Palm Harbor, FL USDA Eligibility

USDA Eligibility Guide

“Find out if you’re eligible for a USDA home loan with Smart Mortgage!”

Palm Harbor, FL USDA Loan Eligibility Guide

A USDA (United States Department of Agriculture) mortgage, also known as a Palm Harbor, 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 Palm Harbor, 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.

Questions Call (888)416-4805

Get Pre-Approved Now

    Once this form is completed you will have the option to start your USDA mortgage application.

    Thank you for choosing iloanusda.com

    Get cash from your home.

    Apply to see how a cash out refinance can help you.

    Get Cash

    Homebuyer Seminars

     Discover the keys to homeownership at our local Palm Harbor, FL home buying seminars – your first step towards securing your dream home!

    Seminars

    See our home loans.

    Explore our diverse range of home loan programs tailored to fit your unique needs!

    All Programs

    3. Income Limits:

    • Income limits vary by county and household size. You’ll need to check with our Palm Harbor, 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 Palm Harbor USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Palm Harbor, FL USDA home loan professionals. Get pre-approved with our easy and stress free Palm Harbor, FL USDA home mortgage today.

    Call Now (888)416-4805
    Do you need a Pre-Approval?
    Get a same day Palm Harbor, Florida USDA pre-approval to shop for your dream home!
    Start My Approval

    Mortgage Resource Center

    More About Palm Harbor, Florida

    Palm Harbor is a census-designated place (CDP) and unincorporated community in Pinellas County, Florida, United States. As of the 2020 census, the CDP had a population of 61,366.

    Palm Harbor is located 22 miles (35 km) north of downtown St. Petersburg and west of Tampa. It is a largely residential community with several concentrations of commerce. Downtown Palm Harbor, north of Tampa Road between U.S. Highway 19 Alternate and Omaha Street hosts many small shops and eateries along with a handful of historic buildings. U.S. Highway 19, a mile or two east of downtown, offers access to higher concentrations of commerce, with an array of national chain restaurants and retailers. One entrance to Innisbrook Resort and Golf Club, a nationally regarded golf course and home of the PGA’s Valspar Championship, is found on U.S. 19 just north of Alderman Road.

    The historic downtown district of Palm Harbor, at Florida Avenue and Alt. US 19 and CR 1, has numerous festivals and craft fairs. Old Palm Harbor Main Streets, Inc., a 501(c)(3) not-for-profit organization, hosts their signature event the first Friday of every month. “Palm Harbor’s First Friday Celebrations” are a popular community event for youngsters and adults alike. There are rides and games for the children, with opportunities to dine on food from the many local restaurants, enjoy local artists and crafters displaying and selling their wares. Annually, the first Sunday in October marks when the “Taste of Palm Harbor” festival is held. The event is presented by the Palm Harbor Junior Women’s Club with the proceeds benefiting their “Making a Difference” grants & scholarships program. The Taste of Palm Harbor traditionally offers live music and the tasting of samples from over 20 local restaurants, many of which make seafood their specialty.

    Palm Harbor is an unincorporated part of Pinellas County. HB 183 – Town of Palm Harbor/Pinellas County, from 2009, was the most recent local bill that would have scheduled a referendum allowing Palm Harbor voters the opportunity to decide whether they wanted to incorporate, but the bill died in committee. Pinellas County legislators had voted on January 22, 2009, to support a bill allowing voters in Palm Harbor to decide whether they wanted their unincorporated community to become the county’s 25th city. It passed over the objections of Pinellas County Commissioner Susan Latvala, who said she was appearing in both her official capacity and as a Palm Harbor resident. The Legislature would first have needed to conduct a feasibility study to make sure that cityhood made fiscal sense.

    In 1985, the Pinellas County Board of County Commissioners enacted County Code 85-28, which set into place the Palm Harbor Community Services Agency (PHCSA), a special taxing district to which tax was levied in the form of millage to provide for recreational and library services to the unincorporated community. The PHCSA board is a volunteer panel elected by the voters within the district to oversee the funding of Palm Harbor Library, East Lake Community Library and Palm Harbor Parks & Recreation.