Hastings, FL USDA Eligibility

USDA Eligibility Guide

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Hastings, FL USDA Loan Eligibility Guide

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

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    More About Hastings, Florida

    Hastings is an unincorporated community and agricultural center in St. Johns County, Florida, United States, 18 miles (29 km) southwest of St. Augustine. It was formerly an incorporated town, but it was dissolved in 2018 after a vote by residents. The population was 580 at the 2010 census. As of 2018, the population estimated by the U.S. Census Bureau to be 648.

    Henry Morrison Flagler built tourist hotels at St. Augustine in the late 19th century, including the Ponce de León Hotel. He needed a local source of fresh vegetables for his guests, so he persuaded Thomas Horace Hastings, his cousin, to develop a farm. A small community evolved into a town, which was named for its founder in 1890. Hastings is known as the “Potato Capital of Florida” with 21,000 acres (85 km2) of potato farms, but also produces cabbage, onions, eggplant and ornamental horticulture.

    Hastings in 1910 was thriving town that was a stop on the Florida East Coast Railway. The population of approximately 1,200 supported several general stores, a bakery, drug stores, meat markets, an ice plant and cold storage.
    In addition to farming, two companies manufactured barrels and a grist mill ground grain.
    There was a bank and a hotel, three doctors and a dentist. The town had water and sewer utilities, telephone and telegraph service. The local public school was good. Today the former FEC line is part of the Palatka-to-St. Augustine State Trail, and a trailhead can be found in the community within the Cora C. Harrison Preserve.

    On November 7, 2017, the voters of Hastings elected to dissolve the city with an 82% majority vote. St. Johns County officially took control of the area on March 1, 2018.

    The United States Census Bureau designated Hastings as a census-designated place in the 2020 census.