Fort Myers, FL USDA Eligibility

USDA Eligibility Guide

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Fort Myers, FL USDA Loan Eligibility Guide

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

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    More About Fort Myers, Florida

    Fort Myers (or Ft. Myers) is a city in and the county seat of Lee County, Florida, United States. The Census Bureau’s Population Estimates Program calculated that the city’s population was 92,245 in 2021, ranking the city the 370th-most-populous in the country. Together with the larger and more residential city of Cape Coral, the smaller cities of Fort Myers Beach, Sanibel, and Bonita Springs, the village of Estero, and the unincorporated districts of Lehigh Acres and North Fort Myers, it anchors a metropolitan statistical area (MSA) which comprises Lee County and has a population of 787,976 as of 2021.

    Fort Myers is a gateway to the Southwest Florida region and a major tourist destination within Florida. The winter estates of Thomas Edison (“Seminole Lodge”) and Henry Ford (“The Mangoes”) are major attractions. The city takes its name from a local former fort that was built during the Seminole Wars. The fort in turn took its name from Colonel Abraham Myers in 1850; Myers served in the United States Army, mostly the Quartermaster Department, in various posts from 1833 to 1861 and was the quartermaster general of the Confederate States Army from 1861 to 1864.

    Fort Myers has substantial African American and Latin American populations. Centennial Park downtown along the Caloosahatchee River, the IMAG History & Science Center, Calusa Nature Center and Planetarium, and other historical sites are among the attractions.

    According to some historians, the Calusa capital was located near Fort Myers. Following European contact, Spain had colonial influence in Florida, succeeded by Great Britain and lastly the United States.

    During the Second Seminole War, between 1835 and 1842, the U.S. Army operated Fort Dulaney at Punta Rassa, at the mouth of the Caloosahatchee River. When a hurricane destroyed Fort Dulaney in October 1841, army operations were moved up the Caloosahatchee River to a site named Fort Harvie. Fort Harvie was abandoned in 1842, as the Second Seminole War wound down. After a white trader was killed by Seminoles on the Peace River in 1849, the Army returned to the Caloosahatchee River in 1850.