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USDA- Rural Housing

USDA Rural Housing Mortgage Information


No Down Payment Required  

This loan is used by borrowers to purchase a home they will personally occupy.  This 30 year fixed rate mortgage is offered to families whose income does not exceed 115 % of the median income for the area. There is no loan limit as long as the borrowers meet income ratios. This no down payment loan can be used to purchase rural property (all Lake County, most of Polk County, some of Seminole, Orange and Volusia are eligible) . Closing cost and repairs can be included if the appraised value warrants. There is a 2.0% up front Funding Fee that is financed into the loan.

USDA Section 502 loans are primarily used to help individuals or households purchase homes in rural areas. Area income limits apply for this program. Families must be able to afford the mortgage payments, including taxes and insurance. In addition, applicants must have reasonable credit histories.

Under Section 502, a USDA Rural Development program, housing must be modest in size, design, and cost. Houses constructed, purchased, or rehabilitated must meet the voluntary national model building code adopted by the state and HCFP thermal and site standards.

No Down Payment Required
No Prepayment Penalty
•New and existing homes OK
•30-year fixed rate loan
•Maximum Loan Amount is $484,350
•Closing cost can be included into the loan when the contract price is less than the appraisal amount.

Income and Property eligibility per GRH Website:

   The Guaranteed Housing Program Income Limits are:
    1-4 Person: $86,850
    5-8 Person: $114,650
Project the cumulative gross income of all adults in the household.


How much can I borrow?
This will be determined by your Loan Consultant with Orlando Financial Center based on your repayment ability and the appraised value of the home. 

What will be my monthly payment?
The monthly payment will include principal, interest and the monthly cost of real estate taxes and insurance. Orlando Financial Center will provide an estimated payment for you.

What is the loan term?
30 years.

Is there a minimum credit score?
A credit score of 640 or higher is expected. 

In addition to the home purchase, what else can be financed into the loan?
Closing costs and repairs can be financed up to the appraised value. 

Can a self employed person qualify for this program?
Yes, you must provide two years tax returns indicating your income level. Contact Orlando Financial Center for more information.

Can I get cash back from closing to pay off other loans or refinance my credit cards?

Can I use this loan program anywhere?
The loan is limited to small communities and rural areas as designated by Rural Development. 

Do income limits apply to this loan?
Yes. Total household adjusted income limits vary by household size and location.


Orlando Financial Center offers financing for rural areas in Central Florida. Orange County -  Osceola County -  Seminole County -  Lake County - Volusia County and Polk County 



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