No Money Down Home Options in Riverview, FL
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Riverview, Florida USDA Loan Benefits
The Riverview, FL USDA home loan program, designed to assist rural homebuyers, offers several significant benefits. Here’s a guide outlining its key advantages:
- No Down Payment Required: One of the most significant benefits of the Riverview, FL USDA loan is that it does not require a down payment. This feature makes homeownership more accessible to many who may struggle to save for a large down payment.
- Lower Interest Rates: Typically, USDA loans come with interest rates that are lower than conventional loans. This can result in significant savings over the life of the loan.
- Lower Mortgage Insurance Costs: Compared to other loan types like FHA or conventional loans, USDA loans often have lower mortgage insurance costs. This reduces the overall monthly payment and can make housing more affordable.
- Flexible Credit Guidelines: USDA loans have more lenient credit requirements compared to conventional loans. This is beneficial for buyers with less-than-perfect credit histories.
- 100% Financing: Since there’s no down payment required, Riverview, FL USDA loans offer 100% financing. This is particularly helpful for buyers who have good income but limited savings for a down payment.
6. Fixed-Rate Mortgages: USDA loans are typically fixed-rate mortgages, which means the interest rate remains the same throughout the life of the loan. This predictability is beneficial for budgeting and financial planning.
7. Assistance for First-Time and Repeat Buyers: The program is available not only to first-time homebuyers but also to those who are buying a home for the second time or more, as long as they meet the eligibility criteria.
8. Geographical Flexibility: Although designed for rural areas, the definition of “rural” includes many areas around Riverview, FL as well. This offers a broader range of locations for potential homeowners.
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9. Potential for Property Repairs and Improvements: In some cases, USDA loans in Riverview, FL can be used to purchase and repair a home. This is particularly advantageous for buyers looking at homes that may need some TLC.
10. No Maximum Purchase Price: Unlike some other loan programs, USDA loans do not have a maximum purchase price limit. However, the borrower’s ability to repay the loan is considered.
11. Streamlined Refinancing Options: For those who already have a USDA loan, the refinancing process is streamlined, making it easier and faster to reduce interest rates and monthly payments.
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Learn more about Riverview, Florida
Riverview is an unincorporated census-designated place in Hillsborough County, Florida, United States. It is located south of Brandon. The population was 107,396 in the 2020 census, up from 71,050 in the 2010 census.
Many of Tampa Bay’s radio and television stations broadcast from an antenna farm in the Riverview area, on Boyette Road, east of town. Riverview is home to Bell Creek Nature Preserve.
Riverview was founded in 1885 on the Alafia River’s north shore. However, in the 1830s settlers arrived on the south side of the river at an area formerly known as Peru (pronounced “Pe-Roo”) because Peru was an indigenous name for “straight part of the river”. Peru existed for nearly 100 years and was one of the oldest settlements in central Florida. It wasn’t until the 1940s that Riverview absorbed Peru, and now claims the south side of the Alafia River. The Peruvian Mining Company, which mined phosphate from the Alafia, took its name from the settlement. The term “Alafia” is translated as “River of Fire” due to the phosphorus on the early riverbottom glowing at night.
The area’s first school was built in 1893, inside the Peru Baptist Church. The area called Riverview began to be populated on the north side of the river. The two communities were connected by a river ferry. Soon after, a bridge was constructed from sections of a bridge that once spanned the Hillsborough River in downtown Tampa. The post office periodically was moved from the Riverview side to the Peru side of the river and back, causing much tension. The Riverview name eventually came into usage in the early 1940s by the post office to relieve just such confusion with the mail. Peru has disappeared from all but the earliest maps. Some of Peru’s or Riverview’s settlers include the Barnes, Bourgees, Boyettes, Brandons, Buzbees, Hackneys, Hancocks, Hartleys, Mansfields, Moodys, Simmons, Scotts, Symmes, Topes, Thompsons, Whitts, and the Yeomans. The area founded by the Boyette family is now the community of Boyette, located in the eastern part of the Riverview CDP.
The first commercial poultry farm in Florida was established by Emmet and Myrtle Tope in Riverview in 1921.