Bushnell, FL USDA Eligibility

USDA Eligibility Guide

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Bushnell, FL USDA Loan Eligibility Guide

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

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    More About Bushnell, Florida

    Bushnell is a city in western Florida and is the county seat of Sumter County, Florida, United States. The population was 2,418 at the 2010 census. According to the U.S. Census estimates of 2018, the city had a population of 3,119.

    A post office called Bushnell has been in operation since 1885. The City of Bushnell was named after John W. Bushnell, who was responsible for bringing the railroad to the community. The City of Bushnell is also home to Dade Battlefield state park, a park where on December 28, 1835, Seminoles ambushed 107 men in the forested area. Only 3 survivors came out of Dade Battlefield, and the battle signaled the beginning of the Second Seminole War.

    Bushnell is located in west-central Sumter County. The area around Bushnell is relatively flat, with some forested areas belonging to the state and rivers, creeks, and small streams that flow underneath roadways with bridges.

    The main roads through Bushnell include US 301 which runs north and south through the city. County Road 48 (SR 48 until 2016) and County Road 476 run east and west, and have short concurrency with US 301, as well as each other.

    Interstate 75 runs along the western edge of Bushnell with Exit 314 leading to Sumter CR 48. County Road 475 begins at CR 48 and runs the CSX Wildwood Subdivision, which carried Amtrak’s Palmetto until 2004. The Wildwood Subdivision runs along US 301 from north of the Hernando-Sumter County Line, to Bushnell until Route 301 turns onto East Noble Avenue. From there it runs along the east side of CR 48 until that route turns west onto West Belt Avenue, then follows the east side of CR 475 until its terminus at Exit 321 on I-75 at CR 470 in Lake Panasoffkee.