Lake Lorraine, FL USDA Eligibility

USDA Eligibility Guide

“Find out if you’re eligible for a USDA home loan with Smart Mortgage!”

Lake Lorraine, FL USDA Loan Eligibility Guide

A USDA (United States Department of Agriculture) mortgage, also known as a Lake Lorraine, 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 Lake Lorraine, 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.

Questions Call (888)416-4805

Get Pre-Approved Now

    Once this form is completed you will have the option to start your USDA mortgage application.

    Thank you for choosing iloanusda.com

    Get cash from your home.

    Apply to see how a cash out refinance can help you.

    Get Cash

    Homebuyer Seminars

     Discover the keys to homeownership at our local Lake Lorraine, FL home buying seminars – your first step towards securing your dream home!

    Seminars

    See our home loans.

    Explore our diverse range of home loan programs tailored to fit your unique needs!

    All Programs

    3. Income Limits:

    • Income limits vary by county and household size. You’ll need to check with our Lake Lorraine, 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 Lake Lorraine USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Lake Lorraine, FL USDA home loan professionals. Get pre-approved with our easy and stress free Lake Lorraine, FL USDA home mortgage today.

    Call Now (888)416-4805
    Do you need a Pre-Approval?
    Get a same day Lake Lorraine, Florida USDA pre-approval to shop for your dream home!
    Start My Approval

    Mortgage Resource Center

    More About Lake Lorraine, Florida

    Lake Lorraine is a census-designated place (CDP) in Okaloosa County, Florida, United States. The population was 7,106 at the 2000 census. It is part of the Fort Walton Beach–Crestview–Destin Metropolitan Statistical Area. It carries a Shalimar postal address and zip code. Lake Lorraine was originally a fresh-water body, but at some point in the 1990s the narrow sandbar that separated it from the Choctawhatchee Bay was breached and the former drainage channel to the tip of Black’s Point became blocked by silt.

    The residential neighborhood originally developed along circumferential Country Club Road, surrounding a golf course, in the 1970s. The recession of 1976 left a number of properties in the interior of the golf course U in an unfinished and abandoned state. These parcels were later reconstructed. Further growth took place in the 1990s and 2000s, when the formerly wooded Black’s Point area was developed with streets bearing the names of famous golfers. A “backdoor” gate onto Eglin Air Force Base, adjacent to base housing, accessed by Davis Court off of the northeast corner of Country Club Road, was closed amidst tightened base security and concerns about traffic routing through residential neighborhoods in the mid-1970s.

    During World War II, adjacent Eglin Field anchored a battleship-size target float in the Choctawhatchee Bay, just south of Black’s Point, the southernmost point of the Lake Lorraine area, an area designated during the war as Eglin water range 60.

    Lake Lorraine is located at 30°26′30″N 86°34′13″W / 30.44167°N 86.57028°W / 30.44167; -86.57028 (30.441648, -86.570152).

    According to the United States Census Bureau, the CDP has a total area of 2.4 square miles (6.2 km2), of which 2.0 square miles (5.2 km2) is land and 0.3 square miles (0.78 km2) (13.56%) is water.