Carrollwood, FL USDA Eligibility

USDA Eligibility Guide

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Carrollwood, FL USDA Loan Eligibility Guide

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

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    More About Carrollwood, Florida

    Carrollwood is an unincorporated community in Hillsborough County, Florida, United States. It is part of the larger census-designated place (CDP) of Carrollwood, which also includes the neighborhood of Carrollwood Village. A census-designated place corresponding just to Carrollwood existed during the 1990 census, with a population of 7,195. The ZIP code for Carrollwood is 33618.

    Carrollwood was founded in 1959 and was built out in the 1960s. The community spread westward during the 1970s and 1980s. The community was planned by Matt Jetton and originally developed by his land development company, Sun State Homes. From 1959 through 1970, more than 900 homes were built on land in the vicinity of Lake Carroll. Carrollwood Elementary school was constructed in 1963. Carrollwood was struck by a tornado outbreak, which occurred throughout Central Florida on April 4, 1966. As the neighboring development of Carrollwood Village was established in the early 1970s, the Carrollwood Country Club was built in 1972 and remains a popular landmark in the community today.

    Carrollwood is located at 28.1 degrees north, 82.5 degrees west (28.0523, -82.4858). The elevation for the community is 39 feet (12 m) above sea level.

    Carrollwood boundaries include Lake Magdalene to the north, Tampa to the east, Egypt Lake to the south, and Carrollwood Village to the west.

    Some of the major roads serving the community are Dale Mabry Highway, Busch Boulevard, Bearss Avenue and Fletcher Avenue.