Nocatee, FL USDA Eligibility

USDA Eligibility Guide

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Nocatee, FL USDA Loan Eligibility Guide

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

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    3. Income Limits:

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

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    Mortgage Resource Center

    More About Nocatee, Florida

    Nocatee /ˈnɒkətiː/ is an unincorporated planned community located primarily in northern St. Johns County, Florida and a census-designated place (CDP). The community blends a variety of neighborhoods with schools, parks, recreation, offices, shopping, and restaurants. As of 2020, the community consists of twenty-two neighborhoods, some of which are specialized for certain age groups. Part of the development lies within Jacksonville in Duval County. It is near Ponte Vedra Beach in Florida’s First Coast region and sits on 13,323 acres (5,392 ha) of land. It was approved in 2001 as a Development of Regional Impact (DRI) under Section 380.06 of the Florida Statutes.

    In addition, Nocatee is near beaches, golf courses, business parks and major airports in downtown Jacksonville and St. Augustine.

    In 2005, Nocatee’s creator The PARC Group, broke ground on the construction of the township.[citation needed] The PARC Groups’s Chairman and CEO, Roger O’Steen, founded the group in 1989 and was directly involved with the development of Nocatee and many other communities.
    Donna Lundgren, the manager for the Nocatee Welcome Center, explains that the actual word “Nocatee” has roots in Timucuan Indian and translates to “peaceful river.” She also states that Nocatee is “approximately 25 square miles, 14,000 acres with over 60% of remaining preserve for conservation and preservation.”

    Nocatee contains two large water parks, the Splash Park and Spray Park. Each has pools, slides, and kid-specific areas. The pool areas host events throughout the year, such as Food Truck Friday, farmers’ markets, holiday celebration, concerts, Easter egg hunts, and more community events. The community contains other amenities like parks, neighborhood pools, fitness centers, dog parks, a kayak launch, a nature preserve and a series of nature trails.

    The population of Nocatee had a 34.6% increase from the year 2015 to 2016, and it is the second fastest-growing community in the nation.[citation needed] In addition to the number of houses, businesses, the Nocatee Town Center has also grown in size. As of 2022, Nocatee is the 241st most populated city in the state of Florida out of 919 cities. The median age for Nocatee residents is 39.8 years. The township’s population has increased by 225.97% since the most recent census, which recorded a population of 4,524 in 2010. In 2019, Nocatee had a population of 14,747.