100% Financing through the USDA Home Loan Program
Welcome to the Central Florida USDA Homes website, your hub for information on the USDA loan program. Standing out as one of the rare loans that doesn't require a down payment, USDA home loans feature a no Down Payment option, catering not only to first-time home buyers but also to current homeowners. This USDA guaranteed loan program is facilitated by approved lenders, contributing to the success of the USDA Rural Development Home Loan program, which has enabled thousands of families to realize their dream of homeownership.
Key Features:
No Money Down
Reduced Waiting Periods After Short Sales and Bankruptcies
No Mandatory Classes
Lower Monthly Payments
30 Year Fixed Rates
Ability to Roll Closing Costs into Loan
USDA loans, supported by the United States Department of Agriculture, empower you to purchase a home in specific locations without the need for an upfront payment. The USDA program was established to foster the growth of our rural communities by enhancing home affordability through no down payment and reasonable credit requirements. It's crucial to dispel any misconception about the term "Rural," as many suburbs surrounding or bordering populated cities are also eligible.
This loan option stands out as one of the few that allows qualified borrowers to secure a home with no down payment. It presents an excellent opportunity, particularly for first-time home buyers or individuals with limited savings. The program's flexible credit requirements ensure that past credit challenges don't impede your homeownership aspirations. If you're interested in qualification or seeking additional information, please fill out the Information Request form, and one of our USDA specialists will contact you promptly!
USDA has raised the qualifying income threshold. Income criteria for USDA eligibility vary throughout Florida. Generally, households with 1-4 members can have a maximum gross income of $110,650 annually, with some counties having higher limits. In the case of households with 5 or more members, the permissible income may exceed $146,050 in specific counties.
Additional Information on different home loan options
USDA
The USDA Loan is a true No down payment loan. It has flexibility with credit, and allows for qualified borrowes to purchase a home instead of always renting.
VA Loan
The VA Loan is only for eligible Veteran. It offers the most flexible guidelines, and also a No down payment loan.
FHA
Flexible guidelines and more forgiving on credit then conventional. It requies a 3.5% Down payment with a lower interest rate and usually, no reserves required for up to a 1 or 2 unit properties.
Conventional
Low Rates for borrowers with good credit, and 20% down payment. No limits on income, area or occupancy type.
refinance
Refinancing is taking a new loan to replace your existing. Cash out, or getting lower payment or a lower rates are all a good reason to consider a refinance.