St. James City, FL USDA Eligibility

USDA Eligibility Guide

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St. James City, FL USDA Loan Eligibility Guide

A USDA (United States Department of Agriculture) mortgage, also known as a St. James City, FL USDA Rural Development Loan, is designed to assist low-to-moderate-income households in purchasing homes in eligible rural and some suburban areas. Here are the general eligibility requirements:

1. Property Eligibility:

    • The home must be located in a USDA-eligible rural or suburban area around St. James City, 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.

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    3. Income Limits:

    • Income limits vary by county and household size. You’ll need to check with our St. James City, 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 St. James City USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our St. James City, FL USDA home loan professionals. Get pre-approved with our easy and stress free St. James City, FL USDA home mortgage today.

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    Mortgage Resource Center

    More About St. James City, Florida

    St. James City is an unincorporated community and census-designated place (CDP) on Pine Island in Lee County, Florida, United States. The population was 3,876 at the 2020 census, up from 3,784 at the 2010 census. It is part of the Cape Coral-Fort Myers, Florida Metropolitan Statistical Area.

    The St. James City CDP occupies the southern half of Pine Island, with the town center situated at the southern end of the island. The community is bordered by San Carlos Bay to the south, by Pine Island Sound to the west, by San Carlos Bay, Matlacha Pass, and Pine Island Creek to the east, and by the community of Pine Island Center to the north. Stringfellow Road (County Road 767) is the main road in the community, running north–south along the center of the island. By road it is 17 miles (27 km) to the middle of Cape Coral and 26 miles (42 km) to downtown Fort Myers, the Lee county seat.

    According to the United States Census Bureau, the St. James City CDP has a total area of 16.7 square miles (43.2 km2), of which 14.6 square miles (37.8 km2) are land and 2.1 square miles (5.4 km2), or 12.45%, are water.

    As of the census of 2000, there were 4,105 people, 2,138 households, and 1,417 families residing in the CDP. The population density was 281.1 inhabitants per square mile (108.5/km2). There were 2,921 housing units at an average density of 200.0 per square mile (77.2/km2). The racial makeup of the CDP was 98.95% White, 0.10% African American, 0.15% Native American, 0.27% Asian, 0.15% from other races, and 0.39% from two or more races. Hispanic or Latino of any race were 0.76% of the population.

    There were 2,138 households, out of which 7.0% had children under the age of 18 living with them, 62.4% were married couples living together, 2.5% had a female householder with no husband present, and 33.7% were non-families. 28.1% of all households were made up of individuals, and 18.2% had someone living alone who was 65 years of age or older. The average household size was 1.92 and the average family size was 2.28.