USDA Eligibility Guide
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Jupiter Farms, FL USDA Loan Eligibility Guide
1. Property Eligibility:
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- The home must be located in a USDA-eligible rural or suburban area around Jupiter Farms, 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:
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- 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 Jupiter Farms, 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:
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- 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 Jupiter Farms USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Jupiter Farms, FL USDA home loan professionals. Get pre-approved with our easy and stress free Jupiter Farms, FL USDA home mortgage today.
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More About Jupiter Farms, Florida
Jupiter Farms is a census-designated place (CDP) and an agriculture residential community in Palm Beach County, Florida, United States. Locally known as “The Farms”, it is located west of Florida’s Turnpike on Indiantown Road (County Road 706), the major highway through the community. “The Farms” is composed of roughly 15 square miles (39 km2) of land, and is part of the Miami metropolitan area of South Florida. As of the 2020 US census, the CDP’s population had 12,572 residents.
Jupiter Farms is located at 26°55′13″N 80°12′43″W / 26.92028°N 80.21194°W / 26.92028; -80.21194. It is located west of the Jupiter, southwest of Tequesta, and north of Palm Beach Gardens.
As of the 2020 United States census, there were 12,572 people, 4,304 households, and 3,602 families residing in the CDP.
As of the 2010 United States census, there were 11,994 people, 3,932 households, and 3,165 families residing in the CDP.
The annual Christmas Parade crosses Jupiter Farms and allows residents to bring out their lawn chairs and celebrate the holidays. A craft fair and BBQ caps off the day.