USDA Eligibility Guide
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Waldo, FL USDA Loan Eligibility Guide
1. Property Eligibility:
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- The home must be located in a USDA-eligible rural or suburban area around Waldo, 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:
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- 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 Waldo, 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:
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- 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 Waldo USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Waldo, FL USDA home loan professionals. Get pre-approved with our easy and stress free Waldo, FL USDA home mortgage today.
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More About Waldo, Florida
Waldo is a city in Alachua County, Florida, United States. According to the 2010 census the population was 1,015, up from 821 in 2000.
The first major U.S. federal highway in early territorial Florida, Bellamy Road, was constructed in the 1820s–1830s and passed through Waldo from around Lake Santa Fe to the east and on towards the Santa Fe River in the west, where it passed over the river on a natural land bridge at modern O’Leno State Park. In 1853, the Florida Legislature chartered the Florida Railroad to build a line from Fernandina Beach to Tampa, with a branch running to Cedar Key. U.S. Senator David Levy Yulee, president and chief stockholder of the Florida Railroad, made the decision to build the Cedar Key branch first. The section up to Gainesville was completed by 1859, with the intersection of Bellamy Road and the Florida Railroad named Waldo Station, after Senator Yulee’s friend Benjamin Waldo, a doctor and politician. In 1876, the railroad branch from Waldo to Ocala was completed.
According to the United States Census Bureau, the city has a total area of 2.2 square miles (5.6 km2), of which 0.015 square miles (0.04 km2), or 0.74%, is water.
Lake Alto is a freshwater lake east of Waldo.
As of the 2010 United States Census, there were 1,015 people, 413 households, and 245 families residing in the city. Of the 489 housing units 413 were occupied for an occupancy rate of 84.5%. The racial makeup of the city was 70.2% White, 25.9% African American, 0.2% Native American, 0.3% Asian, 1.6% some other race, and 1.8% from two or more races. Hispanic or Latino people of any race made up 3.2% of the population.