Brandon, FL USDA Eligibility

USDA Eligibility Guide

“Find out if you’re eligible for a USDA home loan with Smart Mortgage!”

Brandon, FL USDA Loan Eligibility Guide

A USDA (United States Department of Agriculture) mortgage, also known as a Brandon, 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 Brandon, 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.

Questions Call (888)416-4805

Get Pre-Approved Now

    Once this form is completed you will have the option to start your USDA mortgage application.

    Thank you for choosing iloanusda.com

    Get cash from your home.

    Apply to see how a cash out refinance can help you.

    Get Cash

    Homebuyer Seminars

     Discover the keys to homeownership at our local Brandon, FL home buying seminars – your first step towards securing your dream home!

    Seminars

    See our home loans.

    Explore our diverse range of home loan programs tailored to fit your unique needs!

    All Programs

    3. Income Limits:

    • Income limits vary by county and household size. You’ll need to check with our Brandon, 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 Brandon USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Brandon, FL USDA home loan professionals. Get pre-approved with our easy and stress free Brandon, FL USDA home mortgage today.

    Call Now (888)416-4805
    Do you need a Pre-Approval?
    Get a same day Brandon, Florida USDA pre-approval to shop for your dream home!
    Start My Approval

    Mortgage Resource Center

    More About Brandon, Florida

    Brandon is an unincorporated community and census-designated place (CDP) in Hillsborough County, Florida, United States. It is part of the Tampa–St. Petersburg–Clearwater Metropolitan Statistical Area. The population was 114,626 at the 2020 census, up from 103,483 at the 2010 census.

    On January 20, 1857, John Brandon arrived at Fort Brooke (now Tampa) from Mississippi with his first wife Martha, his seven sons, and their seven slaves. At first they moved to what is now the Seffner area. Then in August 1858, John Brandon purchased 40 acres (160,000 m2) in the New Hope area (now Brandon) and 160 acres (0.65 km2) later on and then named his land “Brandon”. John and his second wife Victoria’s house was located on what would become the corner of Knights Avenue and Victoria Street. Four years later, the New Hope Church was built on land donated by Brandon. Besides being the first church in the community, it also served as Brandon’s first school.

    In 1890, the Florida Central and Peninsular Railroad came through the area, encouraging the people of New Hope to build a depot on Moon Avenue. Charles S. Noble, an engineer for the FC&P, was asked to plat approximately forty acres of land north of present-day State Road 60, south of Lake Meade, east of Kings Avenue, and west to Parsons Avenue. Filed on April 24, 1890, the surveyor named the community in honor of John Brandon and Noble Street for himself.

    Stowers Funeral Home is a famous landmark in Brandon, in a building erected by John Brandon’s son James.

    Since then, Brandon has grown in spurts, beginning with the first general store opened by Dan Galvin on the corner of Moon Avenue and Victoria Street. In 1905 a school was built on Parsons Avenue, and Victoria Brandon allowed new teachers to board with her.