Waukeenah, FL USDA Eligibility

USDA Eligibility Guide

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Waukeenah, FL USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About Waukeenah, Florida

    Waukeenah is an unincorporated community and census-designated place (CDP) in Jefferson County, Florida, United States. As of the 2020 census, the population was 259.

    Waukeenah is located at 30°24′40″N 83°57′11″W / 30.4111°N 83.9531°W / 30.4111; -83.9531 (30.4111, -83.9531), near the intersection of US 27/State Road 20 and County Road 259. It is 11 miles (18 km) southwest of Monticello, the Jefferson county seat, and 20 miles (32 km) east of Tallahassee, the state capital.

    Waukeenah was once a resting point for travelers using the Old St. Augustine road, which started in St. Augustine and went to Pensacola, Florida.

    John G. Gamble’s plantation was named Joaquina in honor of a Spanish descent lady who lived in Pensacola. The post office established at the plantation was moved to the crossing of Tallahassee and St. Augustine Roads in 1841. First called Marion Cross Road (Marion Post Office) until 1850 when the settlement there was once again named Joaquina, but this time the spelling was Anglicized into Waukeenah.

    According to the U.S. Census Bureau, the Waukeenah CDP has a total area of 3.2 square miles (8.4 km2), of which 3.2 square miles (8.2 km2) are land and 0.1 square miles (0.2 km2), or 2.04%, are water.