Bradenton Beach, FL USDA Eligibility

USDA Eligibility Guide

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Bradenton Beach, FL USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About Bradenton Beach, Florida

    Bradenton Beach is a city on Anna Maria Island in Manatee County, Florida, United States. The population was 908 at the 2020 census, down from 1,171 in 2010. It is part of the Bradenton-Sarasota-Venice, Florida Metropolitan Statistical Area. The city occupies the southern part of Anna Maria Island and is one of three municipalities on the island. The others are Holmes Beach in the center and Anna Maria in the north.

    Bradenton Beach was originally referred to as “Cortez Beach” since it was close to the community of Cortez. Construction on a wooden bridge to the mainland began in the summer of 1921. The 1921 Tampa Bay hurricane that October destroyed 80% of the bridge that was built up to that point. Despite a majority of the bridge being destroyed, it was completed sometime in June 1922, eight months later.

    A two-story pavilion at the end of Bridge Street was built that same year. It had 100 lockers along with a dance hall and dining room located in the center of the building. On the second floor, the owners of the pavilion had their apartments. It would burn down after a fire and was later rebuilt. The pavilion was destroyed by fire for a second time in 1929 and was never rebuilt. The name “Bradenton Beach” began being used during the mid 1920s as the Florida land boom was occurring. Real estate developers saw this as a way to convince possible buyers that it was closer to Bradenton. Sometime in early 1926, a county bond was approved to build a wooden bridge linking Bradenton Beach to Longboat Key; the bridge was finished in August. However, the bridge was only open until October, when a hurricane damaged it. On March 6, 1932, the bridge was swept away during a high tide. It would not be replaced until 1957.

    The Regina, a tanker barge with over 350,000 gallons of molasses onboard and eight crew, sank 200 yards offshore on a sandbar on March 8, 1940. Regina was under tow by a tugboat, Minima and the line that was towing it had broken near Egmont Key. Both vessels had decided to try and go into Tampa Bay seeking shelter because of the weather conditions. One of the crew members, its cook and a German Shepherd onboard the ship would die during an attempt to leave the ship. All seven other crew members were rescued.

    A post office called Bradenton Beach has been in operation since 1941.