Florida Mortgage
Corporation offers 102%
USDA Mortgage Loan financing for Florida
homes.
USDA Rural
Mortgage Home loans are primarily used to help individuals or
households purchase homes in rural housing areas. Applicants for USDA Mortgage
Home Loans may have an
income of up to 115% of the median income for the area. Area income limits apply
for this program which is listed below.. Families must be able to afford the
mortgage payments, including taxes and insurance.
A Florida USDA Rural Mortgage Home Housing program, housing must be modest in size, design,
and cost. Houses constructed,
purchased, or rehabilitated must meet the voluntary national model building code
adopted by the state and HCFP thermal and site standards. New Manufactured
homes are eligible but must be permanently installed and meet the HUD Manufactured Housing
Construction and Safety Standards and HCFP thermal and site standards. NO
USED Manufactured Homes are eligible, must be brand NEW only.
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
Permanent Owner-Occupied homes only
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 and prepaids 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
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. If the home was built AFTER 2000,
the qualifying ratios increase to 31/43%.
NEW"Manufactured Homes"
Only - Setup & Installation on
owner-occupied land.
USDA does NOT finance Used manufactured homes
in Florida. Must be Factory NEW, never lived in manufactured
homes..
SFR, Townhomes, modular homes and condos acceptable
Maximum Income Limits Apply - See information listed below
Determining if property is in a Rural Development designated rural area:
USDA Home Loans are
available in 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).
USDA Florida Home
Loan 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.
County
1-4 PERSONS
5-8 PERSONS
All counties
except those listed below
73,600
97,150
Clay, Duval,
Nassau, St Johns
74,900
98,850
Collier
81,450
107,500
Palm Beach
86,700
114,450
Okaloosa
76,250
100,650
Not
Eligible: Broward, Pinellas, Monroe
AND TOTAL INCOME CAN BE MUCH
HIGHER THAN THE ADJUSTED INCOME LIMITS
If you total income exceeds
the limits, certain adjustments can be made, such as childcare expenses for
children age 12 or younger. You can deduct $480 for anyone under 18 or a student
who is not one of the applicants. Other deductions may be available. No need to
memorize deductions. Use the calculator HERE
Click ‘single family’ under “Income Eligibility".
Example: Lake County 4-person
family (2 adults, 2 children) has a gross income of $84,560. Child care for the
two children age 12 or less is $10,000 annually. Is the threshold income at or
below the limit? YES! $85,860 less
$10,000 child care less $480
for each child = $74,900. They are within the limit.