Longboat Key, FL USDA Eligibility

USDA Eligibility Guide

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Longboat Key, FL USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About Longboat Key, Florida

    Longboat Key is a town in Manatee and Sarasota counties along the central west coast of the U.S. state of Florida, located on and coterminous with the barrier island of the same name. Longboat Key is south of Anna Maria Island, between Sarasota Bay and the Gulf of Mexico. It is almost equally divided between the Manatee and Sarasota counties. The town of Longboat Key was incorporated in 1955 and is part of the Bradenton-Sarasota-Venice, Florida Metropolitan Statistical Area. The town’s population was 7,505 at the 2020 census.

    Longboat Key was originally inhabited by Native Americans. The area of what is now Longboat Key was scouted by Juan de Añasco who was the first known European to explore the key and Hernando De Soto’s as his scout. He spent about two months attempting to find a landing site, and he was also most likely the first European man to see and explore Sarasota Bay, Boca Ciega Bay and the Manatee River. According to local legend, he believed the Indians were hostile. When the party reached land on the island, the Indians fled leaving their Longboat in a bayou. Pirate Jean Lafitte was said to have been shipwrecked near or on Longboat Key.

    Prior to 1842, Cuban and Spanish fishermen along with some squatters resided on the island. A fishing camp and a trading post for Native Americans existed in the northern part of the key located in what is presently the Longboat Village. At the time, the area was referred to on maps as “Saraxola” and “Zarazote”.

    There is little known about the island after 1848 and until the 1880s, because a hurricane hit the area and destroyed most of Longboat Key. The only thing known is that Charles Abbe had a plantation at an unknown location on the island where citrus and pineapples were grown.

    The first people of European descent to claim land on the island were Colin and Rowlin W. Witt, claiming 7.15 acres (2.89 ha) on the north end of the island in 1882. Several others would claim land on the island during the late 1800s, but none of them are known to have lived on the island permanently.