Tallahassee Real Estate, Blog by Lisa Carey & Lesa Hart

Buying a Home in Tallahassee - try a USDA or Rural Development Loan

April 20th, 2009 11:15 AM by Lisa Carey

If you are dealing with limited funds, a great way to buy a home in the Tallahassee Area is to consider looking in our more rural areas. Special loan types, including the USDA Loan, are available if you are willing to purchase in qualifying rural areas.

While rural sounds like big farm country, you would be surprised to see the neighborhoods that qualify. A great portion of Killearn Lakes, an established neighborhood in one of Tallahassee's best school zones, qualifies. Parts of Autumn Woods, Russell's Pond and other northwest neighborhoods qualify, as do some neighborhoods down popular Buck Lake Road. All great places to live in Tallahassee!

The greatest advantages to the USDA or Rural Development loans when purchasing a Tallahassee home are: very, very little money down and no PMI or mortgage insurance. There is a funding fee, which can be financed into the loan.

There are new USDA Rural Development Income Limits which are specific to different counties and areas. The new income limites for Leon, Jefferson and Gadsden County Florida are $71,450 for a 1-4 person household size. Or, $94,300 for a 5-8 person household size. In Wakulla and Bay Counties, the income limit is $70,750 for a 1-4 person household size. Or, $93,400 for a 5-8 person household size. These numbers are based on the adjusted gross income of the qualifying family and includes all household incomes for applicants and non-applicants. Your qualification is best determined by a trusted lender and these new income limits should be verified with a lender. Again, this program is only if you purchase in qualifying areas.

For more information on buying a home in Tallahassee with a Rural Development or USDA loan, please email me at Lisa@CareyCottage.com. I have successfully assisted many buyers with this program. Or, talk to a trusted local lender in the Tallahassee area.

Lisa Carey is a top-producing Realtor in Tallahassee, Florida, with Armor Realty.  She ranked in the top 5% of all selling Realtors in Tallahassee for 2008.

Posted in:General
Posted by Lisa Carey on April 20th, 2009 11:15 AM



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