Arcadia, FL USDA Eligibility

USDA Eligibility Guide

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Arcadia, FL USDA Loan Eligibility Guide

A USDA (United States Department of Agriculture) mortgage, also known as a Arcadia, 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 Arcadia, 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 Arcadia, 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 Arcadia USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Arcadia, FL USDA home loan professionals. Get pre-approved with our easy and stress free Arcadia, FL USDA home mortgage today.

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    Mortgage Resource Center

    More About Arcadia, Florida

    Arcadia is a city and county seat of DeSoto County, Florida, United States. Arcadia’s Historic District is listed on the National Register of Historic Places. Its population was 7,420 as of the 2020 census.

    According to The Atlas of Florida, “The Rev. James Madison (“Boss”) Hendry (1839–1922) named the town in honor of Arcadia Albritton (1861–1932), a daughter of Thomas H. and Fannie (Waldron) Albritton, pioneer settlers. Arcadia had baked him a cake for his birthday, and he appreciated it so much that he named the city after her.”

    In 1886, transportation improved in Arcadia when the Florida Southern Railway (later the Atlantic Coast Line Railroad) was built through Arcadia on its way from Bartow to Punta Gorda. The railway caused Arcadia to grow significantly, which led to it becoming incorporated a year later. A second railroad line, the Charlotte Harbor and Northern Railway (later the Seaboard Air Line Railroad), was built through Arcadia from 1907 to 1910 on its way from Mulberry to Boca Grande. Both lines have since been consolidated into a single line by CSX with the Seaboard line surviving north of Arcadia and the Atlantic Coast Line surviving to the south. Arcadia was also served by the short-lived East and West Coast Railway, which connected Arcadia with Bradenton from 1915 to 1934.

    During the late 19th century Arcadia was the county seat of what would become many counties. In 1921, legislation enacted called for Arcadia to remain the county seat of DeSoto County and resulted in the creation of the present-day counties of Charlotte, Hardee, Glades and Highlands. Prior to this breakup, Arcadia’s population had grown considerably, with over 1,000 permanent residents and 3,000 sq mi (7,800 km2) for ranching.

    On Thanksgiving Day in 1905, the town was destroyed by a large-scale fire that originated from a midtown livery stable. The fire was exacerbated because the town did not have a working water system or fire department. The estimated monetary damage was $250,000, but no loss of life occurred. Much of the business district was not spared. The town recovered only years later.