100% Financing - which means no down payment, no cash reserves, and no cash contribution out of pocket is required. 

This program is for individuals with households income up to $90,300 a year  ($7,525 a month) income for Sarasota County.  To see if you qualify, enter your income here:
https://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do;jsessionid=OeWHtA5Odg9sRlqI-Y34etvR

It provides the opportunity to own a primary residence in certain eligible areas. To locate those areas, click on this link, then type in an address of a property, then you can enlarge and move the map: 
https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp 


The seller may pay up to 6% of the buyers closing costs. 

Mortgage Insurance is less than FHA or Conventional loans.  It drops off when the loan amount is less than 80% of the value of the home. 

Property can be a single family home, PUD (Planned Unit Development) or an Approved FNMA or FHA condo (not many of those condo animals in the jungle around here). 

Properties with pools are acceptable.

No homeownership counseling course is required. 

HURDLES TO JUMP OVER: 

You still need to pay for an appraisal, inspections, moving expenses, utility deposits and closing costs, which could be somewhere between 3% and 5% of the purchase price, if the seller doesn't agree to contribute to closing costs. 

The income limit includes ALL household members incomes, even if a spouse, significant other, or grandmother is not on the loan their income will be counted by USDA. 

USDA is funded by the Government and each year in September they run the risk of not having money available.  Congress has to vote and approve funding each year. 

USDA underwriters will re-underwrite the lender's final loan approval.  This process takes a few days or sometimes a few weeks.  It is ideal to request 60 days for a closing when writing a contract.  If the government is shut down for any reason the loans pile up until it is open again, and there will be a backlog of files to be reviewed all at once.  Fortunately, that doesn't happen too often. 

MORAL TO THE STORY:

It is advisable to get all your loan paperwork together, your loan application conditionally approved, and ready to go prior to even looking for a home! 

USDA program funded over 45,000 loans in Florida alone last year!  This is a terrific loan program and interest rates are lower than conventional rates.  Monthly mortgage insurance is lower than any other loan. 

What are you waiting for, call or email me today and let's get started!  941-504-1445 - Sherry@SherryBitner.com



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