After much deliberation, you may have come to realize that you want to be surrounded by pastures as opposed to the pavement. And after searching long enough, you’ve found the perfect house that appeals to your needs. However, you may not have enough funds to purchase it and you find yourself needing USDA mortgage loans in Florida. But you’re challenged in finding a quality lender in the Sunshine State, where there are countless USDA home loan Florida lenders who are willing to make you an offer you can’t refuse. And though they’re tempting to accept, it’s important you realize that not all loan lenders in Florida offer the same set of terms. So if you’re ever burdened with attempting to find the right loan lender, then don’t frustrate yourself by calling the experts at American Bancshares today!

Our organization’s 20+ years of gained experience was achieved thanks to its unequal provided services paired with its deep commitment to empowering communities. And because of this, we are widely recognized throughout the state as one of the premier lenders of USDA loans in Florida. If you’re curious to learn more about why you should choose us as well as what a USDA loan is, then continue reading below.

Why You Should Choose American Bancshares For Their USDA Mortgage Loans in Florida

American Bancshares is recognized and acknowledged nationally as not only one of the most established Florida mortgage loan lenders but also as one of the most trustworthy. With 20+ years of experience, our business has empowered various partners and communities. And because of our provided work, our services have extended far across the entire nation.

American Bancshares’ organizational structure was created and designed by industry experts who are deeply knowledgeable about today’s home financing market. In contrast to banks, Our organization offers mortgage products, meaning that all of our lenders of USDA loans in Florida are licensed and even well-versed in mortgage lending. Not only are they qualified to offer you expert and ethical advice, but they’re also devoted to assisting you to find the right loan with a rate, terms, and cost-effectiveness that’s optimized for your needs.

We here at American Bancshares are deeply passionate about serving the community. And this is because of our core value as an organization which includes commitment, integrity, and transparency. Many of our employees — including our senior management — have held a position in just about every chair of the mortgage industry. And because of this, we’re able to gain amazing insight from numerous perspectives. Plus, this deep perspective paired with deep knowledge has also allowed us to be effectively and efficiently fluid with industry changes while still being able to provide you with unparalleled service and first-in-class customer service that we’re so widely recognized for.

We possess leveraged technology to provide you with a simple, straightforward, online stress-free mortgage application experience. Through us, you’ll be granted one of our USDA loans in Florida that will help you acquire the property you seek to purchase.

USDA Mortgage Loans in Florida

The USDA loan (also known as the USDA Rural Development Guaranteed Housing Loan Program) is one of the most popular mortgage loans in the state of Florida. Rural property owners are offered this mortgage loan type by the United States Department of Agriculture. 

With this loan, you’re given a zero down payment mortgage if you’re eligible for the loan.

How USDA Loans in Florida Work

There are three different types of USDA home loan programs in Florida. They include:

  • Loan Guarantees
    • Similar to an FHA loan and VA-backed loans, the USDA guarantees a mortgage issued by a participating local lender (such as American Bancshares) allowing you to get low mortgage interest rates even without a down payment. When you place little or no money down, you will have to pay a mortgage insurance premium, however.
  • Direct Loans
    • Direct mortgage loans issued by the USDA are designed for low and very low-income applicants. Income thresholds vary by region. With subsidies, interest rates with direct loans can be as low as 1%.
  • Home Improvement Loans & Grants
    • These loan types (or even outright financial awards) permit homeowners to repair or even upgrade their homes. Packages of these loan types combine a loan and a grant, providing up to $27,500 in assistance.

Qualifying For USDA Mortgage Loan in Florida

Income limits in order to qualify for a USDA home loan in Florida vary by location depending on the household size.

Guaranteed USDA loans in Florida can fund only owner-occupied primary residences. Other eligibility requirements include:

  • U.S. citizenship (or permanent residency)
  • A monthly payment that’s 29% or less  of your monthly income (this monthly payment can also include principal, interest, insurance, and taxes.) If you have other monthly debt payments, they cannot exceed 41% of your income.  The USDA, however, will consider higher debt ratios if you have a credit score above 680.
  • Dependable income, typically for a minimum of 24 months
  • An acceptable credit history with no accounts converted to collections within the last 12 months, among other criteria. If you’re able to prove that your credit was affected by circumstances that were temporary or outside of your control, you can still likely qualify.

If you are an applicant with a credit score of 640 or higher, then you can receive streamlined processing. Those with scores below that must meet more strict underwriting criteria. And if you’re without a credit score or a limited credit history, then you can qualify with “nontraditional” credit references, such as rental and utility payment histories.

If you’re not sure if you qualify, feel free to contact us. One of our consultants will be able to indicate if you’re eligible for a USDA home loan in Florida or not.

Hire American Bancshares For Their USDA Mortgage Loans in Florida

When you’re ready to purchase your desired property and need assistance from a qualified Florida mortgage lender, pick up the phone and call the experts over at American Bancshares. American Bancshares has been trusted by numerous clients for not only their professionalism and expertise but also for their devotion to helping you become a part of a better community. You can trust that with our deep knowledge and handiwork, you’ll become absolutely satisfied with our services. For any inquiries, you may call us at 1-833-937-2276 or sign up for a free consultation online.

Our passion for growing communities

Servicing the community is driven by our core values of commitment, integrity, and transparency. Many of our team members and most of our senior management have sat in every chair of the mortgage industry, providing us with a full understanding of the business from all aspects. This in-depth knowledge is what allows us to quickly and efficiently adapt to industry change, while constantly providing you with superior processes and first-in-class customer service.

We have leveraged technology to bring you a simple, straightforward, online stress-free mortgage application experience.

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