Ellenton, FL USDA Eligibility

USDA Eligibility Guide

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Ellenton, FL USDA Loan Eligibility Guide

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

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    More About Ellenton, Florida

    Ellenton is an unincorporated community and census-designated place (CDP) in Manatee County, Florida, United States. The population was 4,129 at the 2020 census. It is part of the Bradenton-Sarasota-Venice, Florida Metropolitan Statistical Area.

    The oldest structure in Ellenton is the Gamble Plantation, which was built between 1845 and 1850 by Major Robert Gamble. Originally a sugar plantation worked by slaves, the antebellum mansion fell into disrepair after the Civil War. Major George Patten and his wife, Mary, purchased the property in 1870 and named the area “Ellenton” after his daughter Ellen. In 1881, the United States government designated Ellenton as an official post office site.

    A refining plant for fuller’s earth located in Ellenton along the Manatee River opened in 1903. It was owned by the Atlantic Refining Company and had 150+ employees being the biggest refinery the company owned. It burned down once in 1908 and again in 1912. In 1922, it burned down for the final time after which it was permanently closed.

    Ellenton is located in central Manatee County at 27°31′22″N 82°31′33″W / 27.52278°N 82.52583°W / 27.52278; -82.52583 (27.522666, -82.525867). It is on the north side of the tidal Manatee River and is bordered to the west by the city of Palmetto. Unincorporated Memphis is to the northwest.

    U.S. Route 301 passes through the center of the community, and Interstate 75 forms the eastern border, with the highways intersecting at Exit 224 on I-75. US 301 leads west into Palmetto and then south across the Manatee River into Bradenton, the county seat, while to the northeast it leads 8 miles (13 km) to Parrish. I-75 leads north 32 miles (51 km) to the east side of Tampa and south 85 miles (137 km) to Fort Myers.