Fort Lauderdale, FL USDA Benefits

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Fort Lauderdale, Florida USDA Loan Benefits

The Fort Lauderdale, FL USDA home loan program, designed to assist rural homebuyers, offers several significant benefits. Here’s a guide outlining its key advantages:

  1. No Down Payment Required: One of the most significant benefits of the Fort Lauderdale, FL USDA loan is that it does not require a down payment. This feature makes homeownership more accessible to many who may struggle to save for a large down payment.
  2. Lower Interest Rates: Typically, USDA loans come with interest rates that are lower than conventional loans. This can result in significant savings over the life of the loan.
  3. Lower Mortgage Insurance Costs: Compared to other loan types like FHA or conventional loans, USDA loans often have lower mortgage insurance costs. This reduces the overall monthly payment and can make housing more affordable.
  4. Flexible Credit Guidelines: USDA loans have more lenient credit requirements compared to conventional loans. This is beneficial for buyers with less-than-perfect credit histories.
  5. 100% Financing: Since there’s no down payment required, Fort Lauderdale, FL USDA loans offer 100% financing. This is particularly helpful for buyers who have good income but limited savings for a down payment.

6. Fixed-Rate Mortgages: USDA loans are typically fixed-rate mortgages, which means the interest rate remains the same throughout the life of the loan. This predictability is beneficial for budgeting and financial planning.

7. Assistance for First-Time and Repeat Buyers: The program is available not only to first-time homebuyers but also to those who are buying a home for the second time or more, as long as they meet the eligibility criteria.

8. Geographical Flexibility: Although designed for rural areas, the definition of “rural” includes many areas around Fort Lauderdale, FL as well. This offers a broader range of locations for potential homeowners.

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    9. Potential for Property Repairs and Improvements: In some cases, USDA loans in Fort Lauderdale, FL can be used to purchase and repair a home. This is particularly advantageous for buyers looking at homes that may need some TLC.

    10. No Maximum Purchase Price: Unlike some other loan programs, USDA loans do not have a maximum purchase price limit. However, the borrower’s ability to repay the loan is considered.

    11. Streamlined Refinancing Options: For those who already have a USDA loan, the refinancing process is streamlined, making it easier and faster to reduce interest rates and monthly payments.

    By offering these benefits, the USDA home loan program makes homeownership more achievable and affordable for a broader range of people, particularly in rural and suburban areas.

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    Learn more about Fort Lauderdale, Florida

    Fort Lauderdale (/ˈlɔːdərdeɪl/ LAW-dər-dayl) is a coastal city located in the U.S. state of Florida, 30 miles (48 km) north of Miami along the Atlantic Ocean. It is the county seat of and largest city in Broward County with a population of 182,760 at the 2020 census, making it the tenth largest city in Florida. After Miami and Hialeah, Fort Lauderdale is the third largest city in the Miami metropolitan area, which had a population of 6,166,488 in 2019.

    Built in 1838 and first incorporated in 1911, Fort Lauderdale is named after a series of forts built by the United States during the Second Seminole War. The forts took their name from Major William Lauderdale (1782–1838), younger brother of Lieutenant Colonel James Lauderdale. Development of the city did not begin until 50 years after the forts were abandoned at the end of the conflict. Three forts named “Fort Lauderdale” were constructed including the first at the fork of the New River, the second at Tarpon Bend on the New River between the present-day Colee Hammock and Rio Vista neighborhoods, and the third near the site of the Bahia Mar Marina.

    Known as the “Venice of America”, Fort Lauderdale has 165 miles of inland waterways across the city. In addition to tourism, Fort Lauderdale has a diversified economy including marine, manufacturing, finance, insurance, real estate, high technology, avionics/aerospace, film, and television production. The city is a popular tourist destination with an average year-round temperature of 75.5 °F (24.2 °C) and 3,000 hours of sunshine per year. Greater Fort Lauderdale, encompassing all of Broward County, hosted more than 13 million overnight visitors in 2018. Each year nearly four million cruise passengers pass through its Port Everglades, making it the third largest cruise port in the world. With over 50,000 registered yachts and 100 marinas, Fort Lauderdale is also known as the yachting capital of the world.”

    The area in which the city of Fort Lauderdale would later be founded was inhabited for more than two thousand years by the Tequesta Indians. Contact with Spanish explorers in the 16th century proved disastrous for the Tequesta, as the Europeans unwittingly brought with them diseases, such as smallpox, to which the native populations possessed no resistance. For the Tequesta, disease, coupled with continuing conflict with their Calusa neighbors, contributed greatly to their decline over the next two centuries. By 1763, there were only a few Tequesta left in Florida, and most of them were evacuated to Cuba when the Spanish ceded Florida to the British in 1763, under the terms of the Treaty of Paris (1763), which ended the Seven Years’ War. Although control of the area changed between Spain, the United Kingdom, the United States, and the Confederate States of America, it remained largely undeveloped until the 20th century.[citation needed]

    The Fort Lauderdale area was known as the “New River Settlement” before the 20th century. In the 1830s, there were approximately 70 settlers living along the New River. William Cooley, the local Justice of the Peace, was a farmer and wrecker, who traded with the Seminole Indians. On January 6, 1836, while Cooley was leading an attempt to salvage a wrecked ship, a band of Seminoles attacked his farm, killing his wife and children, and the children’s tutor. The other farms in the settlement were not attacked, but all the white residents in the area abandoned the settlement, fleeing first to the Cape Florida Lighthouse on Key Biscayne, and then to Key West.