Florida USDA Loans for Purchase or Refinance
Why Choose a USDA Loan in Florida
A Home With Room for Your Plans
Your next home may be closer than you think. USDA financing helps eligible buyers purchase a primary home in qualifying Florida communities with no down payment required. You don’t have to be a first time buyer, and eligible areas can include smaller towns and communities near larger cities.
Already have a USDA mortgage? Refinance options may offer an opportunity to explore a different interest rate or payment, depending on your existing loan and qualifications.
At Select Home Loans, we help you explore USDA financing through our lending partners and understand the property, household income, and credit requirements. We’ll also explain closing costs and applicable guarantee fees, so you can plan beyond the down payment.
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Why choose Select Home Loans?
- Diverse mortgage options: Conventional, FHA, VA, Reverse Mortgages, Jumbo, Non-QM Loans, HELOC, Second Mortgages, and DSCR Loans.
- Trusted reputation: A+ Rated and accredited by the Better Business Bureau.
- Customized service: Solutions crafted to meet your specific requirements.
- Established credibility: A reputation built on trust and experience.
Exploring USDA Financing in Florida
We start with your plans and the property you have in mind. For a purchase, we check the address against USDA’s eligibility map and review household income limits, which vary by location and household size. The home must meet applicable property requirements and serve as your primary residence.
Considering a home in a smaller Florida community or rural area? We help buyers explore USDA financing in places such as Pierson, Crescent City, and Umatilla, along with surrounding communities in Volusia, Putnam, Lake, and Marion counties. Eligibility is determined by the specific address, so send us the location and we’ll help you check.
If you’re refinancing an existing USDA loan, we help you explore available refinance options. Certain streamline programs may reduce documentation or appraisal requirements. USDA refinancing doesn’t provide cash out from your equity, so we can compare other financing if accessing funds is part of your plan.
Together, we’ll review estimated payments, closing costs, and program fees so you understand the full picture. From preparing documents through coordinating with your lending partner, we’re here to answer your questions and keep you informed every step of the way.
Frequently Asked Questions
Where can I use a USDA home loan in Florida?
USDA loans are available in eligible rural and suburban areas throughout Florida, including parts of Central Florida. Eligibility depends on the property's location, and some areas outside major cities may qualify. We can help you check whether a specific property meets USDA requirements.
What are the income limits for USDA loans in Florida?
USDA income limits vary by location and household size. Generally, your adjusted household income cannot exceed 115% of the area's median household income. We can help determine whether your household meets the current limits.
What credit score do I need for a USDA loan?
USDA doesn't establish a universal minimum credit score for its guaranteed loan program, but individual lenders may have their own requirements. Your credit history, income, debts, and overall financial situation are considered when determining eligibility.
Does a USDA loan require mortgage insurance?
USDA loans don't have traditional private mortgage insurance (PMI), but they do have guarantee fees. Currently, these include a 1% upfront fee and a 0.35% annual fee, typically paid monthly. The upfront fee can generally be financed into the loan.
Can I refinance my existing USDA home loan?
Yes! If you currently have a USDA loan, you may qualify for a USDA refinance, including streamlined options that can simplify the process. Eligibility depends on your existing mortgage, payment history, and program requirements. USDA refinancing does not allow cash-out from your home's equity.
Do I need an appraisal to refinance my USDA loan?
Not always. USDA streamlined and streamlined-assist refinance programs generally don't require a new appraisal, although exceptions apply to certain USDA Direct loans. Other USDA refinancing options may require an appraisal.