USDA Home Mortgage

NO DOWN PAYMENT

 

 

USDA Rural DevelopmentFlorida Mortgage Corporation offers 102% financing for many areas of Florida.  USDA loans are primarily used to help individuals or households purchase homes in rural areas. Applicants for loans may have an income of up to 115% of the median income for the area. Area income limits apply for this program. Families must be able to afford the mortgage payments, including taxes and insurance.  In addition, applicants must have reasonable credit histories.

USDA RURAL FINANCING EXPERTS

NO DOWN PAYMENT IS REQUIRED The borrower's repayment feasibility, using ratios of repayment (gross) income to PITI and to total family debt will be determined.

    NO Down Payment Required   -   102% Financing

    No cash reserves required

    No First Time Homebuyer Requirement

    New and existing homes OK

    Fully amortized 30-year fixed rate loan

    100% gifted closing cost or down payment assistance is permitted

    Non-traditional credit may substitute for lack of traditional credit history

    No Mortgage Insurance

    No seller contribution limit

    No Prepayment Penalty

    Loan amount can include closing costs up to 102% of appraised value

    No stated maximum loan amount; maximum loan based on repayment ability

    No minimum cash contribution required from borrower

    No limitation on source of funds for closing costs. No seasoning requirement

    No derogatory credit explanations required when credit score is 620 or above

    Rent is not verified with credit score of 620 or more

    Qualifying ratios of 29%/41%...29% PITI to Income and 41% Total Debt to Income, however standard ratios may be exceeded with      documented compensating factors

  New "Manufactured Homes" Acceptable - Setup & Installation on owner-occupied land

   Maximum Income Limits Apply

Determining if property is in a Florida Rural Development designated rural area:

All counties in Florida except Broward, Monroe, and Pinellas Counties are totally eligible or mostly eligible. For the counties listed here that have partial non-rural area, simply type in the property address at http://eligibility.sc.egov.usda.gov/ for an instant determination or click on the map. Click on "property eligibility". Chose "housing programs". If the address is unknown, click on the county (on the Florida map or from a list on the right side of the screen).

Florida counties not listed are totally eligible. The following Florida counties contain some non-rural areas: Alachua; Bay; Brevard; Charlotte; Clay; Dade; Duval; Escambia; Hillsborough; Indian River; Lee; Leon; Manatee; Marion; Orange; Palm Beach; Pasco; Polk; Santa Rosa; Sarasota; St. Johns; St. Lucie; Seminole; and Volusia.

Maximum adjusted gross household income:

Project the cumulative gross income of all adults in the household.

THE GROSS INCOME LIMITS CAN BE MUCH HIGHER THAN THE ADJUSTED INCOME LIMITS SHOWN IN THIS TABLE

If the projected dependable income exceeds the limits, certain adjustments can be made, such as childcare expenses for children age 12 or younger and paid to someone outside the family. You also can deduct one $480 annual deduction for anyone under 18 or a student who is not one of the applicants.

Example: Clay County 4-person family (2 adults, 2 children) has a gross income of $80,310. Child care for the two children age 12 or less is $10,000 annually. Is the threshold income at or below the limit? YES. $80,310 less

$10,000 child care less $480 for each child = $69,350.

Counties

1-person

2-person

3-person

4-person

5-person

6-person

7-person

8-person

Florida Counties EXCEPT those listed below

48,000

54,850

61,700

68,550

74,050

79,000

85,000

90,500

Clay, Duval, Nassau, St. Johns

48,550

55,500

62,400

69,350

74,900

80,450

86,000

91,550

Collier

56,200

64,250

72,250

80,300

86,700

93,150

99,950

106,000

Palm Beach

51,850

59,250

66,650

74,050

79,950

85,900

91,800

97,750

Okaloosa

50,400

57,600

64,800

72,000

77,750

83,500

89,300

95,050

Broward, Pinellas, Monroe are "NOT" eligible     VISIT:  http://eligibility.sc.egov.usda.gov

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