Rockledge, FL USDA Eligibility

USDA Eligibility Guide

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

Rockledge, FL USDA Loan Eligibility Guide

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

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

    Mortgage Resource Center

    More About Rockledge, Florida

    Rockledge /ˈrɒklɪdʒ, -ˌlɛdʒ/ is the oldest city in Brevard County, Florida. The city’s population was 27,678 at the 2020 Census, up from 24,926 at the 2010 United States Census, and is part of the Palm Bay−Melbourne−Titusville Metropolitan Statistical Area.

    Rockledge was officially founded on August 7, 1887, making it the oldest incorporated municipality in Brevard County. The name Rockledge, attributed to Gardner S. Hardee, an early settler, comes from the many ledges of coquina rock that line the Indian River.[citation needed] Other sources refer to a man named Cephas Bailey Magruder, who built his home after settling in the area in 1876 near the Indian River. Magruder called his home “the rockledge home” and the name was eventually attributed to the whole town. It was originally referred to as Rock Ledge; the two-word name persisted through the 19th century.
    Early industry in the area was based on the citrus trade and accommodation for tourists traveling to South Florida via the Atlantic Intracoastal Waterway of the Indian River.[citation needed]

    President Grover Cleveland and his wife visited the city in 1888.

    The town had several large hotels in the late 19th century to the early 20th century that catered to Northern tourists escaping cold winters. These included the Hotel Indian River, the Plaza, and the Rockledge Hotel, all located north of Barton Avenue, looking out over the river.

    Towards the early part of the 20th century, Rockledge was known as a resort town. In the winter months, the population would rise from 200 to almost 2,000 people. Up until about 1911, access to Rockledge was via boat and rail. Steamboats in the Indian River connected with Henry Flagler’s trains to bring people to the North. Small boats, sailboats, and small launches frequently stopped to unload freight and passengers. Most of the tourists in this time were wealthy and would use the boats to connect to the rail system at that time. After World War I, the automobile allowed the average person to travel to the area and their encampments dotted the area. The Dixie Highway was completed in 1915 and spanned most of Florida. In the 1920s, US1 was paved and replaced the Dixie Highway.