USDA Eligibility Guide
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Goodland, FL USDA Loan Eligibility Guide
1. Property Eligibility:
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- The home must be located in a USDA-eligible rural or suburban area around Goodland, 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:
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- 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 Goodland, 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:
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- 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 Goodland USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Goodland, FL USDA home loan professionals. Get pre-approved with our easy and stress free Goodland, FL USDA home mortgage today.
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More About Goodland, Florida
Goodland is a census-designated place (CDP) in Collier County, Florida, United States. The population was 267 at the 2010 census. It is part of the Naples–Marco Island Metropolitan Statistical Area. Located on the southeast portion of Marco Island, it is the closest community to Cape Romano, the southern tip of a nearby island that was the official site of the Florida landfall of Hurricane Wilma.
Goodland is located in southwestern Collier County at 25°55′28″N 81°38′49″W / 25.924478°N 81.646876°W / 25.924478; -81.646876. The beachfront city of Marco Island is 6 miles (10 km) to the west. Goodland is nearly surrounded by water, with Goodland Bay to the north, Coon Key Pass to the east, and Blue Hill Creek to the south. To the west, an artificial inlet of Blue Hill Creek separates Goodland from forested wetland within the city limits of Marco Island.
According to the United States Census Bureau, the Goodland CDP has a total area of 0.35 square miles (0.9 km2), of which 0.15 square miles (0.4 km2) is land and 0.19 square miles (0.5 km2), or 57.47%, is water.
Goodland has a tropical savanna climate that consists of warm dry winters and hot humid summers. Wet season is from April 1 to September 30 and Dry season is from October 1 to March 31.
As of the 2020 United States census, there were 312 people, 98 households, and 58 families residing in the CDP.