Sawgrass, FL USDA Eligibility

USDA Eligibility Guide

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Sawgrass, FL USDA Loan Eligibility Guide

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

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    More About Sawgrass, Florida

    Sawgrass is a census-designated place (CDP) in St. Johns County, Florida, United States. The area is located in Ponte Vedra Beach. Sawgrass is home to The Players Championship (TPC), established in 1974. The tournament offers the highest prize fund of any tournament in golf.

    Initial development was done by James Stockton Jr., son of a principal of Stockton, Whatley, Davin & Co. one of the biggest names in mortgage banking, real estate and insurance in the southeast U.S. While on safari in Africa in 1970, he envisioned another golf course resort development like Ponte Vedra in the wild landscape along the coast. After he returned to Florida, he purchased 1,600 feet of ocean frontage near property SWD had available since the 1960s. He engaged a golf course architect and an engineering firm to draw plans for a new development that eventually encompassed 1,200 acres.

    At one point Stockton had doubts about using the name, Sawgrass. The plant is common to wet, marshy, mucky ground like the Everglades and the leaves have sharp, often serrated (sawtooth-like) margins. However, when most people hear the term sawgrass, they think of Pampas grass, its first cousin.

    The developer recalled that there were 140 units sold in the first year, but in 1973, with the country in turmoil, sales dropped to nine and Stockton became concerned about being successful. All the money from sales was plowed back into the development and business was difficult for a few years. Two events helped turn the situation around. First, Jacksonville began construction of J. Turner Butler Boulevard, a limited-access expressway to the Atlantic Ocean, just north of Ponte Vedra Beach. The commute time from the beaches to downtown was cut in half. Second, Paul and Jerome Fletcher agreed to sell 415 acres (1.68 km2) adjoining Sawgrass to the PGA Tour for one dollar. That land became TPC Sawgrass, the first of several Tournament Players Clubs.

    Sawgrass is located at 30°11′34″N 81°22′22″W / 30.19278°N 81.37278°W / 30.19278; -81.37278 (30.192742, -81.372668).