Saint Petersburg USDA Mortgage Loans

apply-now-today At First Nationwide Lending, we believe that everyone try to buy a home of their own, regardless of where they live. If you buy in a remote territory in Saint Petersburg FL and had the desire to own your very own property, then maybe a Saint Petersburg FL USDA mortgage loan is ideal for you. With that being said, what exactly is this type mortgage loan? We are excited you inquired. See more!

What is a Saint Petersburg USDA Mortgage Loan?

In general people think of a “USDA mortgage loan” and automatically believe that the loan is provided by the USDA. Contrary to popular belief, USDA loans are not provided by the United States Department of Agriculture (USDA). The truth is that these mortgages are secured by the USDA; hence the USDA in Saint Petersburg USDA loans.

What Are the Benefits of Saint Petersburg USDA Mortgage?

Different loans have a variety of advantages. For people who live in Saint Petersburg FL, USDA mortgages offer various advantages that consist of but are not limited to:

  1. No down payment
  2. Long 30-year unchanging interest rate
  3. Flexible qualification
  4. Flexible purchase price
  5. Credit score requirements are lower

What’s the Disadvantages of Saint Petersburg FL USDA Loans?

While this Saint Petersburg home loan plan sounds appealing, there can be a catch involved. Fortunately for most home buyers, a Saint Petersburg USDA mortgage loan doesn’t have strict requirements. The primary eligibility requirements include:

  1. The property must be located in a rural/remote area.
  2. The credit rating must be at least 620.
  3. The home must meet minimum appraisal requirements
  4. Meet qualifying debt to income ratios such as 29% for front end ratios and 41% for debt costs
  5. The broker must be approved by the USDA

If you are interested in learning more about a Saint Petersburg USDA loans, please contact us at First Nationwide Lending. Just 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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