USDA Rural Home Loan Program For Florida Home Buyers
An Overview of the USDA Rural Development Program
The USDA Home Loan Program is a commonly used financing option that is specifically structured for individuals and families who have low to moderate incomes. Officially labeled the “USDA 501 Guaranteed Rural Housing Loan Program,” the USDA Home Loan Program was originally designed to assist homebuyers to realize the American dream in rural parts of the country but has since evolved into helping buyers in a much broader way. In fact, did you know that under USDA Rural Home Loan guidelines, 97% of the country is designed for rural purposes, allowing many properties that you may not think are “rural” to still qualify for this particular mortgage product.
What Can Florida Home Buyer Purchase Using the USDA Rural Home Loan Program?
Qualified applicants are given the opportunity to rehabilitate, modernize, relocate, or even completely build a dwelling in eligible rural areas. Additionally, the USDA Rural Home Loan Program for Florida home buyers offers a 90% loan note guarantee to those lenders who are approved, which helps diminish the risk of extending 100% to qualified rural homebuyers.
In order to qualify for the USDA Rural Home Loan Program, applicants must meet income eligibility requirements and seek a property in an eligible area, they must be a US Citizen, they must be able to qualify for a loan and must meet all program obligations.
Quick Summary of USDA Rural Home Loan Program Eligibility Requirments:
- Loans for low-income families to stimulate rural community growth.
- Applicants must meet income requirements.
- Applicants must be a US Citizen.
- The property must be located in eligible areas.
Benefits of USDA Rural Home Loan Program For Florida Home Buyers
Why explore the USDA Rural Home Loan Program as a Florida home buyer? Here are just some advantages of the program:
- Low-Interest Rates - Lower interest rates mean qualified applicants can save big time over the term of the loan.
- No Down Payment - Perhaps the most attractive benefit of all is that the USDA Rural Home Loan Program doesn't require buyers to put any money down.
- Flexible Closing Options - Closing costs can be expensive, but with the USDA Rural Home Loan Program, closing expenses can be covered through gifting, or even be covered by the seller if it’s negotiated into a possible deal.
- Ideal For a Wide-Range of Buyers - Although defined as being for low to moderate income families, the definition of “low to moderate income” is actually quite broad, making this a realistic financing option for plenty of active home buyers in Florida.
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What Mortgage Types Do I Qualify For?