Ponce de Leon, FL USDA Eligibility

USDA Eligibility Guide

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Ponce de Leon, FL USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About Ponce de Leon, Florida

    Ponce de Leon (/ˌpɒns də ˈliːən/ PONSS də LEE-ən) is a town in Holmes County, Florida, United States. The population was 598 at the 2010 census, up from 457 at the 2000 census. From 2000 to 2010, the Ponce de Leon town population growth percentage was 30.9%.

    Ponce de Leon is located in southwestern Holmes County at 30°43′33″N 85°56′16″W / 30.72583°N 85.93778°W / 30.72583; -85.93778 (30.725783, –85.937783). U.S. Route 90 runs through the center of town, leading northeast 17 miles (27 km) to Bonifay, the Holmes County seat, and west 11 miles (18 km) to DeFuniak Springs. Florida State Road 81 crosses US 90 near the center of town, leading north 20 miles (32 km) to the Alabama border and south 19 miles (31 km) to Florida State Road 20 at Bruce. Interstate 10 passes through the southern part of Ponce de Leon, with access from Exit 96 (SR 81). I-10 leads east 107 miles (172 km) to Tallahassee and west 88 miles (142 km) to Pensacola.

    According to the United States Census Bureau, the town has a total area of 5.0 square miles (12.9 km2), of which 4.9 square miles (12.8 km2) are land and 0.26 square kilometres (0.1 sq mi), or 0.78%, are water. The town is in the valley of Sandy Creek, a south-flowing tributary of the Choctawhatchee River. Ponce de Leon Springs State Park is in the southern part of the town, north of I-10, along both sides of Sandy Creek. The entrance is on the eastern side of the park off Ponce de Leon Springs Road.

    As of the census of 2010, there were 598 people, 246 households, and 131 families residing in the town. The population density was 92.3 inhabitants per square mile (35.6/km2). There were 290 housing units at n average density of 47.0 per square mile (18.1/km2). The racial makeup of the town was 91.60% White, 1.80% African American, 2.41% Native American, 1.00% from other races, and 2.00% from two or more races. Hispanic or Latino of any race were 3.00% of the population.

    There were 200 households, out of which 30.0% had children under the age of 18 living with them, 48.5% were married couples living together, 11.5% had a female householder with no husband present, and 34.5% were non-families. 29.5% of all households were made up of individuals, and 14.5% had someone living alone who was 65 years of age or older. The average household size was 2.29 and the average family size was 2.82.