Haines City, FL USDA Eligibility

USDA Eligibility Guide

“Find out if you’re eligible for a USDA home loan with Smart Mortgage!”

Haines City, FL USDA Loan Eligibility Guide

A USDA (United States Department of Agriculture) mortgage, also known as a Haines City, 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 Haines City, 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.

Questions Call (888)416-4805

Get Pre-Approved Now

    Once this form is completed you will have the option to start your USDA mortgage application.

    Thank you for choosing iloanusda.com

    Get cash from your home.

    Apply to see how a cash out refinance can help you.

    Get Cash

    Homebuyer Seminars

     Discover the keys to homeownership at our local Haines City, FL home buying seminars – your first step towards securing your dream home!

    Seminars

    See our home loans.

    Explore our diverse range of home loan programs tailored to fit your unique needs!

    All Programs

    3. Income Limits:

    • Income limits vary by county and household size. You’ll need to check with our Haines City, 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 Haines City USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Haines City, FL USDA home loan professionals. Get pre-approved with our easy and stress free Haines City, FL USDA home mortgage today.

    Call Now (888)416-4805
    Do you need a Pre-Approval?
    Get a same day Haines City, Florida USDA pre-approval to shop for your dream home!
    Start My Approval

    Mortgage Resource Center

    More About Haines City, Florida

    Haines City is a city in Polk County, Florida, United States. Its population was 13,174 at the 2000 census and 20,535 at the 2010 census. It is the third most populous city in Polk County. It is part of the Lakeland–Winter Haven Metropolitan Statistical Area, which, in turn, is considered part of the Tampa Bay Area.

    Haines City was platted in 1885, shortly after the South Florida Railroad reached the area. The city was first known as Clay Cut, but there was no railroad station. It is said that the inhabitants persuaded the railroad company to build a station by agreeing to rename their city Haines City, to honor a senior railroad official, former Confederate States Army Colonel Henry Haines.

    The City of Haines City was originally incorporated under the General Statutes of Florida as the Town of Haines City on February 23, 1914. The first state legislative act affecting the city was enacted on May 20, 1919, and, by Chapter 8272, it was reincorporated under a Mayor-Council form of government. The present charter was adopted as Chapter 12790 on July 1, 1927, changing the form of government to “Commission-Manager Plan,” as amended. The city operates under a commission-manager form of government and provides the following services as authorized by its charter: Public safety (Police and Fire), Streets and Highways, Culture-Recreation, Public Improvements, Sanitation, Planning and Zoning and General and Administrative Services.

    The early settlers planted citrus groves, and citrus growing and processing became the main industry of the city.

    From 1974 to 1986, Circus World, a theme park created by the Ringling Brothers and Barnum & Bailey Circus, was open just north of Haines City. After Circus World shut down, Boardwalk and Baseball opened on the same site. It featured carnival games and theme park styled rides like the Grand Rapids Flume. It closed in 1990, and the site has been redeveloped as a residential and shopping complex named Posner Park.