Chris Luis, My Favorite Mortgage Broker 
"I work for you, not the banks." 
NMLS 888571

CLuisMortgages. LLC             
MBR 1575, NMLS 1159714                                       
t: 941-219-4381
f: 800.718.1862
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USDA mortgages stands for United States Department of Agriculture. 

Originally, the program was designed to help families with moderate income buy rural housing. Or, homes in the country, far away from the city. 

Today, with urban sprawl, you can get a USDA mortgage close to work or other city life. 

USDA rates are a bit higher than FHA mortgages, but they are still an excellent bargain. 

Here are some highlights:

  • $0 money down
  • Lower monthly mortgage insurance costs (PMI) versus FHA
  • Closing costs can often be included or rolled into the loan. 
  • Home buyers closing costs can also be paid by the seller up to 6%.
  • There is NO maximum set loan amount limit with USDA Rural Housing.
  • No large savings are needed to qualify for USDA loans.
  • Qualifying for a USDA loan with a 580 credit score is possible.
  • The location of the home determines if it will be a USDA loan. 
  • The home can be a regular sale, short sale, foreclosure home or bank owned home single family, townhome or approved condo.  
  • Mobile/Manufactured homes and “build on your own land” not available.
  • Applies for First-time home buyers, or move-up buyers.
  • No special first-time buyers class, down payment assistance, or bond money is needed.
  • There are income limits – your family income has to be at or below the county median. 

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