USDA Eligibility Guide
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Palm River-Clair Mel, 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 Palm River-Clair Mel, 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 Palm River-Clair Mel, 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 Palm River-Clair Mel USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Palm River-Clair Mel, FL USDA home loan professionals. Get pre-approved with our easy and stress free Palm River-Clair Mel, FL USDA home mortgage today.
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More About Palm River-Clair Mel, Florida
Palm River-Clair Mel is a census-designated place (CDP) in Hillsborough County, Florida, United States. The population was 21,024 at the 2010 census, up from 17,589 at the 2000 census. The census area includes the unincorporated communities of Clair-Mel City and Palm River. The ZIP code for Palm River-Clair Mel is 33619.
Palm River-Clair Mel is located just west of the geographic center of Hillsborough County at 27°55′41″N 82°22′44″W / 27.92806°N 82.37889°W / 27.92806; -82.37889 (27.928150, -82.378900), or approximately 6 miles (10 km) southeast of downtown Tampa. The CDP is bordered to the north and west by the city of Tampa, to the east by Brandon, to the southeast by Riverview, and to the south by Progress Village. The Palm River forms the northern boundary of the CDP.
U.S. Route 41 runs through the western part of the CDP, leading north into the eastern part of Tampa and south to Gibsonton. U.S. Route 41 Business runs west from US 41 and crosses East Bay/McKay Bay for a more direct route to downtown Tampa. U.S. Route 301 forms the eastern edge of the CDP, running north to East Lake-Orient Park and south to Riverview.
According to the United States Census Bureau, the Palm River-Clair Mel CDP has a total area of 11.7 square miles (30.4 km2), of which 11.5 square miles (29.9 km2) are land and 0.2 square miles (0.5 km2), or 1.77%, are water.
As of the census of 2010, there were 24,379 people living in the community. The racial makeup of the community was 51% White, 35% African American, 0% Native American, 2% Asian, 0% Pacific Islander, 8% from other races, and 4% from two or more races. Hispanic or Latino of any race were 35% of the population.