Punta Rassa, FL USDA Eligibility

USDA Eligibility Guide

“Find out if you’re eligible for a USDA home loan with iLoan!”

Punta Rassa, FL USDA Loan Eligibility Guide

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

Questions Call (888)416-4805

Get Pre-Approved Now

    Once this form is completed you will have the option to start your USDA mortgage application.

    Thank you for choosing iloanusda.com

    Get cash from your home.

    Apply to see how a cash out refinance can help you.

    Get Cash

    Homebuyer Seminars

     Discover the keys to homeownership at our local Punta Rassa, FL home buying seminars – your first step towards securing your dream home!

    Seminars

    See our home loans.

    Explore our diverse range of home loan programs tailored to fit your unique needs!

    All Programs

    3. Income Limits:

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

    Call Now (888)416-4805
    Do you need a Pre-Approval?
    Get a same day Punta Rassa, Florida USDA pre-approval to shop for your dream home!
    Start My Approval

    Mortgage Resource Center

    More About Punta Rassa, Florida

    Punta Rassa is an unincorporated community and census-designated place (CDP) in Lee County, Florida, United States. The population was 1,620 at the 2020 census. It is part of the Cape Coral-Fort Myers, Florida Metropolitan Statistical Area.

    Punta Rassa is located in southwestern Lee County at 26°31′N 82°0′W / 26.517°N 82.000°W / 26.517; -82.000 (26.5104, -81.9988), at the west end of a peninsula bordered to the north by the Caloosahatchee River, to the west by San Carlos Bay, and to the south by the Gulf of Mexico. The community sits at the east end of the Sanibel Causeway, which crosses San Carlos Bay to Sanibel Island. McGregor Boulevard (County Road 867) forms the southern edge of the community; the highway leads northeast 15 miles (24 km) to Fort Myers, the Lee county seat. Punta Rassa is bordered to the east by the unincorporated community of Iona.

    According to the United States Census Bureau, the Punta Rassa CDP has a total area of 4.5 square miles (11.6 km2), of which 2.4 square miles (6.2 km2) are land and 2.1 square miles (5.4 km2), or 46.55%, are water.

    The location was named Punta Rasca (Spanish for “smooth or flat point” and later corrupted to “Punta Rassa”) by the Spanish Conquistadors in the mid-16th century, who unloaded cattle in the area.

    By the middle of the 18th century fishermen from Cuba had established permanent fishing stations, called ranchos, along the southwest Florida coast from Tampa Bay to San Carlos Bay. The Spanish Cubans would stay in Florida from September until March drying and salting fish caught along the coast to supply Havana. Indians living in the area, possibly Calusa at first, and later Seminole, worked seasonally at the ranchos, staying on in the area during the off-season. Dr. Benjamin Strobel visited a rancho at Punta Rassa in 1833, where he found ten or so wood-framed houses. “Ponte Rasa” was named as a “rancho” in an 1835 letter from William Buner (presumably William Bunce) to Wiley Thompson.