USDA Loan Tampa, Florida
Purchase a New Home in Tampa with No Money Down using USDA Loans
This metropolitan area includes Tampa, St. Petersburg, and Clearwater, all of which surround Tampa Bay. The area is varied and cosmopolitan with a pleasant climate and balanced local economy. A 1980’s building boom brought downtown Tampa skyscrapers, a major airport renovation, and the development of a cruise-ship terminal. While soft in the early part of the decade, the economy has gained traction recently as the benefits of a business-friendly climate have paid off. Among other new economy pursuits, the area has become a favorite as a secondary location for information processing for the financial industry. There are plenty of amusement parks, museums, outdoor activities, and major-league professional sports, including baseball (Devil Rays), football (Buccaneers), and hockey (Lightning). Transportation and air service are excellent. Beachside areas in Clearwater and St. Petersburg are tastefully developed, with palm-tree lined boulevards and pockets of interesting restaurants and shops. Tampa's port and international airport make it an easily accessible, popular destination in Florida. Its rich history mixes with its modern landscape, giving residents a medley of activities and attractions to choose from. The area is rife with small towns as well, offering a glimpse into Tampa's history and diversity. For more about Tampa...
The biggest advantage of a USDA rural home loan is that you can own a home with no money down. This makes the program great for both first time home buyers and current homeowners. You won’t find many programs that have 100% financing, affordable terms, and flexible credit. The USDA loan program is a government mortgage program that is backed by the United States Department of Agriculture to make homes in more rural areas more affordable. We are here to help you understand all of the information and explain these programs to you in a clear way. The USDA rural home loans helps lower income families purchase homes.
USDA guideline basics:
- No need to drain savings! No down payment and up to 102% financing.
- There are no loan amount limits
- Very low monthly mortgage insurance or PMI.
- Lower credit score requirements, a 620+ minimum credit score.
- Closing costs can be financed
What settlement charges can be financed into a USDA loan?
So, you can finance closing costs with a USDA loan, but only in cases when the appraised value is HIGHER than the agreed upon sales prices
- Closing Costs such as Title Charges, Loan Costs, Survey, Recording Fees, etc.
- Pre-Paid Items such as your Escrow Accounts, Homeowner’s Insurance Premium, and Pre-paid Interest.
Key points to remember are that the appraised value must be higher than the sales price for this feature to be available. This is unique for USDA home loans, and not available under Conventional, FHA, or VA programs.
For the residents of Tampa, a USDA mortgage loans are one of the best things to happen. This mortgage allows rural residents to own their very own home easier than ever before.