USDA Eligibility Guide
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Atlantis, FL USDA Loan Eligibility Guide
1. Property Eligibility:
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- The home must be located in a USDA-eligible rural or suburban area around Atlantis, FL. The USDA provides an online tool to help potential borrowers determine if a specific property is in an eligible area.
- The property must be used as the borrower’s primary residence.
- The home must meet all local codes and program regulations.
2. Applicant/Household Eligibility:
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- U.S. citizenship or permanent residency is required.
- The borrower must be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet.
- The applicant must have a stable and dependable income, typically verified by two years of consistent employment. The income must also be sufficient to cover the mortgage payment, including taxes and insurance.
- The household’s adjusted income must be at or below the applicable low-to-moderate income limit for the area.
- A reasonable credit history. While a specific credit score is not mandated, a credit score of 640 or higher is typically required for streamlined processing. However, those with lower scores may still be eligible but may undergo a more stringent evaluation.
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3. Income Limits:
- Income limits vary by county and household size. You’ll need to check with our Atlantis, FL USDA service center or the USDA’s online tools to see specific limits.
4. Loan and Debt Ratios:
- Typically, a 29/41 ratio is followed. This means that 29% or less of your monthly income can go towards your mortgage (Principal, Interest, Taxes, and Insurance) and 41% or less of your monthly income can go towards your total debt (this includes the mortgage and other debt obligations). Exceptions can be made in certain circumstances.
5. Other Requirements:
- Borrowers must personally occupy the dwelling as their primary residence.
- The borrower must be legally able to take on the loan obligation.
- First-time homebuyers are required to take a homeowner counseling class in some situations.
6. Loan Terms:
- The loan term is typically 30 years.
- No down payment is usually required.
- The interest rate can be set by the lender but is subject to USDA review.
7. Guarantee Fee and Annual Fee:
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- The USDA charges an upfront guarantee fee, which can be rolled into the loan amount.
- There’s also an annual fee, which is a percentage of the remaining principal amount, typically spread out in monthly installments.
It’s crucial to remember that while these are the general requirements for Atlantis USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Atlantis, FL USDA home loan professionals. Get pre-approved with our easy and stress free Atlantis, FL USDA home mortgage today.
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More About Atlantis, Florida
Atlantis is a city in Palm Beach County, Florida, United States. It is part of the Miami metropolitan area of South Florida. As of the 2020 census, the city had a population of 2,142.
The modern history of what became known as the city of Atlantis originates in a ranch called Mulberry Farms, owned by Philip D. Lewis, a former Florida state senator. Lewis’s Mission Company raised Brahman cattle on the land. In 1958, real estate developers Nathan Hunt and Paul Kintz purchased the land, and began the construction of what became a gated golf and country club community. The residential development, combined with a small amount of adjacent land for commercial use, was incorporated on June 19, 1959. Its first council was appointed, consisting of James Kintz as mayor, Nathan Hunt as vice mayor, and councilmen Paul Kintz, Marjorie Hunt and William Blakeslee.
According to the United States Census Bureau, the city has a total area of 1.4 square miles (3.6 km2), of which 1.4 square miles (3.6 km2) is land and 0.04 square miles (0.10 km2) (2.84%) is water. It 834 acres (338 ha) borders the Lake Worth Drainage (L-14) Canal on the north, Lantana Road to the south, Military Trail to the west and Congress Avenue to the east.
As of the 2020 United States census, there were 2,142 people, 845 households, and 517 families residing in the city.
As of the 2010 United States census, there were 2,005 people, 898 households, and 576 families residing in the city.