The Tampa Bay area is a great place to own a home. Even though there is no actual city of Tampa Bay, the census bureau refers to the metropolitan area around Tampa Bay, as Tampa-St. Petersburg-Clearwater Metropolitan Statistical Area. USDA loan are designed for the development of rural areas, there are many available areas that are in Hillsborough, Pasco, Citrus and Hernando counties that are still available for a USDA loan even though the Tampa Bay area is the 2nd largest metropolitan in the state of Florida.
The biggest advantage of a USDA loan is that you can own a home with no money down. This makes the program great for both first time home buyers and current homeowners. You won’t find many programs that have 100% financing. The USDA loan program is a government mortgage program that is backed by the United States Department of Agriculture to make homes in more rural areas more affordable.
Here are the basics of what USDA is and its guidelines.
No down payment and up to 102% financing.
- There are no loan amount limits
- There are just income limits. Hillsborough, Pinellas, Pasco, and Hernando counties have a $74,050 limit for up 4 person house hold. Then a $97,750 limit for a household of 5 or more people.
- Very low monthly mortgage insurance or PMI.
- Lower credit score requirements, a 640 minimum credit score.
- Closing costs can be eliminated.
For a more detailed breakdown of what a USDA loan is please visit our USDA loan details page, or contact us and we’ll be more then happy to answer any questions you may have.