Jasper, FL USDA Eligibility

USDA Eligibility Guide

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Jasper, FL USDA Loan Eligibility Guide

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

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    More About Jasper, Florida

    Jasper is a city and the county seat of Hamilton County, Florida, United States. The population was 4,546 at the 2010 census, up from 1,780 at the 2000 census. The Old Hamilton County Jail and the United Methodist Church in Jasper are on the National Register of Historic Places. One of the largest industries is phosphate mining.

    Jasper is located in central Hamilton County at 30°31′08″N 82°57′04″W / 30.518856°N 82.951194°W / 30.518856; -82.951194. It is set in the North Florida lowlands 90 miles (140 km) west of Jacksonville, 85 miles (137 km) east of Tallahassee, 32 miles (51 km) southeast of Valdosta, Georgia, and 30 miles (48 km) northwest of Lake City. The city is sits on a slightly higher elevated area surrounded by lowland.

    U.S. Routes 41 and 129 run concurrently through the center of Jasper. US 41 continues northwest to Jennings and then into Georgia, and southeast to White Springs, while US 129 runs north to Statenville, Georgia and south to Live Oak. Interstate 75 passes close to Jasper, with access from Exit 451 (US 129) 5 miles (8 km) south of town, and from Exit 460 (Florida State Road 6) 7 miles (11 km) west of town.

    According to the U.S. Census Bureau, Jasper has an area of 2.3 square miles (5.9 km2), all of it land.

    Jasper is believed to rest on land originally thought to be the site of the Miccosukee (Mikasukis) people, a subtribe of the Seminole nation. The 1823 Treaty of Moultrie bought the Native American lands, and the population was required to move southeast of the Suwannee River. This allowed white settlers to move into the area. A suspected Native burial mound is located at Baisden Swamp (named after Josiah Baisden) just on the outskirts of Jasper. Six miles north of Jasper along the Alapaha River an established Native village called Halata-Micco (Hala-at-a-Mico) (named for Chief Billy Bowlegs of the Seminole, who may have resided there) once stood. Chief Bowlegs signed the Treaty of Paynes Landing (1832) at Hola-at-a-Mico, his “X” mark (aka Billy Bowlegs) establishing the type of Native inhabiting the area where artifacts of pottery, fishing spear points, and arrowheads are often found.