Gainesville USDA Mortgage Loans

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Here at First Nationwide Lending, we believe that everyone try to buy a home of their own, regardless of where they choose to buy or live. Whether you live in a remote region in Gainesville Florida and had the desire to purchase your own property, then perhaps a Gainesville Florida USDA home mortgage is perfect for you and your family. With that being said, what exactly is this mortgage loan? At First Nationwide Lending we are excited you asked. See below!

What is a Gainesville USDA Mortgage Loan?

Most home buyers look at “USDA mortgage” and make the assumption that the home loan is provided by the United States Department of Agriculture. Unlike peoples belief, USDA loans are not provided by the United States Department of Agriculture (USDA). The truth is that these they are backed by the United States Department of Agriculture; hence the USDA in Gainesville USDA mortgages.

What Are the Benefits of Gainesville USDA Home Loans?

Each mortgage product has a variety of advantages. For residents of Gainesville Florida, USDA mortgage loans carry many advantages that include but not limited to:

•  No down payment
•  Long 30-year unchanging interest rate
•  Ease of being able to qualify
•  Purchase prices which are flexible
•  Reduced credit score requirements

What’s the Catch of Gainesville Florida USDA Home Loans?

While this mortgage loan plan seems appealing, there is always a catch involved. Luckily for most interested home buyers, a Gainesville USDA mortgage loan does not have strict guidelines. The primary guidelines include:

•  The property must be positioned in a rural vicinity.
•  Your credit score must be at least 620.
•  The property must meet minimum appraisal requirements
•  To qualify the ratios such as 29% for housing costs and 41% for debt costs
•  The mortgage provide must be approved by the United States Department of Agriculture

If you are interested in learning more about a Gainesville USDA mortgages, please call the experts at First Nationwide Lending. Just dial (877) 442-4023 or visit our rate quote page to get pre-qualified.

 

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

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