Florida USDA Home Loans

Hi guys i want to share with you a couple quick tips about usda some of the benefits that are available to you and your family some things you definitely want to be made aware of before you start the home shopping process using a usda loan so let’s get started usda is a united states department of agriculture it was typically designed for the farmer and that being

Said you’re gonna find usda type of loans being used in specific territories to find this information now it’s very simple you go to usda dot-gov and they’re gonna have a map of the area that you’re potentially shopping for the home that you want to be in it’s gonna identify if it is in an approved or an eligible territory for usda financing once you have identified

This the financing is very similar to every other type of loan that’s out there meaning you’re going to have two years of employment history that you’ll have to document you’ll have to document any down payment if you are making any in cash to close closing cause if any need to be paid now i say if because usda does offer a 0% down payment option it’s not to say

That everyone will qualify for this it is obviously based on a couple of different factors from credit score to how much income you’re making and that’s the next tip i want to share with you which is specific to usda they have income limits based on how many individuals are going to be in the home not going to be on the actual loan application or mortgage itself so

An example of that would be you have a husband and wife and they have a parent that is living with them and even though that parent is not on the actual mortgage application they are maybe bringing in social security or some type of pension that’s income that counts towards the household so therefore this is something that you want to peruse or at least be made

Aware of in the areas that you’re looking to shop using a usda loan there are all the income limits are all based on how many people in the home that are over 18 and have income and the area that you want to shop it so i’ll leave a couple links below to where you can kind of look through this make sure it’s inside that area and then the last tip i want to share

With you is credit credit profile and credit scores ultimately you wanna be around a 620 and above before starting the adventure of home shopping especially if you’re using a usda loan now all usda loans don’t require reserves however if you have some type of blemishes in your background on your credit profile having additional reserves is only going to strengthen

Your profile in your financing options outside of that if you guys have any questions or specific scenarios about usda and how it could benefit you and your family please feel free to comment below or shoot us a private message would be more than happy to assist you and your family thank you so much for watching take care i’ll talk to you soon

Transcribed from video
Florida USDA Home Loans By Michael Anthony St.Claire