Hudson, FL USDA Eligibility

USDA Eligibility Guide

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Hudson, FL USDA Loan Eligibility Guide

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

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    More About Hudson, Florida

    Hudson is a census-designated place (CDP) located at the westernmost end of Pasco County, Florida, United States, and is included in the Tampa-St. Petersburg-Clearwater, Florida Metropolitan Statistical Area. As of the 2010 census, Hudson’s population was 12,158.

    In 1878, Isaac Hudson moved his family to the uninhabited brush of coastal Pasco County and allowed a post office to be established in his home. The town grew in the early twentieth century when the Fivay Company began cutting lumber and shipping it by rail to Tampa. Hudson stagnated when the Fivay Company went out of business in 1912 and people turned to the sea or moved away; shrimping and fishing employed about half of the working men in the 1930s to 1950s.

    W.L. Hendry came with his sons from Tampa and began digging inlets from the coast around Hudson Springs, using the fill to create a higher ground to put a few houses on in 1950. This was to become the Port of Hudson neighborhood. In the 1980s, people began building larger homes (most of which were mobile homes) along the canals. Now, while its older waterfront is reviving, large residential developments are spreading inland.

    Bayonet Point Medical Center, located in Hudson Florida, is the areas local hospital. Founded in 1981, it was the first hospital to be built in North West Pasco County serving residents in Pasco, Hernando and Citrus counties.

    According to the United States Census Bureau, Hudson has a total area of 6.4 square miles (17 km2), of which 6.4 square miles (17 km2) is land and 0.04 square miles (0.10 km2) (0.31%) is water.