Ridge Manor, FL USDA Eligibility

USDA Eligibility Guide

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Ridge Manor, FL USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About Ridge Manor, Florida

    Ridge Manor is a census-designated place (CDP) in Hernando County, Florida, United States. The population was 4,513 at the 2010 census.

    Ridge Manor is located in eastern Hernando County at 28°29′57″N 82°10′53″W / 28.49917°N 82.18139°W / 28.49917; -82.18139 (28.499108, -82.181305). It is bordered to the south by Lacoochee in Pasco County. The north-flowing Withlacoochee River winds through the southern and western parts of Ridge Manor.

    U.S. Route 301 runs through the east side of Ridge Manor, leading north 12 miles (19 km) to Bushnell and south 10 miles (16 km) to Dade City. U.S. Route 98 crosses the western side of Ridge Manor, leading west 13 miles (21 km) to Brooksville, the Hernando County seat, and south 10 miles to Dade City. Florida State Road 50 runs across the northern part of Ridge Manor, connecting US 98 and 301. SR 50 leads east 20 miles (32 km) to Mascotte and west with US 98 to Brooksville. Interstate 75 is 3 miles (5 km) west of Ridge Manor, with access via US 98 / SR 50. A portion of Ridge Manor along US 98 / SR 50 in the vicinity the Withlacoochee State Trail (originally the South Florida Railroad Pemberton Ferry Branch) was the location of the ghost town of Rital.

    According to the United States Census Bureau, the CDP has a total area of 9.0 square miles (23.4 km2), of which 8.6 square miles (22.4 km2) are land and 0.42 square miles (1.1 km2), or 4.55%, are water.

    Ridge Manor Community Park, located off Ridge Manor Boulevard, has baseball fields used for Little League.