Bonita Springs USDA Mortgage Loans

apply-now-today At First Nationwide Lending, we believe that every american try to buy a home of their own, regardless of where you live. If you purchase in a rural area in Bonita Springs Florida and wanted to buy your very own home, then maybe a Bonita Springs Florida USDA home loan is ideal for you and your family. With that being said, what precisely is this type mortgage loan? At First Nationwide Lending we are happy you inquired. See more!

What is a Bonita Springs USDA Mortgage?

In general homebuyers think of a “USDA mortgage” and make the assumption that the home loan is being provided by the USDA. Contrary to popular assumptions, USDA mortgage loans are not issued by the United States Department of Agriculture (USDA). The fact of the matter is that these loans are backed by the USDA; which is why there’s the USDA in Bonita Springs USDA mortgages.

What’s the Point of Bonita Springs USDA Home Loans?

Each mortgage product has different benefits. For people who live in Bonita Springs Florida, USDA mortgage loans carry many benefits which consist of but not limited to:

  1. Minimal down payment
  2. Long 30-year unchanging mortgage rates
  3. Ease of being able to qualify
  4. Flexible purchase price
  5. Reduced credit score requirements

What’s the Catch of Bonita Springs Florida USDA Loans?

Even thought this Bonita Springs mortgage loan program seems appealing, there can be a catch involved. Luckily for most homebuyers, a Bonita Springs USDA loans does not have strict requirements. Some of the initial eligibility requirements include:

  1. The home has to be located in a rural area.
  2. A borrowers credit must be no lower than 620.
  3. Property appraisal
  4. To qualify the debt to income ratios such as 29% for front end ratios and 41% for back end ratios
  5. The broker must be approved by the USDA

If you want to learn more about a Bonita Springs USDA home loans, please call the professionals at First Nationwide Lending. Just dial (877) 442-4023 or visit our rate quote page to get pre-qualified.


Contact Us

map

1990 Main Street, Suite 750
Sarasota, FL 34236
Phone: (941) 256-3729
Toll Free: (877) 442-4023

Latest News