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Personal FinanceEverything You Need to Know for Homebuying in Florida.

Everything You Need to Know for Homebuying in Florida.

The VA home loan and USDA loan stand out as the sole mortgage programs offering a remarkable 100% Zero Down payment option. Non-military home buyers residing in Osceola and Polk County who are not eligible for VA loans, may find eligibility and approval for USDA financing.

I will outline the fundamental USDA mortgage guidelines below providing an insightful overview. For additional information, please refer here.

Basic USDA Mortgage Guidelines for 2024:

Credit Score:

  • Minimum credit score requirement: 620.
  • No repeated late payments on any credit trade lines within the last 12 months.
  • No short sales, foreclosures, or bankruptcies within the last three years.

Job History:

  • Stable 2-year history of documentable income.
  • Recent college grads exempt from the job history requirement.
  • Job switching is acceptable, given no unexplainable extended gaps in employment.

Income for USDA Eligibility:

  • Florida households with 1-4 members = max $110,650 gross income per year.
  • Some counties may have higher limits.
  • Households with 5+ members can earn over $146,050 in specific counties.
  • USDA allows deductions for child care, elderly care, disabilities, etc.

Eligible USDA Property:

  • Any single-family residence in a USDA-eligible area.
  • Home can be a short sale, foreclosure, or sold by the owner.
  • Existing mobile homes are NOT permitted.
  • The home must be a primary residence, excluding investment, vacation homes, or rental properties.
  • The property must be livable, with no extensive rehab required.
  • First-time homebuyers are not mandatory for USDA loans.

Max USDA Loan Amount:

  • No maximum loan amount with USDA.

USDA Closing and Processing Time:

  • Refer to this link for detailed information.

Max USDA Financing:

  • 100% financing, with no down payment required from the homebuyer.

Special Class or Grant Requirement:

  • No special schooling or grants needed for the application.

You may visit USDA Mortgage website here. In other cases yo can call 800-743-7556 to explore the benefits of 100% USDA/Rural Development home loans in Florida.

Conclusion.

Serving various states including Florida seven days a week covering Osceola County – Celebration, Champions Gate, Intercession City, Kenansville, Kissimmee, Poinciana, Reunion, and St. Cloud.

Also serving Polk County – Auburndale, Bartow, Davenport, Dundee, Eagle Lake, and Frost proof, Haines City, Highland Park, Hillcrest Heights, Indian Lake Estates, Lake Alfred, Lake Hamilton, Lake Wales, Lakeland, Mulberry and Winter Haven.

You may explore more VA loans requirements here.

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