Loan Programs
USDA Loans
USDA loans are government-backed mortgages for properties in eligible rural areas. They offer zero-down financing for qualified low-to-moderate income borrowers.
Important: USDA eligibility is property-specific and must be verified through the official USDA eligibility map. Do not assume any Florida Keys property qualifies without checking the specific address through the official USDA portal. Most developed areas of the Keys are ineligible for USDA financing.
Zero Down Payment
Like VA loans, USDA loans require no down payment for eligible borrowers and properties.
Eligibility Requirements
Eligibility is determined by two factors: the property must be in a USDA-eligible area (verified through the official USDA eligibility map), and the borrower's income must not exceed USDA income limits for the area. Both requirements must be met.
Income Limits
Income limits vary by county and household size. Limits are subject to change and should be verified with current USDA guidelines.
Guarantee Fee
USDA loans have an upfront guarantee fee (typically 1 percent of the loan amount) and an annual fee (typically 0.35 percent) paid monthly.
Keys Considerations
USDA eligibility in the Keys is limited. Most Upper Keys and Marathon areas are too developed to qualify. Some Lower Keys areas may have eligible pockets, but every property must be checked individually through the official USDA eligibility website.