What You Need To Know About Florida USDA Loans in Highlands County.
What is a Highlands County USDA Loan? How do you qualify for a USDA Loan in Sebring, Avon Park, or Lake Placid Florida?
A USDA loan is a rural housing loan program that allows eligible homebuyers to purchase a home with no down payment! The U.S. Department of Agriculture offers USDA loans through the USDA Single Family Housing Guaranteed Loan Program.
This USDA loan program’s goal is to provide affordable financing to eligible rural areas with a focus on low-to-moderate income households. The USDA loan program is eligible in many Florida cities and counties.
USDA loans represent the only other loans with no down payment requirements in Florida other than a VA loan.
The USDA Loan Program offers many advantages, which include, but are not limited to the following:
- No Down Payment: Unlike FHA and Conventional loans which require a minimum down payment, USDA loans allow for 100% financing, which helps reduce the amount of out-of-pocket costs needed to purchase a home in Florida.
- Home Repair Financing: USDA loans provide for the ability to finance certain eligible repairs into your loan that can be completed after closing!
- Roll In Closing Costs: USDA loans provide for the ability to finance and include closing costs into your loan when the appraised value is higher than the sale price! This is a great way to save on out-of-pocket expenses when the situation allows.
How Do USDA Home Loans Work?
USDA loans allow homebuyers to purchase a primary residence provided the home is in an eligible USDA area and for those applicants that meet USDA income limits. Applicants can build or purchase a home on eligible rural land in Florida and receive affordable financing.
USDA loans offer flexible credit qualifying which allows you to qualify for a USDA loan in Florida much sooner after a bankruptcy, foreclosure, or short sale when compared to a conventional loan. USDA home loans help homebuyers achieve homeownership throughout Florida’s rural communities.
As a Florida USDA approved lender, Metroplex Mortgage Services, Inc. is proud to serve our rural communities and help walk homebuyers through the USDA loan approval process step-by-step.
Who Can Apply for a Sebring, Avon Park, or Lake Placid Florida USDA Home Loan?
Potential applicants must meet eligibility requirements for a USDA loan which includes meeting USDA income limits. Although the program doesn’t limit buyers with challenged credit, but USDA does require that minimum credit standards be met. Also, both first-time homebuyers and previous homeowners may apply for a USDA loan in Florida.
Highlands County Florida USDA Eligibility Requirements
In addition to staying within USDA income limits and meeting minimum credit standards, potential applicants must meet other requirements to be eligible for the USDA loan program, which include:
- Purchasing a primary residence (no second homes or investment property).
- Eligible USDA Florida property types include single-family homes, townhomes, villas, and manufactured homes can also be eligible with a USDA construction to permanent loan (“USDA Single-Close”).
- Documenting stable and dependable income.
Applicants with no credit history can still qualify for a USDA loan by utilizing non-traditional credit payment histories such as utility bills, phone bills, or rental history.
Under the USDA Single-Close feature, it provides a USDA Construction to Permanent Loans for homebuyers to build on eligible locations.
Highlands County USDA Home Loan Benefits
The USDA loan program is sought after in Florida because of the many flexible benefits it offers, such as:
- Affordability: Since a USDA loan allows for no down payment and sellers are allowed to pay up to 6% of the sale price towards the buyer’s closing costs, this creates the ability to limit the amount needed for a down payment and closing costs. Applicants may also finance closing costs into the USDA loan amount if the appraisal is higher than the sale price. These are features that help reduce the costs of purchasing a home.
- Secure: USDA loans offer a fixed-rate 30-year loan term and a low annual fee.
- Accessible: USDA loans allow for flexible credit qualifying.
- Cost-effective: A USDA loan has lower borrowing costs when compared to FHA loans.
- No Loan Limits: USDA loans have no set program loan limit.
At Metroplex Mortgage Services, we help borrowers that are looking to qualify for a USDA loan in Florida take advantage of these benefits. We are excited to help our rural communities understand and maximize the benefits of a USDA loan in Florida.
Why Choose Metroplex Mortgage Services, a Florida USDA Approved Lender
It is critical to work with a USDA Approved Lender who understands the USDA program from A to Z. We are proud to be a USDA Approved Lender located in Florida!
As one of the top USDA Approved Lenders in Highlands County, we offer lending services and can help you qualify for a Florida USDA Loan. Our extensive knowledge of mortgage lending can open many opportunities for prospective homeowners. Choosing Metroplex Mortgage Services means you get a reliable partner throughout the USDA loan qualification process.
At Metroplex Mortgage Services, we can help walk you through the USDA loan program in Highalnds County and maximize the many benefits offered under this unique program. Whether you want to buy a house or build on eligible USDA land, we can help you navigate the process. Our friendly experts are available to answer your questions.
Don’t wait to find out if you’re eligible for a Florida USDA loan! Just call or email to discuss your scenario and let us show you the “Metroplex” difference!
(800) 806-9836 X 280