No down payment, if the address and the income qualify.
The USDA Single Family Housing Guaranteed Loan Program helps moderate-income households buy in eligible rural and suburban-edge areas with no down payment. Two tests decide it: where the property is, and how much the household earns.
- Are buying in a USDA-eligible area (often farther from the coast than you’d expect)
- Have household income under the area limit
- Have modest savings for closing costs
- Want a primary residence, not a rental
Check the map and the income limit before anything else.
- Must be in an area USDA designates as eligible; check any address on the USDA eligibility map
- Most of Fort Lauderdale, the Broward urban core, and coastal South Florida is not eligible; parts of western and central Florida are
- Primary residence, modest in size and features for the area; no income-producing farms
- Site-built, some manufactured homes, and condos in approved projects
- Household income (everyone in the home, not just borrowers) at or below 115% of area median income, adjusted for household size
- Limits vary by county; the map tool shows them
- Repayment income is then calculated for the borrowers in the usual way
- Debt-to-income guidelines of roughly 29/41, with automated approvals somewhat higher
What it costs, and what it doesn’t.
None required. Closing costs can sometimes be financed if the appraised value supports it, or paid by the seller (up to 6%).
1% of the loan amount upfront, usually financed, plus an annual fee of 0.35% paid monthly for the life of the loan. Lower than FHA’s insurance. confirm current fee schedule
Often competitive with or better than FHA for similar credit. 30-year fixed only.
No USDA minimum score, but automated approval generally needs 640+; lower scores face manual underwriting. Jared’s lender overlays to be confirmed.
Primary residence only. You generally can’t own another adequate home nearby.
After lender approval, the file goes to USDA for a conditional commitment, which can add days to weeks depending on agency backlog. Plan the contract dates accordingly.
Is USDA only for farms?
Does any part of Broward qualify?
Can I refinance a USDA loan?
What if my income is just over the limit?
Send the address and your household size. Jared will check both tests.
If USDA doesn’t fit, he’ll tell you what does.
- No credit pull, no obligation
- Not an application; no guarantee of approval or terms
- Rather talk? Call or text 954-649-0020
Two quick checks can save you a lot of money.
Ask Jared to run the address and the income limit.