The purpose of this article is to provide Florida home buyers with a general overview of the Florida USDA Rural Development Home Loan Program. Buying your first home can be a great challenge, the least of which is the down payment required. Well, there's good news. 100 percent new Florida home financing may be attainable via the USDA Rural Development Home Loan Program. Like FHA mortgages, Florida USDA home loans are backed by the government. While the USDA does not lend the money, they do provide insurance to lenders in the case borrowers default on their home loans. This way, lenders are able to loosen up their Florida Mortgage guidelines because they know that they have this mortgage program insurance as a safety net. 5 Facts to Know About Florida USDA Rural Development Home Loans* The USDA Rural Development mortgage program allows for the purchase of a new home or an existing home. As long as the home you wish to buy is located in an eligible territory, up to 100% of the costs for the loan are covered. * Most or all of the closing costs of your Florida mortgage can be covered by this mortgage loan program, as long as they fall in the value of the home based on the latest appraisal. * Also, Private Mortgage Insurance (PMI) will likely not be required, which is not the case when putting down less than 20 percent on conventional mortgages. * The main one being that you have adequate income to cover you mortgage payments. * You must also be able to take on mortgage debt and have an income that does not go beyond the moderate income limit for your part of Florida. Meet these requirements, and assert that you'll live in the home yourself after purchase as your primary residence, and you should be in good shape. When you qualify, you'll see firsthand the benefits of applying for and qualifying for a Florida USDA Rural Development Home Loan.
This webinar recording from the webinar held on March 30, 2011 is intended for NSP grantees and partners preparing for the HD410 Home Ownership Finance and HD420 Rental Housing Development Finance courses being offered around the country for NSP grantees. This webinar helps participants become familiar with housing finance terms, learn basic tools and techniques of housing development finance, and practice algebraic equations. Visit the NSP Resource Exchange Learning Center for related webinar materials, including downloadable presentation slides and transcript. Hudnsphelp. Info
