Gainesville USDA Mortgage Loans

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Here at First Nationwide Lending, we feel that everyone try to buy a home of their own, regardless of where they choose to buy or live. Whether you live in a rural region in Gainesville FL and wanted to buy your own property, then perhaps a Gainesville FL USDA mortgage is perfect for you. With that being said, what exactly is this type mortgage loan? We are glad you asked. See more!

Why Choose a Gainesville USDA Loan?

In general homebuyers look at “USDA mortgage loan” and assume that the mortgage loan is provided by the USDA. Unlike peoples assumptions, USDA loans are not provided by the United States Department of Agriculture (USDA). The truth is that these mortgages are backed by the USDA; which is why there’s the USDA in Gainesville USDA mortgages.

What is the Reason for Getting Gainesville USDA Home Loans?

Each mortgage loan product has different advantages. For people who live in Gainesville FL, USDA mortgages offer various advantages which include but are not limited to:

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

What’s the Disadvantages of Gainesville FL USDA Loans?

Even thought this loan program seems appealing, there’s always a catch associated. Fortunately for most interested home buyers, a Gainesville USDA mortgage doesn’t have strict requirements. The initial guidelines include:

•  The property has to be located in a rural/remote vicinity.
•  The credit must be at least 620.
•  Home appraisal
•  To qualify the ratios such as 29% for front end ratios and 41% for debt costs
•  The mortgage provide must be approved by the USDA

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

 

Contact Us

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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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