USDA Loans Melbourne, Florida
The Benefits of using a USDA Home Loan to Financing your New Home!
The City of Melbourne is located on east central Florida's Space Coast. Melbourne is about an hour's drive south of the Kennedy Space Center, and 1-1/2 hours due east of Disney World. The City is in the southern portion of Brevard County. Interstate-95 runs through the county from north-to-south. Access roads from the west include the Beachline Expressway (formerly the Beeline) and U.S. 192, which runs through Melbourne to the beaches.
While most of Melbourne is located on the mainland, a small portion is located on a barrier island. The Indian River Lagoon separates the mainland from the island. Spanning the Indian River Lagoon to connect the mainland to the barrier island are a pair of four-lane, high-rise bridges -- the Melbourne Causeway and the Eau Gallie Causeway. Find Out More About Melbourne...
With a USDA home loan, a borrower may be able to finance up to 100% of the home’s value which includes the guarantee fee. Florida USDA housing loan allows you to put more money towards paying off your mortgage each month, rather than towards fees.
No down payment, offers lower mortgage rates with 100% financing available. This is one of the major hurdles to overcome for new homeowners. USDA home loans have solved the main reason why most buyers are already in their New Homes.
USDA Rural Development Loan Program Benefits
One big benefit is there's no down payment and 100% of the home’s appraisal value, plus only the one time funding fee, which can be financed through the
USDA rural housing home loan. You pay nothing out of pocket when financing with a USDA home loan. USDA loans also offer a competitive fixed rate, in fact,
this program does not offer adjustable rate mortgages at all. So your monthly mortgage payments will never go up. You are allowed to put more money towards paying
off your mortgage each month rather than towards fees. There is no maximum seller concessions when financing your mortgage through the USDA housing loan program. This means you can have the seller pay ALL of the closing costs, saving you even more money.
First Time Home Buyer Benefits
If you have not owned a home in the 3 years prior to your new home purchase, you may be able to qualify for a 10% tax credit on the new home purchase (up to $8,000).
This is NOT a tax deductions, this is a TAX CREDIT - a dollar-for-dollar return on your taxes! The government is now allowing this tax credit to be used to cover any closing costs as well.
A Few Key Features Why You Should Financing a USDA Purchase Loan in Melbourne:
Great Interest Rates: USDA loans are made even more affordable through very competitive fixed interest rates, ensuring your payments will not increase every month.
Zero Money Down: Is one of the few programs offered that allows you to finance 100% of your home value. That means no down payment of any kind!
Finance Your Closing Costs: Allows you to finance in your closing costs up to the appraised value. One of the only mortgages on the market with this benefit.
Affordable Loan Terms: Offer's an affordable 30 year terms.
USDA loans offer many benefits to Melbourne borrowers and with lower qualification requirements