Gainesville USDA Mortgage Loans

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Here at First Nationwide Lending, we feel that every american should be able to buy a home of their own, regardless of where you choose to buy or live. If you live in a remote territory in Gainesville Florida and wanted to own your very own property, then perhaps a Gainesville Florida USDA mortgage loan is perfect for you. So, what exactly is this mortgage loan? At First Nationwide Lending we are excited you inquired. See below!

What is a Gainesville USDA Mortgage?

The majority of homebuyers look at “USDA mortgage” and assume that the mortgage loan is provided by the USDA. Contrary to popular assumptions, USDA mortgage loans are not provided by the United States Department of Agriculture (USDA). The fact of the matter is that these types of mortgages are backed by the USDA; hence the USDA in Gainesville USDA mortgages.

What is the Reason for Getting Gainesville USDA Home Loans?

Each mortgage product has different advantages. For residents of Gainesville Florida, USDA mortgage loans carry many advantages which include but are not limited to:

•  No down payment
•  Long 30-year unchanging interest rate
•  Ease of qualifications
•  Negotiable purchase price
•  Credit requirements are more flexible

What are the Disadvantages of Gainesville Florida USDA Loans?

While this loan program sounds appealing, there is always a catch associated. Fortunately for most interested home buyers, a Gainesville USDA mortgage does not have strict requirements. Some of the initial guidelines include:

•  The property must be located in a rural area.
•  Your credit rating must be at least 620.
•  The home must meet minimum appraisal requirements
•  To qualify the DTI ratios such as 29% for housing costs and 41% for back end ratios
•  The mortgage provide must be approved by the USDA

If you are interested in learning more information about a Gainesville USDA home loans, please contact us at First Nationwide Lending. Simply 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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