FHFC First USDA Purchase Loan
Best For: First Time Homebuyers, Lowest Rates, Zero Down
USDA rural development loan program for Florida residents with below market interest rates and down payment assistance options.
This loan program is not available in La Puente, CA
Program Description
This 30-year fixed RD rural development program provides 100% financing and can be paired with FHFC's FL Assist and FL HLP programs, which provide up to $10,000 in down payment and closing cost assistance. It can also be used as a standalone option, as it features below market interest rates. It can only be used in approved Florida USDA rural areas.
Tags
Do you match this loan?
Our loanSMART system will tell you if this loan program is a good fit your scenario.
FHFC First USDA Purchase Loan
Min. Credit Score
640
Min. Down Payment
0%
Max Loan Amount
$726,200
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- 100% financing and below market interest rates available
- Can be combined with up to $10,000 in assistance
- Also available for manufactured homes and condos
- Available in all of Florida
- Stricter income and purchase price limits than other Florida Housing programs
- Limited funding available
- Only available in USDA rural areas
- Only available to first time homebuyers
- Requires the USDA funding and annual fees
Program Availability
FHFC First USDA Purchase Loans are available in 1 state.
*Limited Availability: There are parts of Florida that don’t qualify for a USDA Loan. To verify property or area eligibility, visit the official USDA website at https://eligibility.sc.egov.usda.gov/eligibility.
Talk to an Expert
An RMM PROLender can help you see if this or a different loan program is the right fit for your unique situation. Get Started.
“This program is great for first time homebuyers looking in and around rural areas—no down payment required!"
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
50.00%
Purchase Price Limit
$349,525 - $590,491
Income Limit
$79,300 - $117,875
Annual Household (1-2) Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
Buying a Home?
Answer a few short questions and we'll build you a custom list of home loan program options. You're homeownership journey is in good hands.
Key Features
- USDA rural development loan program option from Florida Housing
- Can be combined with FHFC's FL Assist or FL HLP programs
- Below market interest rates
Additional Conditions
- Veteran's Exemption: Eligible Veterans with proof of active duty and honorable discharge via Form DD214 may be exempt from the first time homebuyer requirement
- Borrower(s) must not exceed program purchase or income limits, and must have a minimum FICO score of 640
- Non-occupying co-borrower(s) and cosigner(s) not allowed
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is required for this loan program.
Class Name: Pre-Purchase Homebuyer Education Course
One borrower must finish a pre-purchase homebuyer class approved by the program. Veterans don't need the class unless in the HFA Preferred program, but active military do. The class should meet HUD or industry standards. Classes after closing and MGIC's class don't count. Mortgage insurance company classes are okay if they meet standards. Class completion certificates are good for 2 years. Only one borrower, not co-signers, needs to take the class.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: USDA Gurantee Fee
The USDA loan program requires the borrower to pay a funding fee called the "Upfront Guarantee Fee" that is equal to 1.00% of the loan amount and can be financed into the loan.
Type: USDA Annual Fee
The USDA loan charges an annual fee based on the total remaining balance of the mortgage at a .35% rate.
Estimated Closing Costs: 2.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
Chenoa Fund FHA Manufactured Home Purchase Loan
Best For: First Time Homebuyers, Low Credit Scores, Lowest Rates, Easy Qualification
Low down payment requirements, easier qualification guidelines, lower rates, and flexible terms for first time homebuyers and beyond.
IHFA Tax-Exempt RD Targeted
Best For: First Time Homebuyers, Lowest Rates, Zero Down
Tax-Exempt RD rural development loan program for targeted Idaho Counties with below market interest rates and down payment assistance options.
Related Resources
2023 USDA Loan Guide
The U.S. Department of Agriculture is a complex, multifaceted entity that wears multiple hats. Under this umbrella is Rural Development, an agency part of USDA with the ultimate goal to help improve the economy and quality of life for Americans living in rural communities.
Read More
A Rundown On Closing Costs and How They Affect You
It can be tricky to sift through all the figures , so we broke down what they are, how much they cost, who's responsible and how to minimize your expenses.
Read More
First Time Homebuyer Guide
Being a first-time homebuyer has its fair share of challenges. One of your biggest obstacles will be competing against other new or seasoned buyers. While bidding wars have tapered since the previous buying season, they can still occur.
Read MoreVisit our Mortgage Education Center for more resources.
* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
Mortgage Program by:
ReviewMyMortgage.com is in no way affiliated with the companies or institutions listed here.
Start Your Journey
Whether your are buying a new home, or refinancing your current home loan, let the experts at Review My Mortgage guide you on your homeownership journey.
Are you a mortgage professional?
Learn about our unique sponsorships, including RMM PROLender, that can take your production to the next level.
Get in Touch