How To Buy a Home in Naples Florida With No Money Down

Free-Clipart-of-House

Rents are going up as rental inventory is going down, so if you have a reasonable credit score, you should be considering purchasing a home.  Many people are not savers and do not have a load of cash in the bank to put down on a home but they can afford the monthly payments.  Are there programs available in Naples Florida that can help these people own a home of their own?  The answer is YES!

USDA Program – allows for 100% mortgage with NO downpayment.

USDA Requirements That Have to Be Met:

  • The area must qualify as rural per USDA guidelines.  Collier County qualifies for the USDA program.
  • Your income must not exceed $83,750 if you are a 1-4 person household.
  • Your income must not exceed $110,500 for a 4-8 person household.
  • You must have good credit history.  Although the USDA does not have a score requirement, they do check your credit history and make sure that your payments have been made in a timely manner.  If you have past blemishes you must have 12 months of good credit history.
  • You must be able to verify your income with at least a 2 year history of employment.
  • This property must be your primary residence and you cannot own any other properties.
  • The home must be a single family home as condos would not pass the condo questionnaire.

Additional Features of the USDA:

  • 100% financing allowed.
  • If appraisal is above contract price, closing costs may be added to mortgage up to amount of appraisal.
  • Fixed 30 year interest rate with competitive interest rate.
  • Qualifying ratios are 29% of income for housing and 41% for total debt.
  • Not limited to first time buyers.
  • Buyer may use lender of their choice.

Does it sound like you qualify for this type of loan?  Are you anxious to get into your own home and not pay rent anymore?  Then start your property search now and contact me or call 239-601-3174 to begin this exciting journey to a home of your own.

Remember, it is always Toasty in Naples and you deserve a piece of sunshine!

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