Jacksonville Beach, FL USDA Eligibility

USDA Eligibility Guide

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Jacksonville Beach, FL USDA Loan Eligibility Guide

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

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    More About Jacksonville Beach, Florida

    Jacksonville Beach is a coastal resort city in Duval County, Florida, United States. It was incorporated on May 22, 1907, as Pablo Beach, and would later change its name to Jacksonville Beach in 1925. The city is part of group of communities collectively referred to as the Jacksonville Beaches. These communities include Mayport, Atlantic Beach, Neptune Beach, and Ponte Vedra Beach. When the city of Jacksonville consolidated with Duval County in 1968, Jacksonville Beach, together with Atlantic Beach, Neptune Beach, and Baldwin, voted to retain their own municipal governments. As a result, citizens of Jacksonville Beach are also eligible to vote in mayoral election for the City of Jacksonville. As of the 2020 US census, Jacksonville Beach had a total population of 23,830.

    The area around present-day Jacksonville Beach was first settled by Spanish settlers. Spanish missions were established from Mayport to St. Augustine. Spain ceded Florida to Great Britain by treaty in 1763, only to have Spain regain it again, and then a final time in 1821 to the United States. American river pilots and fishermen came to Hazard, present-day Mayport, and established a port.

    In the late 19th century, developers began to see the potential in Duval County’s oceanfront as a resort. In 1883 a group of investors formed the Jacksonville and Atlantic Railroad with the intention of developing a resort community that would be connected to Jacksonville by rail. The first settlers were William Edward Scull, a civil engineer and surveyor, and his wife Eleanor Kennedy Scull. They lived in a tent two blocks east of Pablo Historical Park. A second tent was the general store and post office. On August 22, 1884, Mrs. Scull was appointed postmaster. Mail was dispatched by horse and buggy up the beach to Mayport, and from there to Jacksonville by steamer. The Sculls built the first house in 1884 on their tent site. The settlement was named Ruby for their first daughter. On May 13, 1886, the town was renamed Pablo Beach after the San Pablo River. In 1885, the San Pablo Diego Beach Land Co. sold town lots ranging from $50 to $100 each along with 5 to 10 acres (2.0 to 4.0 ha) lots from $10 to $20 per acre within 3 miles (4.8 km) of the new seaside resort “Pablo Beach”. In September 1892, work on the wagon road to Pablo Beach (Atlantic Boulevard) was begun. The first resort hotel called the Murray Hall Hotel was established in mid 1886 but on August 7, 1890 it was destroyed in a fire. By 1900 the railway company began to have financial difficulties and Henry Flagler took over as part of his Florida East Coast Railway. In late 1900 the railway was changed to standard gauge and was extended to Mayport.

    The Spanish–American War broke out in 1898. The 3rd Nebraska arrived July 22, 1898, for training and embarkation. They encamped at Pablo Beach. They were led by three-time presidential candidate, William Jennings Bryan. After flooding in the camp at Pablo Beach the 3rd Nebraska moved to downtown Jacksonville.

    The amusement park phase of Jacksonville Beach began in 1905 with The Pavilion which was later expanded and called Little Coney Island. It was a popular tourist attraction that had such entertainment as a dance floor, swim room, bowling alley, and roller skate rinks. An issue with contracting, and constant weathering of its wooden structure aged Little Coney Island, causing it to be torn down in 1925. On June 15, 1925, the name Pablo Beach was changed to Jacksonville Beach. The Shad’s Pier was created in 1922 by Charles Shad and with help by Martin Williams. Around the same time W. H. Adams, Sr. created the Ocean View Pavilion amusement park on the former site of the Murray Hall Hotel. Adams wanted to create a larger roller coaster than the one at Little Coney Island. His vision resulted in a 93-feet high coaster. The location of the coaster by the beach made it vulnerable to damage and was eventually deemed unsafe. The coaster was then deconstructed to a smaller coaster. The deconstruction of the larger coaster hurt business at the amusement park. By 1949 the Ocean View Pavilion was in decline and then a fire destroyed it a few years later. The only amusement park in Jacksonville Beach today is Adventure Landing. The boardwalk declined in the 1950s due to the crackdown on gambling and games of chance. Driving on the beach was prohibited in 1979.