Saint Petersburg USDA Mortgage Loans

apply-now-today Here at First Nationwide Lending, we feel that everyone try to buy their own home, regardless of where they choose to buy or live. If you purchase in a less populated territory in Saint Petersburg FL and wanted to buy your own property, then perhaps a Saint Petersburg FL USDA loan is ideal for you and your family. With that being said, what precisely is this mortgage loan? We are glad you inquired. See below!

What is a Saint Petersburg USDA Loan?

The majority of home buyers look at “USDA loan” and make the assumption that the mortgage is provided by the United States Department of Agriculture. Unlike peoples belief, USDA 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 Saint Petersburg USDA loans.

What is the Reason for Getting Saint Petersburg USDA Home Loans?

Each loan product has a variety of advantages. For people who live in Saint Petersburg FL, USDA loans offer various advantages which include but not limited to:

  1. No down payment
  2. Long 30-year unchanging mortgage rates
  3. Ease of being able to qualify
  4. Purchase prices which are flexible
  5. Reduced credit score requirements

What are the Limitations of Saint Petersburg FL USDA Loans?

Even thought this Saint Petersburg mortgage plan seems tempting, there’s always a catch involved. Fortunately for most homebuyers, a Saint Petersburg USDA mortgage does not have strict guidelines. The initial guidelines include:

  1. The property must be located in a rural vicinity.
  2. Your credit rating must be at least 620.
  3. Property appraisal
  4. To qualify the debt to income 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 Saint Petersburg USDA mortgage loans, 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.


Contact Us

map

1990 Main Street, Suite 750
Sarasota, FL 34236
Phone: (941) 256-3729
Toll Free: (877) 442-4023

Latest News