Home financing in Lafayette County.

Home financing is a loan that helps you buy, build, or improve a home. You borrow money from a lender, live in or own the property, and repay the loan over time — usually 15 to 30 years — with interest. The home itself serves as collateral, meaning the lender can take the property if you stop making payments.

There are several types of home loans:

• **Conventional loans** — offered by banks and credit unions, typically require a credit score of 620 or higher and a down payment of 3–20%.

• **FHA loans** — backed by the federal government, allow lower credit scores (580+) and down payments as low as 3.5%. Good for first-time buyers.

• **USDA Rural Development loans** — because Lafayette County is classified as a rural area, many properties here qualify for USDA loans, which can offer zero down payment for eligible buyers.

• **VA loans** — available to veterans and active-duty military members with no down payment required.

• **ITIN loans** — designed for buyers who do not have a Social Security Number but do have an Individual Taxpayer Identification Number (ITIN). Several lenders in Florida offer these.

In Lafayette County, USDA and FHA loans are especially common because of the rural designation and the income levels of many working families here.

Lafayette County has a population of roughly 8,000 people and a median household income well below the Florida state average.

The local economy is rooted in agriculture (timber, cattle, row crops), construction trades, and public services.

Many residents are self-employed, seasonal workers, or farmworkers — situations that require a bit more documentation but do not disqualify you from financing.

**You may qualify if you:**

- Have steady income — even if it is seasonal, self-employed, or paid in cash (with records)

- Have an ITIN instead of a Social Security Number

- Have limited credit history but a record of paying rent, utilities, or phone bills on time

- Are a first-time homebuyer or an existing homeowner looking to refinance or improve

**USDA eligibility is strong here.** Most of Lafayette County falls within USDA Rural Development's eligible geographic area, and income limits for a family of four can be $110,000 or higher depending on the program tier. Check eligibility at the USDA's online map or ask a local housing counselor.

**Self-employed and contract workers:** You will need two years of tax returns and may need a profit-and-loss statement prepared by an accountant. Lenders will average your net income — not your gross receipts — so accurate tax filing is important.

**Seasonal agricultural workers:** Some lenders and CDFIs have specific programs for farmworkers. Florida Rural Legal Services and Florida Housing can connect you with counselors who understand seasonal income patterns.

Gathering your paperwork early makes the process faster and less stressful. Here is what most lenders in Florida will ask for:

**Identity & Residency**

- Government-issued photo ID (passport, consular ID, or driver's license)

- ITIN letter from the IRS (if you do not have a Social Security Number)

- Proof of residency (utility bills, lease agreement)

**Income**

- Last two years of federal tax returns (W-2s or 1099s)

- Last two to three months of pay stubs (if employed)

- Profit-and-loss statement (if self-employed)

- Award letters for any Social Security, disability, or pension income

**Assets**

- Last two to three months of bank statements

- Proof of any gift funds for down payment (gift letter from family)

**Property**

- Purchase contract or address of the home you want to buy

- Any existing mortgage statements (if refinancing)

**Credit**

- Most lenders will pull your credit report with your permission

- If you have no traditional credit, ask about alternative credit verification — some lenders accept 12 months of on-time rent, utility, or cell phone payments

Keep copies of everything. Never give originals to anyone who visits your home or approaches you unsolicited.