USDA Eligibility Guide
“Find out if you’re eligible for a USDA home loan with iLoan!”
South Daytona, FL USDA Loan Eligibility Guide
1. Property Eligibility:
-
- The home must be located in a USDA-eligible rural or suburban area around South Daytona, 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

Get cash from your home.
Apply to see how a cash out refinance can help you.

Homebuyer Seminars
Discover the keys to homeownership at our local South Daytona, FL home buying seminars – your first step towards securing your dream home!

See our home loans.
Explore our diverse range of home loan programs tailored to fit your unique needs!
3. Income Limits:
- Income limits vary by county and household size. You’ll need to check with our South Daytona, 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 South Daytona USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our South Daytona, FL USDA home loan professionals. Get pre-approved with our easy and stress free South Daytona, FL USDA home mortgage today.
Do you need a Pre-Approval?
Get a same day South Daytona, Florida USDA pre-approval to shop for your dream home!
Mortgage Resource Center
Discovering Illinois: Top Regions for USDA Home Loans
Illinois, a state known for its diverse landscape that ranges from bustling cities to serene farmland, offers a myriad of opportunities for Read moreBuying a Home Before Spring is a Smart Move
Seize the Opportunity: Why Buying a Home Before Spring is a Smart Move As we transition from the Read moreLearn about the USDA Guarantee Fee and Annual Fee
The USDA Guarantee Fee and Annual Fee are critical components of the USDA loan program, designed to make home buying Read more
We also provide USDA home loans in the following cities
More About South Daytona, Florida
South Daytona is a city in Volusia County, Florida, United States. The population was 12,865 at the 2020 census.
South Daytona was once a town called Blake (named after wealthy Boston businessman Alpheus P. Blake), with some forty resident families and as many more non-resident property holders. Many of the early settlers profitably engaged in orange culture and vegetable gardening. According to the National Archives in Washington, D.C., Blake opened its first post office on August 19, 1878. Then c. 1886, the first train came as far as Daytona, and ten years later the line was extended to Miami. Soon thereafter, a railroad station was built at Big Tree Crossing.
By 1926, the towns of Daytona, Daytona Beach and Seabreeze were consolidated to create the city of Daytona Beach. Daytona Beach then proceeded to annex all the adjacent territories, including the town of Blake. Because of new taxes and appraisals levied, residents of Blake were forced to hire an attorney and eventually, c. 1938, succeeded in breaking away from Daytona Beach to become the incorporated town of South Daytona.
Soon after World War II, the town created a Building Department, followed by a Planning and Zoning Board. Builders and developers soon became interested in the area, and South Daytona started to develop. South Daytona was then in a position to request financial assistance from the federal government for expansion of utilities, streets, etc. South Daytona was the second town in the Halifax area, after Daytona Beach, to install a sanitary sewer system. The town continued to prosper and was incorporated as the City of South Daytona in 1951. South Daytona has operated under a City Manager/Council form of government since 1980, with the Mayor and four council members serving four-year, staggered terms beginning in 1990.
South Daytona is located at 29°9′55″N 81°0′33″W / 29.16528°N 81.00917°W / 29.16528; -81.00917 (29.165310, –81.009057), on the Halifax River, just south of the city of Daytona Beach.