mortgages.  A few government programs like USDA and VA home loan are the only choices. And for unless you are military, the VA mortgage is not feasible.  The good news is most of Volusia County is still eligible for the 100% USDA Rural Development Home Loan. The USDA mortgage program is designed to help promote homeownership in reduced populated locations of Volusia County like Deland, Debary, Orange City, etc.  You can view the current USDA map here to see if your location is eligible.  Most locations just outside of Deltona ( west of I-4) and just outside of Debary and Deland are still approved locations.  Pretty much all of the Orange City area is eligible.  If you need assistance navigating the USDA map, or just have questions, please call us at ph: 904-302-6060 

The USDA loan program will allow homebuyers to borrower up to 102% of the home's appraised value. The extra 2% being used to financing the one-time 2% USDA guarantee fee that is rolled into the loan.  In addition, homebuyers can include closing costs into their loan assuming their appraised value is high enough to support the increased loan amount. 

Some highlights of the USDA mortgage:

  • 102% Financing,  $0 down needed.
  • Low monthly mortgage Insurance (PMI) nearly 50% lower than comparable FHA mortgages.
  • No Loan Amount limits. 
  • No bank saving reserve requirements
  • Many options to get closing costs paid. 1st - Seller can pay all of buyers closing costs.  2nd - Closing costs can also be rolled into the mortgage with a high enough supporting appraised value.  3rd - Closing costs can be paid as gift for borrowers.
  • Low 30 year fixed mortgage rates.
  • No pre-payment penalty, Buyers can sell or move at any time without penalty.  
  • Primary home only (no rentals/investments or vacation homes permitted)
  • Credit scores down to 640  acceptable in most cases
  • No first time buyers class, down payment assistance programs or special grants are needed with the USDA loan.  You can do your application over the phone,  get pre approved and go out home shopping all in the same day!

 

To get approved for a USDA mortgage there are two main requirements that differ from the other mortgage programs like the FHA or Conventional loans. 

First, the location of the house. The home must be located in a Florida USDA eligible designated rural area of Bay County. Keep in mind, the seller of the home is not important, just where the home is located!  Buyers can purchase a foreclosure, short sale, etc as long as the address is approved “eligible” on the map above. 

 

Second, the USDA program does have household income limits -  Each county has different USDA Income restrictions. The income limit is based on many different variables, please see the current USDA income limits for Volusia County.

If you find you are not eligible for the USDA program based on factors above – please contact us at 904-302-6060 to discuss other min down payment mortgage options available in Central Florida.  

 

If you have questions about starting the  USDA loan approval process, please visit us at www.usdamortgagesource.com    USDA Mortgage Source is Florida 100% USDA loan leader.  You can also contact us at 7 days a week at  ph: 904-302-6060.   Serving Volusia residents Mon-Sun including: Daytona Beach, DeBary, DeLand, Deltona, Holly Hill, Lake Helen, New Smyrna Beach, Oak Hill, Orange City, Ormond Beach, Port Orange FL

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 Five Stars Mortgage

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