Fort Denaud, FL USDA Eligibility

USDA Eligibility Guide

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Fort Denaud, FL USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About Fort Denaud, Florida

    Fort Denaud is a census-designated place (CDP) and former fort in Hendry County, Florida, United States. As of the 2020 census, the population of the CDP was 2,049.

    The fort was situated next to the Caloosahatchee River, 27 miles (43 km) east of Fort Myers. The fort was first established in 1837 as a supply depot during the Second Seminole War. It was named in honor of Pierre Denaud, a French-Canadian trapper who had owned the land and had traded skins and hides with the Seminole prior to the Seminole War. The fort was reoccupied and was more tactically significant during the Third Seminole War, where it served as a headquarters for several companies of federal troops and as a middle point on the Caloosahatchee river between Fort Myers and Lake Okeechobee. In December 1854, Brevet Major William Hays took command of three companies from the 2nd Artillery Regiment serving in the area. In January 1855, he moved most of his men to Fort Denaud and established it as his operational base and headquarters. From there, patrols were sent out into Big Cypress Swamp to map out Indian villages as well as along Fisheating Creek. A sketch from 1855 shows that Fort Denaud was connected to a fort opposite the Caloosahatchee called Fort T.B. Adams by a boat bridge. On January 18, 1856, a small army detachment was attacked on the river near Denaud and all but one of the soldiers were killed.

    In 1963, the swing-style Fort Denaud Bridge was built across the Caloosahatchee. The bridge and its current approach stands were put into place at mile 108.2 along Route 78A. On the north side of the river is Fort Denaud Cemetery. On the south side of the Fort Denaud Bridge is a historic marker.

    The Fort Denaud CDP occupies the northwest corner of Hendry County. It is bounded to the north by Glades County, to the southeast by the city of LaBelle, and to the west by Lee County. Florida State Road 80 forms the southern edge of the CDP; SR 80 leads east 2 miles (3 km) into LaBelle and 34 miles (55 km) to Clewiston, and west 27 miles (43 km) to Fort Myers.

    According to the U.S. Census Bureau, the CDP has a total area of 20.8 square miles (54.0 km2), of which 20.2 square miles (52.2 km2) are land and 0.69 square miles (1.8 km2), or 3.40%, are water. The Caloosahatchee River flows through the center of the CDP, running west to tidewater at Fort Myers.