100% Financing Mortgage - USDA Florida Mortgage Information & Limits

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FLORIDA USDA 100% FINANCING HOME MORTGAGE LOAN

What is a USDA Loan?

A USDA Loan is a mortgage loan that is insured by the US Department of Agriculture and available to qualified individuals who are purchasing or refinancing their home loan in an area that is not considered a major metropolitan area by USDA.

 

Benefits of Florida USDA Loans

USDA mortgage loans have many benefits. The most obvious is that you may borrow p to 102% of the appraised value to help cover closing costs, and there is no limit to how much of the closing costs a seller can cover if you can negotiate it. You may also purchase a foreclosure or short sale with a USDA loan. You are not required to have cash reserves or assets in order to make the purchase. While the USDA mortgage program does require the property to be in a designated area, there are many areas very close to metropolitan cities that qualify

  •         100% Financing - you can buy a home with no money down. In some cases you can even finance your closing costs.
  •         You can refinance your home up to 100% of the value of your home.
  •         Low Fixed Rate Mortgage Options.
  •         They are usually easier to get because the Government insures the loan so that there is much less risk to the lender.
  •         They can be used for Existing Homes, Foreclosures or New Construction.
  •         Simple Loan Process.
  •         No Loan Limit. No Acreage Limit.
  •         There is No Prepayment Penalty.
  •         You can use the loan to repair or add on to your home.
  •         Flexible Credit Requirements.
  • Morgage Insurance is Typically Much Less Than FHA or Conventional Loans

Who is eligible for a USDA Loan?

Generally these loans are available to anyone who meets minimum credit guidelines and local area income requirements and is purchasing a home or refinancing their home in an area that is not considered a major metropolitan area by USDA.

 

In order to be eligible for many USDA loans, household income must meet certain guidelines.

The income for the household – The USDA Rural Development mortgage has income limits or “caps” in place. More importantly, the income caps apply to all income producers living in the house, even if they are NOT listed on the loan application. USDA limits vary based on the number of members living in the household, number of dependents, elderly and county(see chart below)

Also, To be eligible for a USDA Loan the home being purchased has to be located in an area deemed eligible by the USDA’s Rural Development department.The house you decide to purchase must be located in a select rural approved area according to the USDA property map here. You can input the property address and check to see if the house resides in an eligible location. The home can be any single family, town home and select FHA approved condo.  Mobile homes and manufactured homes are not allowed for USDA Financing.

 

Applying for a USDA loan doesn’t require any special education, first time buyer class or down payment assistance – it’s already 100% financing.  Borrowers can get pre-approved and start searching for a home all in the same day.

APPLY NOW online or contact me today 904-712-1500 

 

USDA LOAN FLORIDA LIMITS as of 10/20/18

County Florida  Max Household Income  Location Restrictions
  1 – 4 5 + People  

Alachua

applynow

$74,050 $97,750 Partially Eligible

Baker

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$74,050 $97,750 100% USDA Eligible

Bay

applynow

$74,050 $97,750 Partially Eligible

Bradford

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$74,050 $97,750 100% USDA Eligible

Brevard

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$74,050 $97,750 Partially Eligible

Broward

applynow

N/A N/A NOT Eligible

Calhoun

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$74,050 $97,750 100% USDA Eligible

Charlotte

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$74,050 $97,750 Partially Eligible

Citrus

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$74,050 $97,750 100% USDA Eligible

Clay

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$76,350 100,800 Partially Eligible

Collier

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$83,150 $109,750 100% USDA Eligible

Columbia

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$74,050 $97,750 100% USDA Eligible

De Soto

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$74,050 $97,750 100% USDA Eligible

Dixie

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$74,050 $97,750 100% USDA Eligible

Duval

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$76,350 $100,800 Partially Eligible

Escambia

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$74,050 $97,750 Partially Eligible

Flagler

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$74,050 $97,750 100% USDA Eligible

Franklin

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$74,050 $97,750 100% USDA Eligible

