LOAN OPTIONS

USDA Loans

Loan Options:

USDA Loans

These are up to 100% financing (zero-down) loans for eligible borrowers in “rural areas” according to the USDA maps. They are backed by the U.S. Department of Agriculture (USDA), and carry additional limitations on eligibility based on the location of the property, and income of the borrowers. Here’s why you’d consider a USDA loan:

 

  • No down payment required is the most attractive option. Borrowers can finance 100% of the purchase price. The sellers can also pay ALL your closing costs/prepaids, AND closing costs can be financed into the loan, up to 100% LTV (if appraisal comes in higher than price).

 

  • No monthly PMI (private mortgage insurance) is required on USDA loans, which make the monthly payment more attractive, especially when not putting at least 20% down. There is a USDA funding fee that is financed into the loan is most cases.

 

  • Flexible underwriting for credit, income & assets are in place for USDA loans, designed to help more of people buy in more rural areas. There are special additional guidelines in place in these areas for USDA borrowers, regarding household income limits, especially.


Down Payment

0%

USDA FUNDING FEE MAY APPLY

Max Loan Amount

$272,000

FOR MOST FL SINGLE FAMILY HOMES

Minimum Credit Score

620

CALL FOR EXCEPTIONS

Seller Contributions

100%

CAN ALSO FINANCE CLOSING COSTS

DTI Max

41%

CALL FOR ELIGIBILITY SPECIFICATIONS

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