Florida USDA Mortgage Lenders

The 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 the USDA.

Florida  USDA Loan Benefits

• 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 to your home.
• Min 500+ Credit Flexible Qualifying Requirements.

Who is eligible for a USDA Loan?

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

Some common misconceptions of USDA Loans:

• They are just for farmers – USDA Loans are not “just for farmers,” millions of people from all walks of life already qualify.
• FHA or Conventional Loans are better – USDA Loans often offer better terms (less mortgage insurance) than FHA or conventional loans.
• They aren’t flexible – Actually, USDA Home Loans can be used to buy a new home or refinance to a lower rate.
• Only certain people can qualify – Anyone who meets the income and credit guidelines can qualify for a USDA Home Loan.
• They are only for rural areas – Actually, USDA Loans are available in many areas that most people would not consider rural. For example, many small communities just outside of metropolitan areas like Jacksonville, Atlanta, Tampa, and Orlando, qualify as rural areas according to the US Department of Agriculture.
• They are harder to get than FHA or Conventional Loans – This just isn’t true.  In many cases, USDA Loans are easier to get because the loans are guaranteed by the government.

Call us now @ 954-667-9110 For More Information!

Great news for homebuyers, USDA Rural Housing announced the new income limits for the USDA 502 Guaranteed Rural Housing loan program. The new income limits started in 2024 and will carry into 2025. This recent increase in the eligible income caps is good because now more homebuyers can get approved for 100% financing that USDA provides.

Check the USDA Florida eligibility website here to look up your Florida household size and Florida income limit. Listed below are the Florida limits, however, most counties in the U.S. are the same. A few reminders for buyers calculating their income, please be sure to call us with questions.

• USDA allows certain income deductions for each minor child and also documented childcare expenses, disabilities, etc.
• USDA housing income limits apply to the entire household, this means any household member that is over 18 and produces income (even if they are not listed on the mortgage application)
• The chart below shows the base income limits for most locations. Note, that some high-cost cities have income limits much higher.

USDA Rural Development still offers some great perks for eligible homebuyers including:

• Any eligible and approved Florida homebuyer can take advantage of USDA home financing, not just first-time buyers. No special Florida first-time buyer classes are needed to apply.
• 100% financing, no down payment
• Sellers concessions are permitted for closing costs
• Secure 30-year fix rate, with no early payoff or recapture penalty
• Reduced mortgage insurance costs (compared to FHA and Conventional loans)  Even if you have the down payment for an FHA or Conventional loan, it’s a good idea to research USDA. The monthly mortgage insurance cost savings could be huge.

Call us now @ 954-667-9110 For More Information!