Bonita Springs USDA Mortgage Loans

apply-now-today It is our passion at First Nationwide Lending, we feel that every american try to buy a home of their own, regardless of where you live. If you buy in a less populated region in Bonita Springs Florida and wanted to buy your very own home, then maybe a Bonita Springs Florida USDA loan is perfect for you and your family. So, what exactly is this mortgage? We are excited you inquired. See more!

What is a Bonita Springs USDA Mortgage Loan?

In general home buyers look at “USDA mortgage” and assume that the mortgage loan is being provided by the USDA. Unlike popular assumptions, USDA mortgages are not issued by the United States Department of Agriculture (USDA). The truth is that these mortgages are backed by the USDA; hence the USDA in Bonita Springs USDA mortgage loans.

What is the Reason for Getting Bonita Springs USDA Loans?

Different mortgage loans have a variety of advantages. For residents of Bonita Springs Florida, USDA mortgage loans carry many advantages that include but are not limited to:

  1. Limited down payment
  2. Long 30-year unchanging mortgage rates
  3. Ease of being able to qualify
  4. Negotiable purchase price
  5. Credit score requirements are lower

{What are the Drawbacks this Bonita Springs mortgage plan sounds appealing, there is always a catch associated. Luckily for most interested home buyers, a Bonita Springs USDA mortgage loan does not have strict requirements. Some of the primary eligibility requirements include:

  1. The home must be positioned in a rural vicinity.
  2. Your credit score must be at least 620.
  3. Property appraisal
  4. Meet qualifying DTI ratios such as 29% for front end ratios and 41% for debt costs
  5. The mortgage broker must be approved by the USDA

If you want to learn more about a Bonita Springs USDA mortgage loans, please contact us at First Nationwide Lending. All you need to do is 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