Florida is known for its high-rise condos and sandy beaches, however there are also many parts of Florida that are under developed. In Collier County FL there are many rural lots that have great potential for development and Continental Mortgage has the skills and experience to get you the right financing for your unique situation.
For those Floridians looking to develop a rural property, a USDA Loan is a great option. This loan type is also known as the USDA Rural Development Guaranteed Housing Loan Program and is backed by the United States Department of Agriculture. A USDA loan is aimed at helping lower income Americas afford home ownership.
Continental Mortgage is a Florida USDA Home Loan specialist. The U.S. Department of Agriculture offers a variety of programs to help low to moderate-income individuals living in small towns or rural areas achieve homeownership. The USDA Rural Development helps qualifying applicants, who cannot receive credit from other sources, purchase modestly priced homes as their primary residence.
Florida USDA Loans are an attractive option because:
- Minimal closing cost
- Low or no down payment
There are several types of USDA loans and finding the right one will depend on your circumstances. A guaranteed loan allows applicants to have up to 115% of the median income for the area. To qualify for a guaranteed loan, a borrower must be without adequate housing but also be able to afford loan payments including taxes and insurance. These guaranteed loans offer 100% financing to those who qualify and allow the closing costs to either be financed in the loan or paid for by the seller.
In order to qualify for a USDA loan, the property must be located within approved USDA locations, also known as a footprint. Please contact Continental Mortgage to see if your area qualifies for a USDA loan.
Another type of USDA loan is a direct loan. This loan allows lower income Americans access to purchase a home in a rural location. Financing can be used to built, repair, renovate, or relocate a rural property. It can also be used to prepare build sites such as providing adequate water and sewage facilities.
In order to qualify for a direct USDA loan, an applicant must have an annual income that is 50% of the median income for the area. They also need to be without adequate housing and be able to afford monthly payments including taxes and insurance. Borrowers must also not be able to receive financing from any other loan type.
The final type of USDA loan is a Rural Repair and Rehabilitation Loan. These loans are available to very low income Americans looking to repair, improve, or modernize their homes in addition to removing safety and health hazards who are also older than 62 years of age.
At Continental Mortgage we specialize in finding the right loan for the right situation. Please contact us today to see if we can help you improve your rural dwelling through great financing options.
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