Eagle Lake, FL USDA Eligibility

USDA Eligibility Guide

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Eagle Lake, FL USDA Loan Eligibility Guide

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

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    More About Eagle Lake, Florida

    Eagle Lake is a city in Polk County, Florida, United States. The population was 3,174 as of 2021. It is part of the Lakeland–Winter Haven Metropolitan Statistical Area. Most of the town being centered around a subsection of U.S. Highway 17.

    Eagle Lake is located within the Central Florida Highlands area of the Atlantic coastal plain, with a terrain consisting of flatland interspersed with gently rolling hills.

    According to the United States Census Bureau, the city has a total area of 1.4 square miles (3.6 km2), of which 1.4 square miles (3.6 km2) is land and 0.1 square miles (0.26 km2) (3.50%) is water.

    Eagle Lake is located in the humid subtropical zone, as designated by (Köppen climate classification: Cfa).

    As of the census of 2000, there were 2,496 people, 879 households, and 637 families residing in the city. The population density was 1,800.5 inhabitants per square mile (695.2/km2). There were 964 housing units at an average density of 695.4 per square mile (268.5/km2). The racial makeup of the city was 82.09% White, 4.73% African American, 0.68% Native American, 0.24% Asian, 9.86% from other races, and 2.40% from two or more races. Hispanic or Latino of any race were 21.47% of the population.