Florida USDA Loans Explained
Florida USDA loans – Rural Housing Service (RHS) loans is a financing program made and guaranteed by The U.S. Department of Agriculture (USDA), these programs count a 100% financing option for those borrowers and properties that qualify. These loans are offered by The USDA in Florida as an option for low to moderate-income individuals living in rural zones to become a homeowner.
Speak with an experienced USDA loan specialist immediately – (855) 501-5927
The Florida Mortgage Pros as one of the approved USDA Lenders in Florida provides the Rural Housing Service loans to all the applicants who qualify, not being able to receive any credit from other sources, so they can become homeowners of a moderately priced home to be their first residence.
Between the benefits of an RHS loan, we have a minimal closing cost, low or no down payment, and no mortgage insurance.
If desired, one of the options RHS loans present is the opportunity of purchase and renovation of a previously owned home or new construction if the borrower is able to pay the property taxes, homeowner’s insurance, and monthly mortgage.
USDA loan programs are divided into two types:
- USDA Direct – Held for borrowers with a household income not higher than 80% of the Area Median Income (AMI). An application must be done to the USDA Regional Office serving the area the borrower is looking to purchase the property. If desired to build, renovate, or add the cost of the improvement to the loan, then the borrower must opt for the Direct program.
- USDA Guaranteed – An option for borrowers with an AMI higher than 80% but lower than 115%. Lenders with the USDA approval are allowed to offer the USDA Guaranteed Home Loans under the Department of Agriculture guarantee. There are several requirements the property needs to meet in order to qualify. It must be for primary residence use only and is not permitted to generate income in any matter.
Florida USDA loans are not related to agriculture and are not designed for farmers, Florida USDA loans motivation is to assist the nation’s smaller communities to grow.
Therefore, if the borrower wishes to qualify then the lot desired for purchase shall not be located near a big city’s limits, nevertheless, it can be found in the outer city’s limits. The requirements also state that the population of the area should not be more than 20,000 individuals. USDA Home Loan program and finance is offered by TheFloridaMortgagePro which is one of the few USDA guaranteed lenders in Florida.
There are basically 3 requirements for the borrower to qualify for USDA loans:
Additional information regarding restriction and requirements can be obtained USDA Home Loan experts at (855) 501-5927.