Anna Maria, FL USDA Eligibility

USDA Eligibility Guide

“Find out if you’re eligible for a USDA home loan with Smart Mortgage!”

Anna Maria, FL USDA Loan Eligibility Guide

A USDA (United States Department of Agriculture) mortgage, also known as a Anna Maria, 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 Anna Maria, 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.

Questions Call (888)416-4805

Get Pre-Approved Now

    Once this form is completed you will have the option to start your USDA mortgage application.

    Thank you for choosing iloanusda.com

    Get cash from your home.

    Apply to see how a cash out refinance can help you.

    Get Cash

    Homebuyer Seminars

     Discover the keys to homeownership at our local Anna Maria, FL home buying seminars – your first step towards securing your dream home!

    Seminars

    See our home loans.

    Explore our diverse range of home loan programs tailored to fit your unique needs!

    All Programs

    3. Income Limits:

    • Income limits vary by county and household size. You’ll need to check with our Anna Maria, 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 Anna Maria USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Anna Maria, FL USDA home loan professionals. Get pre-approved with our easy and stress free Anna Maria, FL USDA home mortgage today.

    Call Now (888)416-4805
    Do you need a Pre-Approval?
    Get a same day Anna Maria, Florida USDA pre-approval to shop for your dream home!
    Start My Approval

    Mortgage Resource Center

    More About Anna Maria, Florida

    Anna Maria is a city in Manatee County, Florida, United States. The population was 968 at the 2020 census, down from 1,503 in 2010. The city occupies the northern part of Anna Maria Island and is one of three municipalities on the island. The others are Holmes Beach in the center and Bradenton Beach in the south.

    Anna Maria is part of the Bradenton-Sarasota-Venice, Florida Metropolitan Statistical Area.

    Former Tampa Mayor Madison Post (1818-1867) named the island for his wife Maria and his sister-in-law Anna. A popular legend, however, states that Ponce de Leon named the island for Maria Anna von der Pfalz-Neuburg, the queen of Charles II of Spain, the sponsor of his expedition.[citation needed]

    In the past, pronunciation of the name differed: old timers said “Anna Mar-EYE-a,” but most people today say “Anna Mar-EE-a.”

    In 1893, George Emerson Bean built a home near the present day Rod & Real Pier. Two years later in 1895 he filed a homesteaded claim of 160 acres (0.65 km2) on the north part of Anna Maria Island. Prior to Bean’s homestead claim, Andrew Gowanlack would reside in the area where Bean would file his homestead at. However, Andrew never filed for a homestead claim but did receive three acres of land after Bean filed his homestead claim out of squatting rights. After George Bean’s death in 1898, the land went to his son, George Wilhelm Bean, who partnered with Charles Roser, a wealthy real estate developer from St. Petersburg, to form the Anna Maria Beach Company to develop the area.