The Acreage, FL USDA Eligibility

USDA Eligibility Guide

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The Acreage, FL USDA Loan Eligibility Guide

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

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    More About The Acreage, Florida

    The Acreage is a census-designated place (CDP) located in Palm Beach County, Florida, United States. It is part of the Miami metropolitan area of South Florida. The population of the CDP had 41,654 residents in the 2020 US census.

    It is located at 26°46′14″N 80°15′17″W / 26.770518°N 80.254626°W / 26.770518; -80.254626. The CDP is north of Royal Palm Beach, Wellington, and Loxahatchee Groves, and is approximately 18 miles (29 km) northwest of West Palm Beach. It straddles the western fringes of the highly developed eastern portion of Palm Beach County and the agricultural-rural western portions. Its large, spacious home site lots, dirt roads and many wooded areas give the area a rural character, although it is widely considered to be an exurban outgrowth of the South Florida Metropolitan Area. The Acreage is located solely within the Indian Trail Improvement District, responsible for maintaining the road and drainage systems within its boundaries. The Acreage’s ZIP codes are 33411 (Royal Palm Beach), 33412 (West Palm Beach), and 33470 (Loxahatchee).

    The Acreage was originally developed by Samuel Friedland and his development company, Royal Palm Beach Colony, Inc., with the name of Royal Palm Beach Colony, as a community to house workers that were employed by the nearby Callery Judge and Mecca Citrus Groves.[when?] Workers were given 1-acre (4,000 m2) lots and coupled with few land restrictions.

    Isolated local flooding occurs yearly, leading sometimes to road closures, with Hurricane Irene being the most memorable to the area. The 2004 hurricane season, in which Hurricane Frances and Hurricane Jeanne struck the area in a three-week period, doing considerable damage to the older, wooden cottage style houses while the modern houses in the area received mostly cosmetic damage.

    It is also surrounded by several nature preserves, and the area blurs the line between rural and suburban. Rapid development of the area has a recent push for incorporation and is now notably more built up than nearby semi-rural Loxahatchee Groves and suburban Westlake.