USDA Loan Saint Cloud, Florida
USDA Guaranteed Home Loans Saint Cloud, Florida
St. Cloud is a city in Osceola County, Florida. St. Cloud is closely associated with the adjacent city of Kissimmee and its proximity to Orlando area theme parks, including Walt Disney World, Universal Orlando Resort, and Seaworld. St. Cloud sits on the shore of East Lake Tohopekaliga and is home to the Reptile World Serpentarium. But the compact, quiet city offers other enticements. Stroll through the historic St. Cloud Main Street area and take a step back in time. Start the day with a hearty Southern breakfast. Then, spend a leisurely morning browsing through the unique storefronts . Here you will find antiques, appliances, clocks, furniture, arts and crafts, and so much more. Learn more about Saint Cloud...
The Benefits of a USDA Home Loan
A USDA loan (also called a Rural Development Loan) is a government insured home loan that allows you purchase a home with NO Money Down. USDA Home Loans offer 100% financing to qualified buyers, and allow for all closing costs to be either paid for by the seller or financed into the loan. USDA offers some the lowest rates of any loan, and you will always have a 30 yr. fixed interest rate. You don’t have to have amazing credit to get approved, however you should have at least a 620+ credit score.
What is a Underwriter?
A underwriter assess the quality of the loan, banks and lenders create guidelines and even computer models that analyze the various aspects
of the mortgage and provide recommendations regarding the risks involved. However, it is always up to the underwriter to make the final decision on whether to approve or decline a loan.
When an underwriter reviews your credit history on a USDA Loan the major thing they will be looking for is a history
of paying your bills on time. Generally, any open judgments or collections will need to be paid off before you close on your new home.
USDA Loan Income Restrictions:
You will need to be able to document your income on a USDA Loan. USDA will generally want to see
a two year history of employment or consistent income. On a USDA Loan Assets are not required for approval, but we can help overcome any possible blemishes on credit.
Owning Additional Property:
The USDA does not currently allow buyers to own another “adequate” property and buy another home by utilizing the USDA Loan program. The USDA loan is designed for those buyers who do not qualify for other financing and do not have adequate housing. However, there are certain circumstances when the USDA will allow you to keep the other home. For example, the USDA does not view mobile (manufactured) homes as adequate property. Other circumstances include if you have to move or if your current home is not adequately large enough for the size of your family.
If you have any further questions or comments relating to your Saint Cloud USDA Home Loan, then don’t hesitate to call us so we can get you on the right path for your home.