San Antonio, FL USDA Eligibility

USDA Eligibility Guide

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San Antonio, FL USDA Loan Eligibility Guide

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

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    More About San Antonio, Florida

    San Antonio, or unofficially San Ann as the locals call it, is a city in Pasco County, Florida, United States. It is a suburban city included in the Tampa-St. Petersburg-Clearwater, Florida Metropolitan Statistical Area. It lies within Florida’s 12th congressional district. The population was 1,297 at the 2020 census. It was established as a Catholic colony by Judge Edmund F. Dunne. The city derives its name from Saint Anthony of Padua. Saint Leo University is located nearby.

    San Antonio is located at 28°20′12″N 82°16′30″W / 28.33667°N 82.27500°W / 28.33667; -82.27500 (28.336649, −82.275011).

    According to the United States Census Bureau, the village has a total area of 1.2 square miles (3.1 km2), all land.

    San Antonio has a rolling topography with elevations varying from a low of 110 feet on the western edge of the city to as high as 183 feet on a hill overlooking Lake Jovita on the eastern edge of town.

    San Antonio was founded by Edmund F. Dunne, and Irish-American who had previously served as chief justice of the Arizona Territory. In June 1881 Dunne was a legal counsel involved in the Disston Land Purchase, and as his commission, received 100,000 choice acres (400 km2) of land out of the 4,000,000-acre (16,000 km2) purchase. The following year on February 15, 1882 while surveying the Disston Purchase with his cousin, Captain Hugh Dunne, he came upon a previously unsurveyed lake with crystal-clear water. Seeing in a prayer book that it was the feast day of St. Jovita, he named the lake after the early Christian martyr.