USDA Eligibility Guide
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Marianna, 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 Marianna, 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 Marianna, 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 Marianna USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Marianna, FL USDA home loan professionals. Get pre-approved with our easy and stress free Marianna, FL USDA home mortgage today.
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More About Marianna, Florida
Marianna is a city in and the county seat of Jackson County, Florida, United States, and it is home to Chipola College. The official nickname of Marianna is “The City of Southern Charm”. The population was 6,245 at the 2020 census.
Marianna was founded in 1828 by Scottish entrepreneur Scott Beverege, who named the town after his daughters Mary and Anna.: 442 The following year, it was designated as the county seat, superseding the earlier settlement of Webbville, which soon after dissolved and no longer exists.[citation needed] Marianna was platted along the Chipola River. Many planters from North Carolina relocated to Jackson County to develop new plantations to take advantage of the fertile soil. They relied on the labor of enslaved African Americans brought from the Upper South in the domestic slave trade.
Governor John Milton, a major planter who owned the Sylvania Plantation and hundreds of slaves, was a grandson of Revolutionary War hero John Millton, and a descendant of Sir Christopher Milton, the brother of the famous English poet, John Milton. However, Milton did not have to rely solely on a distinguished American founding family name. A Marianna resident, he was elected as governor of Florida, serving during the Civil War years. Governor Milton opposed the Confederate States of America rejoining the United States.
As federal troops were preparing to take control of Tallahassee, Governor Milton received word that the Civil War had ended and that Florida would again be part of the United States. On April 1, 1865, as the Southern cause was collapsing, Milton died of a gunshot wound from his gun at Sylvania. A New York Times article, written in polemic style, attributed Governor Milton’s sudden death to suicide, which conflicted with local reporting from Florida. The Governor’s words, likely political oratorical hyperbole, that he “would rather die” than suffer the humiliation of Federal invasion, were linked to his sudden death by the New York Times. The West Florida News reported the sudden death of Florida’s fifth Governor as a hunting accident. Governor Milton was buried in the St. Luke’s Episcopal churchyard at Marianna. The New York Times article’s account persisted in the difficult days of Reconstruction.
Marianna was the site of a Civil War battle in 1864 between a small home guard of about 150 boys, older men, and wounded soldiers, and a contingent of approximately 700 Federal troops.