Atlantic Beach, FL USDA Eligibility

USDA Eligibility Guide

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Atlantic Beach, FL USDA Loan Eligibility Guide

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

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    More About Atlantic Beach, Florida

    Atlantic Beach is a city in Duval County, Florida, United States and the second largest of the Jacksonville Beaches communities. When the majority of communities in Duval County consolidated with Jacksonville in 1968, Atlantic Beach, along with Jacksonville Beach, Neptune Beach, and Baldwin, remained quasi-independent. Like the other towns, it maintains its own municipal government, but its residents vote in the Jacksonville mayoral election and have representation on the Jacksonville city council. The population was 13,513 at the 2020 census.

    In 1900 Henry Flagler built the Mayport branch of the railroad and erected a station north of where the Adele Grage Cultural Center is currently located. Soon afterward Henry Flagler along with Isaac George built a large hotel called the Continental Hotel on the railroad line between Pablo Beach (Jacksonville Beach) and Mayport. The hotel was a summer resort with 250 guest rooms. There was also a dance pavilion, tennis courts, and a fishing pier. In 1913 the railroad sold most of the land to the Atlantic Beach Corporation which then began paving streets, installing lights, and water and sewer lines. In that same year the Continental Hotel changed its name to the Atlantic Beach Hotel. However, during World War I people were afraid to come to the coast and the Atlantic Beach Corporation went bankrupt. To make matters worse the Atlantic Beach Hotel burned down on September 20, 1919. After the war land began to sell again and the settlement grew. The Town of Atlantic Beach was incorporated in 1926 and the first charter was drafted by Isaac George and adopted in 1929. The first town hall burned down in 1932, so a new one was built later that year. The newly established Mayport Naval Station and the construction of the Mathews Bridge led to the further development of the town. The boundaries of Atlantic Beach were extended in 1987 with the annexation of Seminole Beach, and again in 1996 by extending the westerly boundary to the Intracoastal Waterway.

    According to the United States Census Bureau, the city has a total area of 13.0 square miles (33.6 km2), of which 3.5 square miles (9.0 km2) is land and 9.5 square miles (24.6 km2) (73.07%) is water.

    As of the 2020 United States census, there were 13,513 people, 6,110 households, and 3,658 families residing in the city.

    As of the 2020 census, the median income for a household in the city was $92,056, and the median income for a family was $116,701. The per capita income for the city was $64,350. About 4.2% of the population was below the poverty line, including 1.5% of those under age 18 and 6.5% of those age 65 or over.