USDA homebuyers can receive up to 100% financing on their next home with a USDA Rural Housing Loan. Many locations around Orange County like Apopka FL, and Winter Garden are still approved for USDA financing! The USDA 502 Guaranteed home loan program is designed to assist moderate income rural residents in purchasing a new home by providing affordable interest rates and loan terms. Applicants must purchase a home within the eligible rural areas of Orange County and have a household income that does not exceed the established limits for the area where the home is located. Please see the Florida USDA income limits here. Contact us below to discuss all approved locations around Orlando.
Benefits of a USDA Rural Housing Loan in Apopka, Winter Garden included:
- Up to 100% financing - No down payment required.
- Nontraditional credit may be accepted (includes detailed payment history on rental payments, utility bills, telephone/mobile services and television service) Please note non traditional credit can only be used if an applicant does not have a credit score. Non traditional credit can not be used to offset bad credit. Current credit fico score requirements are 620.
- No maximum purchase price, or purchase loan limits with USDA.
- Safe and secure 30 YR fixed terms.
- Eligible property types include existing homes, new construction, Planned Unit Developments (PUD’s), eligible condominiums, short sales, foreclosures located in a USDA RD approved locations.
- Gift/Grant Funds/Mortgage Credit Certificates (MCC’s) and Seller Concessions are allowed for closing costs.
- Not limited to first time homebuyers, any eligible homebuyer can apply.
USDA like all government home loans require monthly mortgage insurance. Below you will find the current 2016 USDA mortgage insurance rates and up front funding ( Guarantee) amounts.
- USDA purchases, 2.75% upfront fee paid at closing, based on the loan size
- USDA refinances, 2.75% upfront fee paid at closing, based on the loan size
- For both purchases and refinances, 0.50% annual (monthly ) fee, based on the remaining principal balance
Example: homebuyer with a $150,000 loan size in Winter Garden Florida would be required to pay a $4,125 upfront mortgage insurance premium payment, plus $62.50 monthly mortgage insurance. The 3K up front USDA mortgage premium is typically rolled into the home buyers loan. The main benefit is the USDA monthly mortgage insurance is nearly 40% less than FHA home loans!
Orange County ( Orlando, Apopka, Ocoee, Winter Garden) home buyers interested in applying for a USDA loan? Please visit us at www.UsdaMortgageSource.com or call ph: (904) 302-6060 today. We are open 7 days a week to serve you.