USDA Loans
USDA Loans
The USDA changed rules in 2009 that makes millions of Americans eligible for its rural mortgage programs. The American dream of home ownership has become more difficult as families struggle to come up with the 20% down payment that many conventional home loans require. With the USDA loan many are still able to get a zero down home loan.
In the past USDA Loans were often call “farmers loans” but times have changed. Almost anyone outside of a major metropolitan area looking to purchase a home can qualify for a USDA loan. In fact all of Hernando County and Citrus County are eligible for USDA Financing. Eligibility varies based on area, your income, credit history, and number of dependents claimed so it’s important that you call and speak with one of our experts to see if you qualify.
USDA loans are designed to help credit worthy lower and moderate income individuals and families to buy a home in a rural designated area. These loans are beneficial to those borrowers that wish to by a home with no money down. Many people think of rural home being farms way out in the country. But a lot of people are surprised when they find that a property within close driving distance is actually considered rural according to the USDA. All of Hernando County is USDA eligible, as well as all of Citrus County, parts of Pasco and Hillsborough County are also USDA eligible. We want to be your USDA lender in Spring Hill. Please call us at 352-688-7949 for information on USDA loans in Hernando County and the surrounding areas.
Some of the advantages of the USDA Rural loans are
- No down payment
- Bona fide gifts allowed
- Seller contributions allowed
- Closing costs that lenders can charge are restricted (e.g. Loan Origination Fee cannot exceed 1%)
- Some closing costs (including the USDA Fee) may be financed (less out of pocket expenses)
- No monthly mortgage insurance (MIP)
- Non-purchasing spouse allowed
- Borrower allowed to borrow closing costs on an unsecured basis
To find out whether you qualify from an Income standpoint or the Property qualifies as rural you can go to the USDA Income Eligibility or the USDA Property Eligibility website.
USDA Loans are for:
- New Home
- Pre-existing home
- Condominium
- Townhouse
- Land and the cost of building a home
- Commercial property
- Farms and equipment
Steve Fingerman
Branch Manager
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