USDA
USDA loans give people the ability to buy a home with 0% down in an area that qualifies or a suburban area typically a rural area although the qualifying area maps change constantly, as long as they meet the location and income guidelines. If you are wondering if you qualify for a USDA, read below for specific details.
USDA loans allow home-owning to be more affordable for those residing in eligible rural and suburban areas. Read more about other benefits below.
USDA loans are an affordable mortgage option when it comes to buying a home in a rural or suburban area that qualifies.
They’re protected and supported by the U.S. Department of Agriculture, making them more accessible loan options for those who qualify.
With USDA loans, you are able to have a 30-year fixed-rate mortgage.
If you are currently have a USDA loan, you may refinance it into a new USDA loan if you don’t currently have a different loan type.
FHA loans require a minimum of 3.5% down payment where as USDA loans require 0% down payment.
FHA loans are not generally restricted by location where as USDA loans are.
Credit and FICO scores are more lenient in FHA loans compared to USDA loans.
Must have an eligible property.
Must be in a qualifying rural or suburban area. Link - Find out if your property is eligible.
A minimum FICO Score of 640
A household income under the limit set by the USDA for which area you’d like to purchase a home in. Link - Check your income eligibility with the USDA.
You are able to qualify with a credit score even as low as 640
With the USDA loan, no down payment is required, unlike FHA and other loans.
The monthly fee for the USDA monthly guarantee is lower than FHA monthly mortgage most of the time. Also, you may be able to roll these fees into your loan.
The home must be your primary home. That does not include a temporary or income property.
The property can't be a working farm.
Your home appraisal must prove the condition of the home, and it must meet the loans standards, including:
The water, electrical, heating and cooling systems must be up to date and functional according to standards.
The foundation and house need to be structurally sound for safety and health reasons.
The property must be accessible. Whether it is a paved road or all-weather road.
Tampa Bay Home Mortgage is ready and willing to provide quality service to those in need. We treat each need in accordance to the person and their needs. Choose us today!