USDA offers a great option for first-time homeowners in Naples Collier County seeking 100% financing. Buyers just don’t have many options today to purchase a home with NO money down. In fact, VA and USDA Rural Housing are the only government loan options that still allow Naples buyers to purchase a home with $0 cash required.
USDA mortgages offer a great benefit for families in Collier County looking to purchase a home. The USDA home loan program offers many advantages that you won’t find in an FHA loan or conventional mortgage program. A few of these advantages include low monthly mortgage insurance, 100% financing, no asset or reserve requirement, and absolutely no money down.
That’s right, the USDA mortgage is one of the only remaining mortgage programs in the country that require absolutely no down payment for the purchase of a home. In addition, the USDA home loan program allows for closing costs to be either paid by the seller in full or permitted to be accumulated or “rolled into” the total amount of the loan if the home appraisal is high enough. This allows buyers to need very little money up front to buy your home.
The USDA 502 Guaranteed loan is available to all home buyers purchasing in eligible locations. The program is not reserved exclusively for first-time homebuyers. Even better, buyers are not required to take any special class to get approved. Complete a loan application and search for a home all on the same day!
In order to qualify for a USDA Rural Mortgage, buyers must meet the basic USDA lender standards below.
- The property must be located in an area that is designated as ”rural” by the USDA. Many parts of Collier country are still eligible today.
- The mortgage is available for purchase transaction only (no investment properties or second homes)
- Available for First Time Buyers or Move-Up Buyer (Buyer cannot own another home at the time of purchase)
- 620 credit score required to get approved
- Buyer income is limited to a maximum of 115% of the median income. Please see the latest USDA household income limits for Florida below.
- W2 income or self-employed is allowed (income and employment must be fully documented)
- Gifts for closing costs or down payment (if desired) is permitted
- The home purchase price (including upfront USDA Guarantee Fee) can be financed (100% financing, no down payment required)
- Seller or lender can contribute up to 6% of the sales price toward the home buyers USDA closing costs
- Single-family homes only (no mobile or manufactured housing)
- Term: 30 year fixed-rate
| Household Size | 1-4 Person | 5-8 Person |
| Income Limit for Coller County | $119,950 | $158,350 |
We serve all buyers in multiple states, including Florida Collier County – Maria, Everglades City, Golden Gate, Immokalee, Marco Island, Naples, Ochopee, Palm River Estates
Questions? We are available to assist you 7 days a week. For quick service please submit the Quick Request Form on this page or ph: 904-342-5507