USDA Eligibility Guide
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Zephyrhills North, 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 Zephyrhills North, 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 Zephyrhills North, 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 Zephyrhills North USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Zephyrhills North, FL USDA home loan professionals. Get pre-approved with our easy and stress free Zephyrhills North, FL USDA home mortgage today.
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More About Zephyrhills North, Florida
Zephyrhills North is a census-designated place (CDP) in Pasco County, Florida, United States. The population was 2,544 at the 2000 census.
Zephyrhills North is located at 28°15′0″N 82°9′56″W / 28.25000°N 82.16556°W / 28.25000; -82.16556 (28.250083, -82.165528).
According to the United States Census Bureau, the CDP has a total area of 1.1 square miles (2.8 km2), all land.
As of the census of 2000, there were 2,544 people, 1,298 households, and 842 families residing in the CDP. The population density was 2,360.0 inhabitants per square mile (911.2/km2). There were 1,889 housing units at an average density of 1,752.4 per square mile (676.6/km2). The racial makeup of the CDP was 94.34% White, 1.14% African American, 0.67% Native American, 1.38% Asian, 0.04% Pacific Islander, 1.06% from other races, and 1.38% from two or more races. Hispanic or Latino of any race were 3.30% of the population.
There were 1,298 households, out of which 13.1% had children under the age of 18 living with them, 54.7% were married couples living together, 8.8% had a female householder with no husband present, and 35.1% were non-families. 31.0% of all households were made up of individuals, and 22.0% had someone living alone who was 65 years of age or older. The average household size was 1.96 and the average family size was 2.37.