USDA Home Loans Lakeland FL
USDA Home Loans in Lakeland, FL
USDA home loans are not only popular in Lakeland, Fla., and in Polk and Hillsborough counties, but they are sought after mortgage programs throughout Florida and the United States.
USDA home loans are offered with great rates. The USDA mortgage is a government loan program that allows home buyers to purchase a home and finance in the closing costs in addition to the purchase price, as long as the home appraises for the loan amount. This is another one of those “sounds too good to be true” or “so what is the catch?” types of programs, however, I can assure you that this is a very real and popular loan program.
By the way, rates are typically low compared to the market. Credit score only needs to be 640, as well. The limitation of this loan product is that the home must be located in a rural area, and that there are maximum household income limitations with some exceptions. You do not have to be in the poverty level either, like some programs seem to require. In many cases, a family of 1 to 4 can earn up to a little more than $70,000 for the combined household income and still be OK.
So why are USDA home loans popular in Lakeland, Tampa and throughout Florida? Because they can buy a home and finance in their closing costs, and get a great rate without a prepayment penalty and with monthly mortgage insurance that is the lowest on the market.
Check to see if your property is eligible for a USDA home loan by clicking here.