Perry, FL USDA Eligibility

USDA Eligibility Guide

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Perry, FL USDA Loan Eligibility Guide

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

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    More About Perry, Florida

    Perry is a city and the county seat of Taylor County, Florida, United States. As of 2020, the population recorded by the U.S. Census Bureau is 6,898. The city was named for Madison Perry, fourth governor of the state of Florida and a Confederate colonel during the American Civil War.

    In 1922, Perry was a very small town of less than 2,000 people. During this time, a murder happened and three people were lynched for the crimes. Private retribution against the suspected families and those that gave them support ensued. The Perry Massacre occurred in Perry on the 14th and 15th of December 1922, during which whites hanged Charles Wright and attacked the black community of Perry after the murder of a white schoolteacher. On the day following Wright’s lynching two more black men were shot and hanged; whites then burned the town’s black school, Masonic lodge, church, amusement hall, and several families’ homes.

    Firefighters battling a blaze at a natural gas plant in August 1998 were injured when an explosion ripped through the area, sending a mammoth fireball into the sky. The flames destroyed at least six houses and several vehicles and forced the evacuation of 100 homes within two miles of the plant. Four firefighters were hospitalized with non-life-threatening injuries.

    In August 2023, Hurricane Idalia impacted Florida. Perry was in the path of the storm and suffered damage across the city.

    The exact coordinates for Perry’s location is at 30°06′52″N 83°34′57″W / 30.114311°N 83.582609°W / 30.114311; -83.582609.