USDA - Florida Rural Home Mortgage

USDA Rural Development Florida 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