USDA Rural Development is a great loan option for home buyers with limited cash and down payment. We have included a quick snapshot of some commonly asked questions below. Please read all the USDA program frequently asked questions here.
Please contact us at www.UsdaMortgageSource.com with any question, or just call 904-302-6060
Eligibility income for USDA housing- In general, Florida households with 1-4 members = max $74,750 gross income per year. Some counties in NE FLA (around Jax) , South FLA and the Panhandle are even higher. Households with over 5 members can make even more, over $101,000 + in certain Florida counties. USDA also allows deductions for child care, elderly, disabilities, etc. Please click here to learn more about USDA income restrictions for the 502 USDA Guarantee loan and contact us with any questions.
Eligible USDA Property- Any single family home that is located in a USDA eligible location. Property 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, and in good repair.
Max USDA Rural Development loan amount - There is not a max loan amount with Rural Housing USDA. Home buyers qualify based on income limits put in place and max allowed debt to income ratios.
How long does the USDA mortgage closing and processing time take in Florida? Please click here for more information.
USDA program credit score - 640 minimum credit score is preferred, however in select cases down to a 620. This credit score requirement alone does not guarantee USDA loan approval. Additional requirements include- No repeated late payments on any credit trade lines within the last year. No short sales, foreclosures or bankruptcies within the last 3 to 5 years.
Job and work history- solid two year history with documentable income. Recent college grads that have just started in the job arena are exempt from this requirement. Applicants are ok if they have switch around jobs, as long as they have no unexplainable extended gaps in their job history.
USDA Rural Development Financing - 100%, NO down payment required! Â Home sellers can also pay closing costs for USDA home buyers.
Is USDA only for First Time Home Owners? No, USDA can be used by any prospective home buyer. However, only primary homes are permitted, no second homes or investment properties allowed.
Have questions about the USDA housing application process in FLA? Please visit us at www.usdamortgagesource.com or call 904-302-6060
Serving all of Putnam, Clay and Alachua County - Crescent City, East Palatka, Florahome, Fruitland, Georgetown, Hollister, Interlachen, Lake Como, Melrose, Orange Mills, Palatka, Pomona Park, Putnam Hall, San Mateo, Satsuma, Welaka, Alachua, Archer, Gainesville, Hawthorne, High Springs, La Crosse, Micanopy, Newberry, Waldo. Green Cove Springs, Keystone Heights, Middleburg, Orange Park, Penney Farms.
Comments(0)