Apollo Beach, FL USDA Eligibility

USDA Eligibility Guide

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Apollo Beach, FL USDA Loan Eligibility Guide

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

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    More About Apollo Beach, Florida

    Apollo Beach is an unincorporated census-designated place in Hillsborough County, Florida, United States. The population was 14,055 at the 2010 census, up from 7,444 at the 2000 census.

    Apollo Beach is located in southern Hillsborough County and bordered to the north by Gibsonton, to the northeast by Riverview, to the east by Balm, to the southeast by Sun City Center, to the south by Ruskin, and to the west by Tampa Bay. The unincorporated community of North Ruskin is in the northern part of the CDP. U.S. Route 41 crosses the center of the CDP, and Interstate 75 passes through the eastern portion, with access from Exit 246 at the northern edge of the CDP. Downtown Tampa is 17 miles (27 km) to the north, and Bradenton is 25 miles (40 km) to the south.

    According to the United States Census Bureau, Apollo Beach CDP has a total area of 22.3 square miles (57.7 km2), of which 19.8 square miles (51.4 km2) are land and 2.4 square miles (6.3 km2), or 10.97%, are water.

    As of the 2010 census, there were 14,701 people in Apollo Beach and 5,886 households, an increase of nearly 75% in both categories over the 2000 census. New families came in with new construction, with the population of aged five years and under increasing by over 150%. The racial makeup of the community was 87% White, 6% African American, 0% Native American, 2% Asian, 3% from other races, and 2% from two or more races. Hispanic or Latino of any race were 14% of the population.

    There were 5,886 households, of which 27% had children under the age of 18 living with them, and 63% were married couples living together, both higher than the state average.