Big Coppitt Key, FL USDA Eligibility

USDA Eligibility Guide

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Big Coppitt Key, FL USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About Big Coppitt Key, Florida

    Big Coppitt Key is an island in Monroe County, Florida, United States, in the lower Florida Keys. The name is said to be a derivation of the old English word “coppice”, meaning thicket. According to A.D. Bache, in the notes for his coast survey conducted in 1861, this key was the location of Happy Jack’s plantation in 1855.

    Big Coppitt Key is located at 24°35′52″N 81°39′24″W / 24.59778°N 81.65667°W / 24.59778; -81.65667 (24.597677, -81.656546).

    U.S. 1 (the Overseas Highway) crosses the key at approximately mile markers 9.5-11, between East Rockland Key and the Saddlebunch Keys.

    There are several businesses on Big Coppitt Key. There is also a Monroe County Fire/Rescue Station located on the island. Law enforcement services are handled by the Monroe County Sheriff’s Office. There are three churches located on Big Coppitt Key. The key features three parks, including one with a playground and another with a basketball court, in the avenues section. A cemetery is located at Avenue A and 4th Street.

    In 2005, Hurricane Wilma caused catastrophic damage to the island; many structures were either destroyed or rendered almost uninhabitable due to flood damage.