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100% USDA Home Loan Eligibility Checklist – Florida

By Jeff W

Mortgage and Lending with USDA / FHA Mortgage Source

June 08, 2011 10:12 AM

If you are a homebuyer considering a USDA home loan, the first thing to check is your USDA loan eligibility requirements. Below is a basic checklist of items that will determine if you are eligible for USDA financing.

•1. USDA eligible locations - The home must be located in a USDA eligible zone. The great news is that all of Jackson county, Calhoun county and Liberty county are currently 100% eligible! Home being purchased must be a single family home, condo or townhome. Existing mobile homes are not permitted.

•2. USDA Income limit - USDA does have household income limitations. These limits are based on the county and number of members in the household among other things. Keep in mind, the USDA household income limits do apply to anyone living in the home that receives income, even if they are not listed on the loan application. In addition any party on the loan application must be able to properly documents income (tax returns, etc). Please click this link for more details on income limits.

•3. USDA Credit requirements - generally speaking your credit score must be a min of 640. Some lower scores (down to a 620) can be done on a case by case basis. There are additional separate requirements regarding any past bankruptcy, short sale, foreclosure, etc.

Questions? Please visit USDA Mortgage Source at www.UsdaMortgageSource.com Please also visit our blog at http://usdamortgagesource.com/blog/ for answers to many frequently asked questions.

Serving all of Florida, including Marianna,Alford,Sneads and Cottondale. USDA Mortgage Source is Florida's leading resource of No money down USDA /Rural Development home loans.