Fleming Island, FL USDA Eligibility

USDA Eligibility Guide

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Fleming Island, FL USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About Fleming Island, Florida

    Fleming Island is an unincorporated community and census-designated place (CDP) in Clay County, Florida, United States. It is located 21 miles (34 km) southwest of downtown Jacksonville, on the western side of the St. Johns River, off US 17. As of the 2010 census the Fleming Island CDP had a population of 27,126. Fleming Island’s ZIP code became 32003 in 2004, giving it a different code from Orange Park, the incorporated town to the north.

    Fleming Island was an area of Florida settled by Irish immigrant, George Fleming (1760-1821), who received a 1,000-acre land grant from the Spanish governor of East Florida for his military service. George Fleming built a plantation in 1790 and it was named Hibernia Plantation (in what is now Hibernia, Florida), after the Latin word for Ireland. When he died in 1821, the plantation was left to his son, Col. Lewis Michael Fleming (1798-1862).

    In 1942, when the area was undeveloped, the U.S. Navy constructed four asphalt runways on the site and established a Naval Outlying Field designated as NOLF Fleming Island, an auxiliary airfield to Naval Air Station Jacksonville. The Navy abandoned the auxiliary airfield in the 1960s, its runways too short to accommodate the jet aircraft then in operation at nearby NAS Jacksonville and NAS Cecil Field, and in the late 1990s the decaying runways were demolished to make way for current residential development.

    Today, Fleming Island is primarily a bedroom community of nearby Jacksonville. Major developments include Eagle Harbor, Pace Island, and Fleming Island Plantation. Fleming Island High School, which opened in 2003, is the only high school on the island.

    Fleming Island ranks among the wealthiest zip codes in the Jacksonville area, placing #2 after Ponte Vedra Beach in the March 2013 Jacksonville Business Journal article. The Clay County Public Library headquarters is on Fleming Island, as are the Clay County Soccer Club fields.