USDA Home Mortgage Guidelines 2015

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Mortgage and Lending with USDA / FHA Mortgage Source

USDA Home Mortgage Guidelines 2015 - Please read below for the latest USDA Rural Development mortgage guidelines here in Florida.

 

USDA household income limits - In general, Florida households with 1-4 members = max $74,750 gross income per year. Some counties are much more. Households with 5+ members can make even more, over $100,000 in some counties. USDA also allows deductions for child care, elderly, disabilities, etc. It's important to remember the income limits include ALL members of the household that generate income, even if that household member is NOT on the USDA loan application. Please see the chart below

Florida COUNTIES

1- 4 person household

5 - 8 person household

     

All FL & VI counties EXCEPT those listed below:

$74,750

$ 98.670

Clay, Duval, Nassau, St Johns

$77,400

$102,168

Collier

$83,750

$110,550

Manatee and Sarasota

$75,200

$99,264

Okaloosa

$78,650

$103,818

Palm Beach

$87,550

$115,566

NOT ELIGIBLE are Broward, Pinellas and Monroe

 

Add 8% of 1-4 person limit for each person in excess of 8 persons.

 

 

Eligible USDA Property - Any single family residence located in a USDA eligible area regardless of the seller. Used mobile homes are NOT permitted. Home must be a primary residence, no investment or rental purchases. You do not have to be a first time home buyer to use the USDA loan. Please see this link for the USDA approved location map.  This will show look up any address to see if the home is eligible. 

Job history - Pretty much the same as other home loans, stable 2 year history of documentable income. The exception to this is college grads that have just working. Applicants are ok if they have switch around jobs, as long as they have no unexplainable extended gaps of employment. Please click this link to learn more.

Maximum USDA loan amount - USDA does not have maximum loan amount. Borrowers qualify based on their debt to income ratios. The limit for this is generally 42%. Since USDA rural housing has income limits in place, the max loan amounts will generally be limited to $300,000.

USDA credit score - 640 min credit score is required. Clean payments history on all credit trade lines in the last year. No short sales, foreclosures or bankruptcies within the last 3 years.

USDA application, pre approval and closing time - The USDA application process generally takes 15 min to complete. Once complete, the USDA loan pre approval process is generally complete the next day. The closing process is generally 45-55 days once the home buyer have a fully executed and approved contract on a home.  This is subject to change based on Rural Housing processing times, which do change.

Max USDA Financing - 100% financing! Down payment are permitted, but not required.

 

Please click here to read many other frequently asked questions about USDA rural housing. Question about USDA guidelines and requirements? Please visit www.usdamortgagesource.com  or call 904-302-6060 7 days a week.

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Jamie Chambers

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