USDA Eligibility Guide
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Coleman, FL USDA Loan Eligibility Guide
1. Property Eligibility:
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- The home must be located in a USDA-eligible rural or suburban area around Coleman, 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:
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- 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 Coleman, 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:
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- 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 Coleman USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Coleman, FL USDA home loan professionals. Get pre-approved with our easy and stress free Coleman, FL USDA home mortgage today.
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More About Coleman, Florida
Coleman is a city in Sumter County, Florida, United States. The population was 703 at the 2010 census. According to the U.S. Census estimates of 2018, the city had a population of 877.
On June 8, 1840, Colonel W. J. Worth, Colonel Bennet Riley, and the Second and Eighth Infantry divisions transferred to Fort McClure to search the Lake Panasoffkee area for Seminole warriors. Three days later, the troops discovered an empty village.
By 1853, Fort McClure was renamed Warm Springs.
In 1882, the town was renamed Coleman after Dr. B. F. Coleman.
The main industries were citrus, cotton, and cattle. According to Broward Mill, the past president of the Sumter County Historical Society, Coleman became known for its cabbage production in the early part of the 20th century.