Fellsmere, FL USDA Eligibility

USDA Eligibility Guide

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Fellsmere, FL USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About Fellsmere, Florida

    Fellsmere is a city in Indian River County, Florida, United States. It is home of the Fellsmere Frog Leg Festival and the now closed National Elephant Center. Fellsmere is the first place in Florida where women were allowed to vote. In a municipal election on June 19, 1915, resident Zena M. Dreier became the first woman to legally cast a ballot in the American South, five years before the 19th Amendment established women’s suffrage nationally.

    The population was 5,197 at the 2010 census, up from 3,813 at the 2000 census. As of 2018, the estimated population was 5,754. Fellsmere is part of the Sebastian–Vero Beach Metropolitan Statistical Area.

    Fellsmere in 1915 became the first town in Florida (or anywhere south of the Mason–Dixon line) to grant women the right to vote. It also at the same time held the first election in which corporations could vote. Mrs. Zena M. Dreier was the first woman to cast a vote in the town, and E. Nelson Fell cast a vote on behalf of his company Fellsmere Farms. The town had unanimously adopted a charter in February 1915 which granted these rights, and the town charter was ratified by the state legislature without any notice being paid to this provision. This despite the fact that several statewide suffrage measures had failed in the legislature that year. Women’s suffrage was not granted nationally in the U.S. until five years later (in August 1920) with the passage of the 19th Amendment.

    Fellsmere is located in central Indian River county at 27°46′00″N 80°35′55″W / 27.766771°N 80.598642°W / 27.766771; -80.598642.

    According to the United States Census Bureau, the city has a total area of 57.7 square miles (149.4 km2), of which 57.5 square miles (148.9 km2) are land and 0.2 square miles (0.5 km2), or 0.45%, are water.