Jacksonville USDA Loans

apply-now-todayIf you a rural citizen of the United States of America, then we bet you know what a Jacksonville USDA mortgage. However, there are a few misconceptions that people have about USDA mortgages. But fret not; here is a look at the top 3 misconceptions about USDA mortgages and the truth about them.

1 – You don’t have to live in a Rural Area
Most people believe that living a rural lifestyle is enough to qualify Even if you live a rural lifestyle, it does not mean that you qualify for a Jacksonville USDA mortgage. You need to check your eligibility and ensure that the area you live in is classified as rural.

2 – I have to be a First time Homebuyer
One of the most famous misconceptions about USDA mortgages is that the homebuyer has to be a first timer. Fortunately, this is not true. It doesn’t matter if this is your first or 3rd home, so long as you meet the other requirements, you are cleared to receive a USDA mortgage.

3 – There is no Limit to the Size of the Loan
Another misconception about the USDA mortgage is that there really is no limit. While it is true that there really is no limit to the purchase size, there is a limit to the size of the loan. Your monthly housing cost must be at least 29% of your income. Moreover, your monthly debt payments must be at least 41% of your gross income.

Despite the easy availability of information, there are still many misconceptions surrounding USDA mortgages. If you require more information on what a Jacksonville USDA mortgage is, if you are eligible or if you want a few misconceptions cleared, feel free to contact us at (877) 442-4023. Alternatively, you can complete our free rate quote form.

First Nationwide Lending offers a variety of financial loans in order to make home ownership a reality for anyone – we offer: purchase mortgages, refinance loans, FHA home loans, USDA mortgage loans, jumbo mortgage loans, HARP 2.0 mortgages, VA loans, and reverse mortgages.

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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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