North Fort Myers, FL USDA Eligibility

USDA Eligibility Guide

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North Fort Myers, FL USDA Loan Eligibility Guide

A USDA (United States Department of Agriculture) mortgage, also known as a North Fort Myers, 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 North Fort Myers, 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 North Fort Myers, 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 North Fort Myers USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our North Fort Myers, FL USDA home loan professionals. Get pre-approved with our easy and stress free North Fort Myers, FL USDA home mortgage today.

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    More About North Fort Myers, Florida

    North Fort Myers is an unincorporated area and census-designated place (CDP) in Lee County, Florida, United States. It is part of the Cape Coral-Fort Myers, Florida Metropolitan Statistical Area. The population was 42,719 at the 2020 census.

    North Fort Myers is located in northern Lee County at 26°42′N 81°53′W / 26.700°N 81.883°W / 26.700; -81.883 (26.7029, -81.8844), northwest across the Caloosahatchee River from Fort Myers proper. It is bordered to the west by the city of Cape Coral and to the north by Charlotte County.

    Interstate 75 runs through North Fort Myers, with access from Exit 143 (Florida State Road 78). I-75 leads northwest 67 miles (108 km) to the Sarasota area and south 38 miles (61 km) to the Naples area, while SR-78 leads east 34 miles (55 km) to LaBelle and west 16 miles (26 km) to Pine Island Center. U.S. Route 41 (North Tamiami Trail) passes through the center of North Fort Myers, leading southeast across the Caloosahatchee Bridge into the center of Fort Myers and northwest 24 miles (39 km) to Port Charlotte.

    According to the United States Census Bureau, the North Fort Myers CDP has a total area of 54.4 square miles (140.9 km2), of which 50.6 square miles (131.1 km2) are land and 3.8 square miles (9.8 km2), or 6.97%, are water.

    As of the 2020 United States census, there were 39,407 people, 20,264 households, and 10,206 families residing in the CDP.