USDA Eligibility Guide
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Lake Magdalene, FL USDA Loan Eligibility Guide
1. Property Eligibility:
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- The home must be located in a USDA-eligible rural or suburban area around Lake Magdalene, 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:
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- 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 Lake Magdalene, 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:
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- 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 Lake Magdalene USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Lake Magdalene, FL USDA home loan professionals. Get pre-approved with our easy and stress free Lake Magdalene, FL USDA home mortgage today.
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More About Lake Magdalene, Florida
Lake Magdalene is a census-designated place (CDP) in Hillsborough County, Florida, United States. It is part of the Tampa Bay area. The population was 30,742 at the 2020 census.
As a rural community northwest of Tampa, this area of Hillsborough County had welcomed enough residents to receive its first post office in 1888, followed by a scattering of schools and churches—most notably the United Brethren Church
(now Lake Magdalene United Methodist), started in 1895 by Reverend Isaac W. Bearss, whose family line still maintains several acres of citrus groves in the region, butted up against the busy east-west, North Tampa corridor that bears the family name. The rustic qualities of Lake Magdalene remained until the 1990s when residential construction in Tampa pushed northward. By 1990 almost 16,000 people lived in Lake Magdalene, and according to the 2000 census, its population had nearly doubled to 28,755.
Lake Magdalene is surrounded by, and takes its name from, a 206-acre (0.83 km2) freshwater lake. The lake’s name may come from the moniker of a Native American woman, Magdalena, who interpreted the language for a Spanish expedition into Florida in 1549, or the name may have resulted from the 1882 marriage in the community of John Parrish and Mary Magdalene Yates, daughter of Jonah Yates, first mayor of Plant City.
Lake Magdalene is located in northwestern Hillsborough County at 28°4′53″N 82°28′41″W / 28.08139°N 82.47806°W / 28.08139; -82.47806 (28.081294, -82.477945). It is bordered to the north by Lutz, to the east by the University neighborhood, to the south by the city of Tampa, to the southwest by Carrollwood, and to the west by Northdale. Interstate 275 forms the eastern edge of the CDP, and the Dale Mabry Highway (Florida State Road 597) forms the western edge.
According to the United States Census Bureau, the community has a total area of 11.6 square miles (30.1 km2), of which 10.2 square miles (26.5 km2) are land and 1.4 square miles (3.6 km2), or 12.11%, are water. There are at least 11 named lakes in the CDP, the largest of which is Lake Magdalene near the center of the community.