Miami Beach USDA Mortgage Loans

apply-now-today It is our passion at First Nationwide Lending, we feel that everyone try to buy their own home, regardless of where they choose to buy or live. Whether you buy in a rural region in Miami Beach FL and wanted to own your very own property, then perhaps a Miami Beach FL USDA mortgage loan is perfect for you and your family. So, what exactly is this type mortgage loan? At First Nationwide Lending we are excited you inquired. See below!

What is a Miami Beach USDA Mortgage Loan?

In general home buyers look at “USDA mortgage loan” and make the assumption that the mortgage is offered by the United States Department of Agriculture. Unlike peoples belief, USDA mortgage loans are not issued by the United States Department of Agriculture (USDA). The fact of the matter is that these types of mortgages are secured by the United States Department of Agriculture; which is why there’s the USDA in Miami Beach USDA loans.

What is the Reason for Getting Miami Beach USDA Loans?

Different loans have different benefits. For residents of Miami Beach FL, USDA mortgage loans offer various benefits that include but not limited to:

  1. Minimal down payment
  2. Long 30-year unchanging interest rate
  3. Easy eligibility
  4. Flexible purchase price
  5. Reduced credit score requirements

What are the Disadvantages of Miami Beach FL USDA Loans?

While this Miami Beach mortgage loan sounds} appealing a catch involved. Fortunately for most interested home buyers, a Miami Beach USDA mortgage loan does not have strict requirements. Some of the initial guidelines include:

  1. The property has to be located in a rural/remote area.
  2. Your credit must be at least 620.
  3. Property appraisal
  4. To qualify the DTI ratios such as 29% for housing costs and 41% for debt costs
  5. The mortgage company must be approved by the United States Department of Agriculture

If you are interested in learning more information about a Miami Beach USDA mortgages, 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.


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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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