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Tampa, Hillsborough 100% USDA Loan
Most Florida first time buyers don't have the means for the large down payments required by most mortgage programs today.  The good news is the 100% USDA 502 Guarantee home mortgage loans are offered to help lower to moderate income households purchase homes in Florida's rural areas and in some cases on the outskirts of larger cities like Tampa with NO DOWNPAYMENT requirement! USDA home mortgage loans offer many advantages to qualified borrowers looking to buy or refinance including:
100% financing Low monthly mortgage insurance No asset requirements Gifts allowed for closing costs Required property improvements can be financed into the loan up to 102% of the “improved” value, which can be completed after closing.  Eligible USDA property types include single family homes and condominiums (primary residence only). USDA does have some income and property eligibility requirements. The household income must be below the set county limits found here.  In addition, only certain areas of Pasco, Hillsborough and Manatee county are eligible for the USDA 502 Guarantee loan. Locations like Apollo Beach, Sun City, Ruskin, Palmetto, Ellenton, Odessa and Land O Lakes FL.  USDA charges a 2% funding fee to guarantee the mortgage, this fee is normally financed into the loan. ... more

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