Blountstown, FL USDA Eligibility

USDA Eligibility Guide

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Blountstown, FL USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About Blountstown, Florida

    Blountstown is a city and the county seat of Calhoun County, Florida, United States. . As of the 2020 census, the city had a population of 2,266.

    Blountstown is named for John Blount, a Creek Indian chief who served as a guide for General Andrew Jackson during his invasion of Spanish Florida in 1818. This invasion was not directed at Spain, per se, but at Seminole Indians who would attack settlements north of Florida, then retreat to relative safety below the border of Spanish Florida. Also, Spain did not return escaped slaves to the U.S. In any case, this invasion caused Spain to sell Florida to the United States, since it was apparent that Spain would have a hard time defending against invasion. Thus, this territory became a part of the U.S. in 1821.

    Blountstown was originally named for a Seminole Chief (John Blount), who had been awarded land in the vicinity by Andrew Jackson for aiding Jackson in his battles against the Native Americans. However, he was forced to move from Florida to Texas in the 1830s. He died soon after being relocated.

    In the late 1850s, there was an open and violent feud between two rival factions which included the local Durden family. At one point, the Durdens and their rivals had a “pitched battle” at the courthouse square in Blountstown.

    On October 10, 2018, Blountstown was nearly annihilated when Category 5 Hurricane Michael struck the town. The city was without power for almost three weeks and over 80% of homes and businesses were heavily damaged or destroyed. Blountstown High School suffered heavy damage, but Blountstown Elementary School was completely destroyed. In addition, the local timber and farming industries, which are Calhoun County’s largest industries, were completely destroyed, costing millions of dollars in economic loss.