USDA Home Loans Mortgage

NO DOWN PAYMENT

 

 

 

 

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,USDA Rural Development 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:

Florida Rural USDAUSDA 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.

 

FTC Disclosure

 

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