USDA Rural Development Loan Program - Helping Families Finance Affordable Housing

The purpose of this article is to provide Florida homehome. As long as the home you wish to buy is located
buyers with a general overview of the Florida USDAwithin an eligible territory, up to 100% of the costs for
Rural Development Home Loan Program.the loan are covered.
Buying your first home can be a great challenge, the2. Most or all of the closing costs of your Florida
least of which is the down payment required. Well,mortgage can be covered by this mortgage loan
there's good news. 100 percent new Florida homeprogram, as long as they fall within the value of the
financing may be attainable via the USDA Ruralhome based on the latest appraisal.
Development Home Loan Program.3. Also, Private Mortgage Insurance (PMI) will likely not
Like FHA mortgages, Florida USDA home loans arebe required, which is not the case when putting down
backed by the government. While the USDA does notless than 20 percent on conventional mortgages.
lend the money, they do provide insurance to lenders in4. The main one being that you have adequate income
the case borrowers default on their home loans. Thisto cover you mortgage payments.
way, lenders are able to loosen up their Florida5. You must also be able to take on mortgage debt
Mortgage guidelines because they know that theyand have an income that does not go beyond the
have this mortgage program insurance as a safetymoderate income limit for your part of Florida. Meet
net.these requirements, and assert that you'll live in the
5 Facts to Know About Florida USDA Ruralhome yourself after purchase as your primary
Development Home Loansresidence, and you should be in good shape. When
you qualify, you'll see firsthand the benefits of applying
1. The USDA Rural Development mortgage programfor and qualifying for a Florida USDA Rural
allows for the purchase of a new home or an existingDevelopment Home Loan.