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Email: Ruth@FloridaMortgage1.com

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We can help you buy your dream home with a no down payment mortgage loan. 

USDA Loans are Available 36 Months From a Short Sale or Foreclosure or DIL

USDA will consider 24 Months from the housing event
if there are Extenuating Circumstances.


This 100% loan program For PRIMARY HOMES ONLY requires NO second mortgage.  In order to finance the full 100%, there is a 2% funding fee that is financed into your home loan.  This loan will allow the borrower to finance up to 102% of the appraised value. 
There is a very Low Monthly Mortgage Insurance payment included in your payment. 

  • Finance up to 102% of appraised value (not the sales price). Primary Homes Only   
  • Very Low monthly mortgage insurance
  • Middle credit scores at or above 620
  • Middle credit score below 620 for Co-Borrow is Acceptable
  • Interest rates start at 3.75%
  • No loan limit
  • 6% seller concession
  • Unlimited Gifts

FHA Scenario vs USDA Scenario

FHA Purchase Scenario:

Jane wants to purchase a $200,000 home by obtaining a FHA 3.25% - 30 year fixed rate loan.  Jane must have a credit score of 640 or higher to obtain the 4% rate (620 scores will receive 3.75%). FHA requires that Jane put down a minimum down payment amount 3.5% of the sales price.  3.5% of $200,000 equals 7,000 that Jane will need to pay at closing.  With FHA, there is a 1.75% "Up Front Mortgage Insurance Premium" (funding fee) that is added to the loan amount.  So, Jane's monthly mortgage payment (principle and interest) will be $881.82, taxes of $225, home owner's insurance of $120, and mortgage insurance of $201.04. 

Jane's total payment will be $1427.82 with a minimum of $7,000 out of pocket

USDA Purchase Scenario:  

Joe wants to purchase a $200,000 home by obtaining a USDA 3.25% 30 year fixed rate loan.  Joe only needs a credit score of 620 or higher to obtain the 3.5% rate.   USDA does not require a down payment.  With USDA, there is a 2% "funding fee" that is added to the loan amount.  So, Joe's monthly mortgage payment (principle and interest) will be $887.82, taxes of 225, home owner's insurance of $120, and $66.28 Mortgage Insurance.   

Joe's total payment will be $1,298.20 with NO cash out of pocket






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