USDA Eligibility Guide
“Find out if you’re eligible for a USDA home loan with Smart Mortgage!”
North Key Largo, FL USDA Loan Eligibility Guide
1. Property Eligibility:
-
- The home must be located in a USDA-eligible rural or suburban area around North Key Largo, 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:
-
- 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.
Questions Call (888)416-4805
Get cash from your home.
Apply to see how a cash out refinance can help you.
Homebuyer Seminars
Discover the keys to homeownership at our local North Key Largo, FL home buying seminars – your first step towards securing your dream home!
See our home loans.
Explore our diverse range of home loan programs tailored to fit your unique needs!
3. Income Limits:
- Income limits vary by county and household size. You’ll need to check with our North Key Largo, 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:
-
- 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 North Key Largo USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our North Key Largo, FL USDA home loan professionals. Get pre-approved with our easy and stress free North Key Largo, FL USDA home mortgage today.
Do you need a Pre-Approval?
Get a same day North Key Largo, Florida USDA pre-approval to shop for your dream home!
Mortgage Resource Center
USDA Loans in Illinois: Benefits, Eligibility, and Popular Cities
Buying a home is a significant milestone, and for many, finding the right loan program makes all the difference. If you're considering Read moreBarndominium Financing Made Easy with iLoanUSDA
Barndominium Financing Made Easy with iLoanUSDA: Your One-Time Construction Loan Solution Barndominiums, the stylish and practical combination Read more
We also provide USDA home loans in the following cities
More About North Key Largo, Florida
North Key Largo is an unincorporated area and census-designated place (CDP) in Monroe County, Florida, United States. The population was 1,431 at the 2020 census, up from 1,244 in 2010. It includes two private clubs, the Ocean Reef Club and the Key Largo Anglers Club, and is reached from the mainland via the Card Sound Bridge.
North Key Largo is located in the northern part of the Florida Keys at 25°17′23″N 80°18′25″W / 25.28972°N 80.30694°W / 25.28972; -80.30694 (25.289586, -80.306813). It occupies the northern 13 miles (21 km) of the island of Key Largo and is bordered to the south by the community of Key Largo. To the west, separating the island from the mainland, are Barnes Sound and Card Sound. Palo Alto Key is to the north, and the Atlantic Ocean is to the east.
According to the United States Census Bureau, the North Key Largo CDP has a total area of 19.6 square miles (51 km2), of which 18.6 square miles (48 km2) are land and 1.0 square mile (2.6 km2), or 5.07%, is water.
As of the census of 2000, there were 1,049 people, 565 households, and 376 families living in the CDP. The population density was 21.6/km2 (55.9/sq mi). There were 1,620 housing units at an average density of 33.3/km2 (86.3/sq mi). The racial makeup of the CDP was 98.47% White, 0.76% African American, 0.19% Asian, 0.10% from other races, and 0.48% from two or more races. Hispanic or Latino of any race were 2.67% of the population.
There were 565 households, out of which 7.8% had children under the age of 18 living with them, 63.7% were married couples living together, 2.5% had a female householder with no husband present, and 33.3% were non-families. 29.7% of all households were made up of individuals, and 15.9% had someone living alone who was 65 years of age or older. The average household size was 1.86 and the average family size was 2.22.