Homosassa, FL USDA Eligibility

USDA Eligibility Guide

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Homosassa, FL USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About Homosassa, Florida

    Homosassa is a census-designated place (CDP) in Citrus County, Florida, United States. The population was 2,578 at the 2010 census.

    Homosassa is derived from a Seminole Indian name meaning either “river of fishes” or “pepper ridge”.

    In 1851, David Levy Yulee established a 5,000-acre (20 km2) sugar plantation on the Homosassa River, close to the current town of Homosassa. The plantation was worked by approximately 1,000 slaves, but Yulee was an absentee owner, spending most of his time in Fernandina. Among the crops raised were sugar cane, cotton, and citrus. The Yulee Groves were one of the first in Florida to grow sweet oranges budded from sour orange stock. The mill, which was steam-driven, operated from 1851 to 1864 and produced sugar, syrup, and molasses, the last of which was part of the rum-making process. After the Civil War ended in 1865, Yulee was imprisoned, the slaves were freed, and the site was abandoned. The remains of the plantation are preserved at the Yulee Sugar Mill Ruins Historic State Park.

    Homosassa is home to Homosassa Springs Wildlife State Park, which is often home to large numbers of “migratory” manatees, which frequent the area due to its springs and relatively warm waters. The park has been known to have Florida panthers, black bears, red wolves, alligators and flamingos. The park is home to Lu, a famous hippopotamus known for his performances in many movies. The park also hosts an underwater viewing platform, known as the “fish bowl”, where visitors can see manatees and fish swimming in the large spring from which the Homosassa River begins. The Wildlife Park helps spread awareness about the dangers of boating around areas inhabited by manatees as well as the destructive effects of polluting the environment. The park is one of the few major attractions of the area, which has a large retiree population and a very low level of activity compared to major tourist regions of Florida. The Homosassa and Halls rivers run through the area, and it is fairly common to see manatees surface near the area’s waterfront restaurants and bars.

    Homosassa is considered one of the best places in the world to catch Atlantic tarpon.