USDA Eligibility Guide
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Key Largo, 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 Key Largo, 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 Key Largo, 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 Key Largo USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Key Largo, FL USDA home loan professionals. Get pre-approved with our easy and stress free Key Largo, FL USDA home mortgage today.
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More About Key Largo, Florida
Key Largo is an unincorporated area and census-designated place in Monroe County, Florida, United States, located on the island of Key Largo in the upper Florida Keys. The population was 12,447 at the 2020 census, up from 10,433 in 2010. The name comes from the Spanish Cayo Largo, or “long key”. It is both the first island and town of the Florida Keys to be reached from the Overseas Highway to Key West. It was also the location of one of the stations of the Overseas Railroad.
Key Largo is located at 25°6′24″N 80°25′48″W / 25.10667°N 80.43000°W / 25.10667; -80.43000 (25.106637, -80.429917). It shares the island of Key Largo with Tavernier to the southwest and North Key Largo to the northeast. U.S. Route 1, the Overseas Highway, runs the length of the community, leading north 57 miles (92 km) to Miami and southwest 97 miles (156 km) to Key West.
According to the United States Census Bureau, the CDP has a total area of 15.2 square miles (39 km2), of which 12.0 square miles (31 km2) are land and 3.2 square miles (8.3 km2), or 20.96%, are water.
Key Largo is the location of the first undersea park in the United States, established in 1963, and called the John Pennekamp Coral Reef State Park (located at Mile Marker 102). The park is primarily offshore and stretches 3 miles (5 km) into the Atlantic Ocean and is 25 miles (40 km) long. Adjacent to this is the Florida Keys National Marine Sanctuary covering 178 square nautical miles. Both areas were designed to protect marine life, including the extensive coral reefs in the area.
According to the Köppen climate classification, Key Largo has a tropical monsoon climate (Am).