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.