Safety Harbor, FL USDA Eligibility

USDA Eligibility Guide

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Safety Harbor, FL USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About Safety Harbor, Florida

    Safety Harbor is a city on the west shore of Tampa Bay in Pinellas County, Florida, United States. It was settled in 1823 and incorporated in 1917. The population was 17,072 at the 2020 census.

    The area has been inhabited since the Stone Age. In June 2008, a 6,000-year-old spearhead was found at Marshall Street Park. The inhabitants of the area at the time of Spanish exploration were the Tocobaga people, who lived in villages around Tampa Bay. The adaptation of this culture relied on wild resources. Safety Harbor sites have yielded pottery, and artifacts of copper, shell, and stone. The Tocobaga were known for constructing various ceremonial and communal mounds to bury the dead. Most of these mounds were destroyed in the early 1900s due to development. However, one of these ceremonial mounds is still visible in Safety Harbor’s Phillippe Park (see photo). Shells found in these mounds were used to pave city streets.

    In 1528 Spanish explorer Pánfilo de Narváez landed in the area, followed by Hernando de Soto in 1539. Safety Harbor (formerly known as Worth’s Harbor and Green’s Springs) was first homesteaded by Count Odet Philippe, a French nobleman who is credited with introducing the grapefruit to Florida in 1823. The name Safety Harbor originated from the early 18th century, when pirates were a substantial influence in the area. Once ships reached this area of the bay, all threats from pirates were gone, and it was commonly referred to as a “Safe Harbor”.

    Safety Harbor is the home of the historic Espiritu Santo Springs, or “Springs of the Holy Spirit”, a natural mineral spring. Its waters were given this name in 1539 by the Spanish explorer Hernando de Soto, who was supposedly searching for the mythical “Fountain of Youth”. Prior to the Spanish exploration of Florida, the Tocobaga and Timuquan tribes are believed to have fished and bathed in the spring’s waters.

    In the 20th century, Espiritu Santo water was bottled and sold commercially, and later a health spa and hotel were built over the springs. The Safety Harbor Resort and Spa, as it is now known, continues to be a prominent visitor attraction in Pinellas County. In 1964, the site was designated a Historical Landmark by the U.S. Department of the Interior and, in 1997, a Florida Heritage Landmark.