Belleair, FL USDA Eligibility

USDA Eligibility Guide

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Belleair, FL USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About Belleair, Florida

    Belleair is a town in Pinellas County, Florida, United States. As of the 2010 census, it had a population of 3,869.

    Belleair traces its origins to 1896 as a planned resort town with the construction of the Belleview Hotel by railroad tycoon Henry B. Plant. Originally known as Belleair Heights, the village consisted of a few dozen homes, livestock stables, and a famed 200-seat coliseum where bicycle races and political rallies were held. Over 300 acres of land were cleared and streets platted. However, real estate development in the community did not meet expectations, and the population remained small. The former village of Belleair Heights fizzled out in the mid-20th century as urban sprawl blurred the lines between communities; the area stopped being referred to as Belleair Heights during the 1930s. Following the acquisition of the hotel by the John McEntee Bowman’s Biltmore corporation in 1919, management began purchasing large tracts of land south of the resort. The Florida Land Boom was in full swing in 1924 when the company’s vice president and hotel manager Earl E. Carley announced a new real estate venture of Belleair Estates.

    Belleair Estates was designed by famed landscape architect John Nolen and was intended as Florida’s most exclusive winter residential colony. The town initially incorporated in late 1924, though was re-incorporated in 1925 under the current name of Belleair. Development continued until the real estate bubble burst in 1926 which subsequently aided in the national Great Depression three years later. Following World War II, Belleair began to develop in earnest, with over two-thirds of the town’s residences built after 1950.

    The Eagles Nest Japanese Gardens, a popular tourist attraction in the town, opened in 1938 and closed in 1952.

    According to the United States Census Bureau, the town has a total area of 2.8 square miles (7.3 km2), of which 1.8 square miles (4.7 km2) is land and 1.0 square mile (2.6 km2) (36.30%) is water.