Press Releases

FHA Loans vs. USDA Loans: What You Need to Know

There are so many home loan programs out there when you begin to shop for mortgages. Understanding the differences can be daunting and confusing, but understanding a little about your options can be very empowering.

There are two popular home loan programs offered by government agencies: The Federal Housing Agency (FHA) and the United States Department of Agriculture (USDA). Each program has different qualifications and features. Know the differences so that you can get the best deal for your home loan.

USDA Loans

USDA loans are designed to make home buying feasible for families with lower to average income. If you are interested in buying a home in suburban or rural areas, USDA loans may be for you. There are two different types of USDA loans: Direct and Guaranteed.

Direct Loan

Direct loans are strictly for low-income borrowers. If your income level is less than 50% of the average income in your area, direct loans backed by the USDA can help. Here are some of the qualifications from the USDA:

Applicants must fall into the following categories:

  • Be without decent, safe and sanitary housing
  • Unable to get a loan from other sources
  • The home you’re buying must be your primary residence
  • Must be legally allowed to secure a loan
  • Must be a U.S. citizen or meet the non-citizen qualifications
  • Properties financed with direct loan funds must:
  • Generally be 2,000 square feet or less
  • Not have a market value in excess of the applicable area loan limit
  • Not have in-ground swimming pools
  • Not be designed for income producing activities

Guaranteed Loan

Guaranteed loans guarantee that the USDA will refund the lender in case of default. Applicants can build or purchase a home in eligible rural areas.

You can view the qualifications on our information page about USDA loans. If you have questions or think you qualify for a USDA loan, let us know and our experts will be happy to help through the home buying process.

FHA Loans

When compared to conventional home loans, FHA loans have less strict requirements. The Federal Housing Association was started in the 1930’s to help Americans get into homes.

FHA loans are an attractive option because they typically have competitive interest rates, lower down payments, lower credit requirements and higher debt-to-income ratio allowances.

To qualify you must be willing to provide your credit history and employment history, as well as other documentation.

Qualifications will be based on:

  • Housing Types, State, and County
  • Debt to Income Ratios
  • Acceptable Source of Down Payment and Closing Costs
  • Acceptable Credit History

Which Is the Right Choice?

Your financial situation is one of the biggest determinants when deciding between an FHA or USDA loan. Both loan types are great for first time home buyers, families with lower incomes, and buyers with lower credit scores.

Rely on the Experts

Navigating these choices can be difficult and it helps to have experts on your side. Chris Doering Mortgage has a team with decades of experience and fully understands how daunting it can be to secure a home loan. We will work with you and help you make the right choice. Reach out today to get started!

Let’s Hear Your Voice Contestant Winner Anounced

Chris Doering Mortgage has been a proud sponsor of the Let’s Hear Your Voice contest held for local Gainesville elementary and middle schools. Contestants were asked to submit a music video showing what a music program means to their school. There were many worthy entries, but ultimately Rawlings Elementary School won.

Their victory meant $1100 in scholarships and a chance to meet Season 13 The Voice singer, Dylan Gerard. You can see their winning entry here.

Our teammates Judd Davis and Chris Moebus were there to spend time with the victors and present their check. Congratulations to Rawlings Elementary on your fantastic victory, we were proud to be apart of it!


Chris Doering Now Co-Hosting New Show on Sirius XM’s SEC Now

Local gator great and University of Florida Hall of Famer Chris Doering will host SEC Today, airing weekdays from 3:00 to 6:00 pm ET on the new SiriusXM SEC Radio.  In an announcement today by Sirius XM, the 24/7 channel dedicated to the Southeastern Conference will go live on March 5.

“Growing up in Gainesville, I had the privilege to attend football, basketball, baseball and many other competitive SEC sporting events on a regular basis,” said Doering.  “I am very excited about the opportunity to align with the SEC and speak year round about what I feel is the best athletic conference in the country.  The SEC leads the way on so many fronts and this is just another example of their forward thinking and commitment to their fans. I am honored to be a part of the new Sirius XM channel dedicated to SEC sports.”

Doering will join co-host Chris Childers to cover the afternoon drive-time slot.  The channel lineup also includes SEC This Morning, hosted by Peter Burns and former LSU All-American Marcus Spears, a replay of SEC Network’s The Paul Finebaum Show, as well as, SEC-focused news and game coverage.

See The Full Press Release From SiriusXM

Check Out This Interview With CBS 4

Record Low Mortgage Rates Favor Buyers

How We Got Here

When the great financial recession struck in 2008, it undoubtedly left a bad taste in the mouths of every American. Whether you were seeking a new career opportunity or looking to purchase your first home, the road to accomplishing those goals has been extremely hard for nearly every single one of us. So how did we go from a historic housing market crash to record low mortgage rates? (more…)

Golfing for Caleb

On April 24th, 2016, Chris Doering and other prominent Gainesville citizens came together to play a few rounds of golf, enjoy the Florida sunshine and most importantly, raise money for an extremely noble cause.

Caleb’s Pitch is a local non-profit organization that was founded by Boston-native Tim Jacobby. Tim’s son Caleb, an avid Boston Red Sox fan, was diagnosed with terminal cancer when he was just 7 years old. After a long, difficult battle, Caleb passed away on May 10, 2006. He was 8 years old.

Although Caleb was unable to overcome his illness, the bravery he displayed left an undeniable impact on the lives of everyone he encountered. Caleb became known for his unbreakable spirit and his daily encouragement of the doctors and nurses often telling them “you’re doing a great job”. (more…)