USDA Eligibility Guide
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Land O’ Lakes, 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 Land O’ Lakes, 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 Land O’ Lakes, 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 Land O’ Lakes USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Land O’ Lakes, FL USDA home loan professionals. Get pre-approved with our easy and stress free Land O’ Lakes, FL USDA home mortgage today.
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More About Land O’ Lakes, Florida
Land O’ Lakes is a census-designated place (CDP) in Pasco County, Florida, United States. It is part of the Tampa-St. Petersburg-Clearwater, Florida MSA. As of the 2020 US census, the CDP had a population of 35,929.
By the 1840s, a stage coach line ran through the center of where the CDP is now located. Eventually, by the early 1900s, a railroad line ran through the CDP and a station was built.
Throughout the 20th century, Land O’ Lakes expanded and absorbed surrounding communities such as Denham, Ehren, and Gowers Corner.
Dupree Gardens, one of Florida’s original roadside tourist attractions, was located in what is now known as Land O’ Lakes. The name Land O’ Lakes was suggested at a community meeting in 1949. On September 1, 1950, the Ehren post office was renamed Land O’ Lakes.
As of the 2020 United States census, there were 35,929 people, 13,663 households, and 10,393 families residing in the CDP.