USDA Eligibility Guide
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Nokomis, 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 Nokomis, 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 Nokomis, 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 Nokomis USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Nokomis, FL USDA home loan professionals. Get pre-approved with our easy and stress free Nokomis, FL USDA home mortgage today.
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More About Nokomis, Florida
Nokomis is an unincorporated town in Sarasota County and a census-designated place (CDP) along the Gulf Coast of Florida, United States, located south of Osprey and just north of Venice. The town has access to the coast through Nokomis Public Beach and Casey Key. The town’s population was 3,167 at the 2010 census. It is part of the Bradenton–Sarasota–Venice Metropolitan Statistical Area.
The first white settlers in what is now known as Nokomis were the Knights and at least 3 other families who moved to the area in 1868. The Knights had initially raised cattle further inland during the American Civil War in an effort to avoid raids by the Union army. Following the end of hostilities, they moved closer to the shore, in the hopes that the climate of the coastal areas were better for their health. The area was initially called Horse and Chaise, which included modern day Venice. Knight donated the land for the first school and also helped build the first chapel.
In 1917, Alfred F. Wrede established the first post office with the name of Nokomis southwest of the original Venice post office. The same year, orthopedic surgeon Dr. Fred Albee purchased 112 acres from the Sarasota-Venice Company. With Ellis W. Nash, Albee created the Nokomis subdivision by subdividing the property into 130 lots, with streets radiating from two inner avenue circles and the new asphalt highway, which eventually became U.S. 41. On U.S. 41, Albee and investors built the Pollyanna Inn, a 35-room hotel.
The Florida guide, compiled in the late 1930s and first published in 1939, listed Nokomis’s population as 79 and described it as “a suburb of Venice, […] separated from that town by Shackett Creek…”
According to the United States Census Bureau, the Nokomis Census Designated Place (CDP) has a total area of 1.9 square miles (5.0 km2), of which 1.6 square miles (4.2 km2) is land and 0.31 square miles (0.8 km2), or 15.65%, is water.