Glen St. Mary, FL USDA Eligibility

USDA Eligibility Guide

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Glen St. Mary, FL USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About Glen St. Mary, Florida

    Glen St. Mary is a town in Baker County, Florida, United States. In 2010, the population recorded by the U.S. Census Bureau was 437.

    Glen St. Mary is located at 30°16′34″N 82°9′41″W / 30.27611°N 82.16139°W / 30.27611; -82.16139 (30.275987, –82.161408).

    U.S. Route 90 (Mount Vernon Avenue) runs through the center of town, and Interstate 10 passes through south of the town, with access from Exit 333 (Baker County Road 125).

    According to the United States Census Bureau, the town has a total area of 0.4 square miles (1.0 km2), all land.

    At the 2000 census, there were 473 people, 181 households and 131 families residing in the town. The population density was 1,127.1 inhabitants per square mile (435.2/km2). There were 196 housing units at an average density of 467.0 per square mile (180.3/km2). The racial makeup of the town was 97.89% White, 0.63% African American, 0.42% Native American, 0.63% Asian, and 0.42% from two or more races. Hispanic or Latino of any race were 1.90% of the population.