St. Augustine, FL USDA Eligibility

USDA Eligibility Guide

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St. Augustine, FL USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About St. Augustine, Florida

    St. Augustine (/ˈɔːɡəstiːn/ AW-gə-steen; Spanish: San Agustín [san aɣusˈtin]) is a city in and the county seat of St. Johns County located 40 miles (64 km) south of downtown Jacksonville. The city is on the Atlantic coast of northeastern Florida. Founded in 1565 by Spanish explorers, it is the oldest continuously inhabited European-established settlement in what is now the contiguous United States.

    St. Augustine was founded on September 8, 1565, by Spanish admiral Pedro Menéndez de Avilés, Florida’s first governor. He named the settlement San Agustín, for his ships bearing settlers, troops, and supplies from Spain had first sighted land in Florida eleven days earlier on August 28, the feast day of St. Augustine. The city served as the capital of Spanish Florida for over 200 years. It was designated as the capital of British East Florida when the colony was established in 1763; Great Britain returned Florida to Spain in 1783.

    Spain ceded Florida to the United States in 1819, and St. Augustine was designated one of the two alternating capitals of the Florida Territory, the other being Pensacola, upon ratification of the Adams–Onís Treaty in 1821. The Florida National Guard made the city its headquarters that same year. The territorial government moved and made Tallahassee the permanent capital of Florida in 1824.

    St. Augustine is part of Florida’s First Coast region and the Jacksonville metropolitan area. Since the late 19th century, St. Augustine’s distinctive historical character has made the city a tourist attraction. Castillo de San Marcos, the city’s 17th-century Spanish fort—constructed out of the sedimentary rock coquina—continues to attract tourists.

    The first European known to have explored the coasts of Florida was the Spanish explorer and governor of Puerto Rico, Juan Ponce de León, who likely ventured in 1513 as far north as the vicinity of the future St. Augustine, naming the peninsula he believed to be an island “La Florida” and claiming it for the Spanish crown.