Bloomingdale, FL USDA Eligibility

USDA Eligibility Guide

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Bloomingdale, FL USDA Loan Eligibility Guide

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

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    More About Bloomingdale, Florida

    Bloomingdale is an unincorporated census-designated place in Hillsborough County, Florida, United States. The population was 22,711 at the 2010 census. The ZIP Codes serving the community are 33511 (which is addressed to Brandon) and 33596 (which is addressed to Valrico).

    Bloomingdale was settled some time before 1850 by John Vickers, John Carney, and others. Carney was killed on April 17, 1856, by Seminoles during the Third Seminole War. Bloomingdale School was founded in 1884, which in 1897 became a teacher’s institute, training an average of 54 teachers at a time from as far north as Gainesville and as far south as Miami-Dade County. In 1890 the railway was routed through Brandon, and Bloomingdale began to decline as businessmen like D.J. Galvin, who owned a feed store on the property that is now Mulrennan Middle School, moved to Brandon for access to all the benefits provided by the railroad. In 1910, the post office closed. In 1920, the school closed and the students were sent to Brandon instead. The community declined, or at best remained stable until the 1960s, when it became a bedroom community for Tampa.

    Bloomingdale is located in east-central Hillsborough County at 27°52′55″N 82°15′36″W / 27.88194°N 82.26000°W / 27.88194; -82.26000 (27.881904, -82.259919). It is bordered to the north by Brandon, to the northeast by Valrico, to the southeast by FishHawk, and to the southwest by Riverview. Bloomingdale is 16 miles (26 km) southeast of downtown Tampa.

    According to the United States Census Bureau, the Bloomingdale CDP has a total area of 8.4 square miles (21.7 km2), of which 8.1 square miles (21.1 km2) are land and 0.2 square miles (0.6 km2), or 2.97%, are water. The Alafia River forms the southern border of the CDP. Bell Shoals are some rapids on the river in Bloomingdale.

    As of the 2006–2008 American Community Survey estimates, there were 19,434 people, 6,590 households, and 5,697 families residing in the community. The population density was 2,491.5 inhabitants per square mile (962.0/km2). There were 7,250 housing units at an average density of 929.5 per square mile (358.9/km2). The racial makeup of the community was 88.12% White, 6.38% African American, 0.26% Native American, 2.24% Asian, 0.07% Pacific Islander, 1.12% from other races, and 1.80% from two or more races. Hispanic or Latino of any race were 6.93% of the population.