Gadsden

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$74,050 $97,750 100% USDA Eligible

Gilchrist

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$74,050 $97,750 100% USDA Eligible

Glades

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$74,050 $97,750 100% USDA Eligible

Gulf

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$74,050 $97,750 100% USDA Eligible

Hamilton

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$74,050 $97,750 100% USDA Eligible

Hardee

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$74,050 $97,750 100% USDA Eligible

Hendry

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$74,050 $97,750 100% USDA Eligible

Hernando

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$74,050 $97,750 100% USDA Eligible

Highlands

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$74,050 $97,750 100% USDA Eligible

Hillsborough

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$74,050 $97,750 Partially Eligible

Holmes

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$74,050 $97,750 100% USDA Eligible

Indian River

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$74,050 $97,750 Partially Eligible

Jackson

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$74,050 $97,750 100% USDA Eligible

Jefferson

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$74,050 $97,750 100% USDA Eligible

Lafayette

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$74,050 $97,750 100% USDA Eligible

Lake

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$74,050 $97,750 100% USDA Eligible

Lee

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$74,050 $97,750 Partially Eligible

Leon

applynow

$74,050 $97,750 Partially Eligible

Levy

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$74,050 $97,750 100% USDA Eligible

Liberty

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$74,050 $97,750 100% USDA Eligible

Madison

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$74,050 $97,750 100% USDA Eligible

Manatee

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$75,200 $99,250 Partially Eligible

Marion

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$74,050 $97,750 Partially Eligible

Martin

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$74,050 $97,750 100% USDA Eligible

Miami-Dade

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$80,850 $106,700 Partially Eligible

Monroe

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N/A N/A NOT Eligible

Nassau

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$76,350 $100,800 100% USDA Eligible

Okaloosa

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$77,650 $102,500 Partially Eligible

Okeechobee

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$74,050 $97,750 100% USDA Eligible

Orange

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$74,050 $97,750 Partially Eligible

Osceola

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$74,050 $97,750 Partially Eligible

Palm Beach

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$87,550 $115,550 Partially Eligible

Pasco

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$74,050 $97,750 Partially Eligible

Pinellas

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N/A N/A NOT Eligible

Polk

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$74,050 $97,750 Partially Eligible

Putnam

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$74,050 $97,750 100% USDA Eligible

Santa Rosa

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$74,050 $97,750 Partially Eligible

Sarasota

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$75,200 $99,250 Partially Eligible

Seminole

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$74,050 $97,750 Partially Eligible

St. Johns

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$76,350 100,800 Partially Eligible

St. Lucie

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$74,050 $97,750 Partially Eligible

Sumter

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$74,050 $97,750 100% USDA Eligible

Suwannee

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$74,050 $97,750 100% USDA Eligible

Taylor

applynow

$74,050 $97,750 100% USDA Eligible

Union

applynow

$74,050 $97,750 100% USDA Eligible

Volusia

applynow

$74,050 $97,750 Partially Eligible

Wakulla

applynow

$74,050 $97,750 100% USDA Eligible

Walton

applynow

$74,050 $97,750 100% USDA Eligible

Washington

applynow

$74,050 $97,750 100%  USDA Eligible

 

 

 


loanDepot Jacksonville Florida,  USDA Loans Florida, loanDepot Florida, LeoLends.com, 100% Financing Florida, Jacksonville Florida loanDepot,  Palm Beach, Lakeland, Tampa Bay, Oranage Park,  Jacksonville, Orlando, Tampa, Sarasota, Naples, Tallahassee, Ocala, Gainesville, Pensacola, St. Augustine, Key West, Daytona Beach, Ft Meyers, loanDepot Jacksonville Beach

loanDepot

10151 Deerwood Park Blvd, #250, Jacksonville, FL, 32256 
(904) 712-1500

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Re-Blogged 1 time:

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Topic:
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Location:
Florida
Tags:
florida 100 financing
usda loans florida
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loan depot florida
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