Naples USDA Mortgage

Naples USDA MortgageNaples USDA mortgage is a government insured 100% purchase loan. The program is only offered in rural areas. Naples USDA home loans are offered throughout Collier County. The locations are determined by the United States Department of Agriculture (USDA). The USDA’s objective is to assist lower income households obtain home loans at reasonable mortgage rates.

Naples USDA home loans offer many different advantages to qualified borrowers… Under the terms of the program, an individual or family may borrow up to 100% of the appraised value of the home. There is not a need for a down payment. The main issue with low to moderate income is the lack of the funds to put as down payment. Naples USDA recognizes this fact and has developed a program in order to have more individuals enjoy the dream of homeownership.

Contact us today using our online form to inquire about a Naples USDA Mortgage

You can also call our Naples mortgage office on (239) 514-2674 or (855) 554-CORE.

Naples USDA mortgage loans only allow for purchase and no cash out refinances of primary residences. Some of the major benefits are:

  • 100% financing
  • No asset or automatic reserve requirements
  • Gifts allowed for closing costs
  • Low credit score is OK.
  • Required property improvements can be financed into the loan up to 101% of the improved value. (USDA will allow repairs to be completed after closing under certain circumstances)

Naples USDA Home LoansUSDA property types include single family homes, attached and detached villas and manufactured housing*. Naples USDA is very specific where the land has to be deeded to the owner if attached. Condo deeded properties are not allowed. Each property needs to be looked at individually to ensure it meets the Naples USDA standards.

USDA does have some limitations that affect the maximum income a borrower can make annually. Section 502 Guaranteed Rural Housing Loan Program currently has an $81,450 maximum income limit for Collier County with a two family member household with NO children.

They also have particular property requirements.  Naples USDA does not allow for the property to have a pool. Rural housing does not allow for any pooling structure to be on the property.

October 1st, 2012 USDA added a monthly mortgage insurance payment .50% of the loan amount. Due to the new MI payment structure USDA currently has a one time guarantee fee of 1% of the loan amount. The guarantee fee may be financed into the loan amount or paid by the borrower or seller at closing. USDA recently increased the income requirements making Collier County more attractive to this loan product.

Please click on the link to check if you are eligible for Naples USDA financing with your current income and to see if the property is eligible.[email protected]

Call specialists NOW on (239) 514-2674 to discuss Naples USDA home loans or use our online form to inquire about a Naples USDA Home Loan.

Helpful Terms Defined:

Collectively, the security instrument, the note, the title evidence, and all other documents and papers that evidence the debt. A Mortgage is a loan secured by a lien on real estate held in fee simple or on an acceptable leasehold estate. A loan made for the purpose of purchasing, building or rehabilitating real property, and secured by that property. A pledge of real property as collateral for payment of debt. The term is also used to describe both the mortgage (security instrument) and the promissory note evidencing the debt, which includes the terms of the debt’s repayment.

The evidence of indebtedness for a mortgage loan. A note is the instrument evidencing the indebtedness secured by a security instrument that sets forth the amount the owner owes the lender and the manner in which the debt is to be satisfied. The note establishes the payment terms, conditions under which prepayments may be made, and the lenders rights in the event of default. A written agreement between the mortgagor and the mortgagee specifying the amount and terms of repayment for a loan.

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