Florida Teachers have many great home loan benefits available to them. One of the most popular home financing options for Teachers is without a doubt the 100% USDA housing loan. USDA Rural Housing is one of the last mortgage programs that still allow Florida teachers to purchase homes with no down payment. Let’s take a look at some details below and the things that teachers should know before starting the USDA pre approval process.
First, the USDA 502 Guarantee mortgage is backed by the Federal Government and offers secure 30 year fixed rate terms.
· The USDA housing program is 100% financing and does not require any down payment. This is great because most Teachers are first time home buyers. Home buyers can elect to put money down if they chose to lower their loan amount / mortgage payment. Since the program is 100% financing, no down payment assistance or grant is needed. No schooling or "first time buyers class" needed as well. You can get pre approved this morning and write a contract on a home this afternoon.
· The USDA RD loan also allows for the home seller to pay the home buyers closing costs. Teachers can purchase a home with little to no money out of pocket.
· USDA Rural Housing is perfect for any Florida public service workers like Teachers, Police and Firefighters that want to live in more rural locations around Florida.
Teacher want to remember a few things before applying for the USDA housing program:
· If you have student loan debt, all the debt will be included in the qualifying process – even if the student loans are in currently in deferment. This is important as it can have an impact of how much housing expense you qualify for.
· USDA does have a two key components in regards to eligibility – where the home is located, and the income for the household. You can check the USDA housing map here, and check the USDA household income limits here.
How can new homebuyers get the USDA application started?
· First and foremost, please read through all the FAQ’s here. This information in the link will help you understand all the aspect of the USDA loan. It's everything you need to know about the USDA mortgage in one place.
· Once complete, please visit out web site at www.usdamortgagesource.com or call ph: (904) 302-6060 7 days a week.
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