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USDA Rural Housing Mortgage
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Florida Mortgage Corporation offers financing for Rural areas of Florida. USDA Section 502 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. Under Section
502, a USDA Rural Development program, housing must be modest in size, design,
and cost. Houses constructed, 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. Determining if property is in a 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
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.
© MCMXCVIII Florida Mortgage Corporation, All Rights Reserved - Site Map - SiteMap1 - SiteMap2
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purchased, or rehabilitated must meet the voluntary national model building code
adopted by the state and HCFP thermal and site standards. New Manufactured
housing must be permanently installed and meet the HUD Manufactured Housing
Construction and Safety Standards and HCFP thermal and site standards.
No down payment required - 100% financing
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).