If you plan to buy a home in rural Florida, make sure you find out whether you are eligible for a zero down USDA mortgage.
What is a USDA Mortgage?
USDA mortgages are income-based loans specifically intended for the purchase of rural properties.
As the US Department of Agriculture insures these loans, they are easy to qualify for even if your credit score is not perfect.
Benefits of USDA Mortgages in Florida
USDA loans offer many competitive advantages to qualifying homebuyers:
- Credit qualifications and DTI ratio requirements are relaxed.
- You may be able to buy a Florida home now with no down payment.
- Affordable interest rates bring homeownership within reach for lower and middle income families.
- The loan limit is based on individual qualifications. There is no set upper threshold.
- The guarantee fee for a USDA loan is affordable in comparison to FHA mortgage insurance premiums (MIP).
Who Qualifies for a FL USDA Loan?
You must meet the following requirements to be eligible for this type of mortgage:
- Your income must fall within the permitted brackets. So long as it is not more than 115% of the median household income for the location where you are buying a home, you will meet this requirement.
- The home you are purchasing has to fit the USDA’s “rural” definition—which is more flexible than you might imagine.
Not sure if you meet the income requirements or if you are buying a “rural” home? During your consultation, our USDA mortgage experts can help you make those determinations.
Buy a Home in Florida Now With a USDA Loan
There are many beautiful homes for sale right now in Florida that are located in USDA “rural” zones. One of them could be your dream home, and it could be yours with zero down if you are eligible for a USDA mortgage. To apply now, please call (561) 316-6800 to schedule your consultation.