Madeira Beach, FL USDA Eligibility

USDA Eligibility Guide

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Madeira Beach, FL USDA Loan Eligibility Guide

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

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    More About Madeira Beach, Florida

    Madeira Beach (/məˈdɛərə/ mə-DAIR-ə) is a city in Pinellas County, Florida, United States, bordered on the west by the Gulf of Mexico, and on the east by St. Petersburg. As of the 2020 census, the population was 3,895. The entertainment district of John’s Pass is located on the Intracoastal Waterway. The city is often referred to by locals as Mad Beach. It is named after the Portuguese island of Madeira.

    Madeira Beach is located at 27°47′45″N 82°47′26″W / 27.795853°N 82.790623°W / 27.795853; -82.790623.

    According to the United States Census Bureau, the city has a total area of 3.3 square miles (8.5 km2), of which 1.0 square mile (2.6 km2) is land, and 2.2 square miles (5.7 km2) (68.50%) are water. The city is located on a barrier island between the Gulf of Mexico to the southwest, and Boca Ciega Bay to the northeast. One bridge, the Tom Stuart Causeway, connects Madeira Beach to the mainland, in the unincorporated community of Bay Pines. To the northwest of Madeira Beach is the town of Redington Beach, and to the southeast, across the inlet of John’s Pass, is the city of Treasure Island.

    At the 2000 census, there were 4,511 people in 2,528 households, including 1,122 families, in the city. The population density was 4,392.0 inhabitants per square mile (1,695.8/km2). There were 3,976 housing units, at an average density of 3,871.1 per square mile (1,494.6/km2). The racial makeup of the city was: 97.05% White, 0.27% African American, 0.31% Native American, 0.58% Asian, 0.04% Pacific Islander, 0.67% from other races, and 1.09% from two or more races. Hispanic or Latino of any race made up 2.37%.

    Of the 2,528 households: 9.1% had children under the age of 18 living with them; 35.6% were married couples living together; 5.6% had a female householder with no husband present; and 55.6% were non-families. 42.4% of households were one person, and 12.2% were one person aged 65 or older. The average household size was 1.78, and the average family size was 2.36.