Bradenton, FL USDA Eligibility

USDA Eligibility Guide

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Bradenton, FL USDA Loan Eligibility Guide

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

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    More About Bradenton, Florida

    Bradenton (/ˈbreɪdəntən/ BRAY-dən-tən) is a city in and the county seat of Manatee County, Florida, United States. As of the 2020 census, the city’s population is 55,698. Downtown Manatee is along the Manatee River and includes the Bradenton Riverwalk. Downtown Bradenton is also home to the Bishop Museum of Science and Nature.

    To the south of Bradenton is Sarasota, beach communities on Anna Maria Island are to its west, the Manatee River and Palmetto on the other side of it are to its north.

    A settlement established by Maroons or escaped slaves named Angola existed in Bradenton’s present area starting in the late 1700s and ending in 1821. It is believed to been spread out between the Manatee River (then known as Oyster River) all the way to Sarasota Bay. The community is estimated to have had 600–750 residents in it. Angola was a rather large maroon settlement as the Manatee River at that time was too shallow for US Navy vessels to navigate. The settlement was abandoned after the Creeks who were aligned with Andrew Jackson attacked Angola.

    When the United States annexed Florida in 1821, there were two known claimants of land in the vicinity of Bradenton but neither of them was confirmed by the US federal government.

    Josiah Gates along with his family and eight slaves moved to the area where present-day Bradenton exists in January 1842 after being attracted to the area for its natural beauty. Gates thought the area would be a popular place for new settlers to arrive at because it was near Fort Brooke, and he also figured that while they were building their homes they would need a place to stay at temporarily. He built his home near present-day 15th Street East and his inn at another location naming it Gates House. Gates is also credited as being the first known American settler in present-day Manatee County.