Chattahoochee, FL USDA Eligibility

USDA Eligibility Guide

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Chattahoochee, FL USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About Chattahoochee, Florida

    Chattahoochee is a city in Gadsden County, Florida, United States. Its history dates to the Spanish era. The population was 3,652 as of the 2010 census, up from 3,287 at the 2000 census. It is part of the Tallahassee, Florida Metropolitan Statistical Area. Chattahoochee sits on the banks of the Apalachicola River, and is separated by the Apalachicola and Victory bridges from neighboring Sneads, Florida, which is in Jackson County. Chattahoochee has its own police force with over ten sworn officers and a police chief. Chattahoochee is a name derived from the Creek language meaning “marked rocks”.

    The area was inhabited by indigenous peoples who built mounds in the area (Chattahoochee Oanding Mounds). Chattahoochee was established as Mount Vernon in the 1820s. A British Fort, Nicolls’ Outpost was built in the area. The Scott Massacre of 1817 took place. A ferry was established.

    Chattahoochee is located in the northwest corner of Gadsden County at 30°42′N 84°51′W (30.703, –84.847). It is bordered to the west by the Apalachicola River, formed by the juncture of the Chattahoochee and Flint rivers within Lake Seminole just north of the city. The northern border of Chattahoochee follows the Florida–Georgia state line, and the Apalachicola River forms the Gadsden–Jackson county line.

    U.S. Route 90 passes through the middle of Chattahoochee as Washington Street; it leads southeast 19 miles (31 km) to Quincy, the Gadsden County seat, and west 5 miles (8 km) to Sneads and 24 miles (39 km) to Marianna. Tallahassee, the state capital, is 43 miles (69 km) to the southeast. Main Street (Little Sycamore Road outside the city limits) leads south 6 miles (10 km) via Flat Creek Road to Interstate 10 at Exit 166.

    The southern part of the city includes the community of River Junction at 30°41′N 84°50′W (30.686, –84.841). In the mid-1880s, River Junction was established as a railroad connection point between the Florida Central & Western, later the Seaboard Air Line, and the Pensacola & Atlantic. The connecting track survives.