USDA Eligibility Guide
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Ruskin, 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 Ruskin, 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 Ruskin, 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 Ruskin USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Ruskin, FL USDA home loan professionals. Get pre-approved with our easy and stress free Ruskin, FL USDA home mortgage today.
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More About Ruskin, Florida
Ruskin is an unincorporated census-designated place in Hillsborough County, Florida. The area was part of the chiefdom of the Uzita at the time of the Hernando de Soto expedition in 1539. The community was founded August 7, 1908, on the shores of the Little Manatee River. It was developed by Dr. George McAnelly Miller, an attorney and professor at Ruskin College in Trenton, Missouri, and Addie Dickman Miller. It is named after the essayist and social critic John Ruskin. Miller established the short-lived Ruskin College. It was one of the Ruskin Colleges.
The town and college were named after the English writer and social reformist John Ruskin. Ruskin, a utopian, founded the Guild of St George, a celebration of workmanship that underpinned the Arts and Crafts movement of William Morris. Ruskin was a passionate educator.
In 1907, Dr. George McAnelly Miller, a former Chicago prosecuting attorney and professor, and former president of Ruskin College in Trenton, Missouri, relocated his family to the area, along with his brother-in-law Albert Peter Dickman’s family. They purchased land and started to set up homes, a sawmill, and a school. Addie Dickman Miller, Dr. Miller’s wife, founded a post office on August 7, 1908. This day is recognized as the official founding day of the town. The Ruskin Commongood Society platted Ruskin on February 19, 1910, and filed the plat on March 9, 1910, in the Hillsborough County Court House, with lots for the college, the business district, two parks, and for the founding families, with only white people allowed to own or lease land in the community. Albert Dickman’s house, finished in 1910, on the banks of the Little Manatee River, is one of the few structures left standing from the founding of Ruskin.
The Millers began a new Ruskin College in 1910, with Dr. Miller serving as president and Adeline Miller serving as Vice President. Continuing with the college’s former practices, students worked a portion of each day as part of their education and as a way to pay for tuition and board. It offered three years of preparatory classes, after which students could attend the college, taking classes in art, drama, language, literature, music, shorthand, social sciences, and speech. At the peak of the college’s prosperity it had 160 students..
By 1913, the community had a cooperative general store, a canning factory, a telephone system, an electric plant supplying electricity to both public and private buildings, a weekly paper, and regular boat freight and passenger service to Tampa. With the onset of World War I, most students went to the war in Europe and the college closed its doors. In 1918, a fire destroyed the college, sparing only the Millers’ house. Dr. Miller died in August 1919.