Spring Hill, FL USDA Eligibility

USDA Eligibility Guide

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Spring Hill, FL USDA Loan Eligibility Guide

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

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    More About Spring Hill, Florida

    Spring Hill is a census-designated place (CDP) in Hernando County, Florida, United States. The population was 113,568 at the 2020 census, up from 98,621 at the 2010 census. Spring Hill belongs to Florida’s Nature Coast region and is in the Tampa-St. Petersburg-Clearwater metro area. It is east of Hernando Beach, southwest of Brooksville, and north of Tampa.

    Spring Hill was formerly a large tract of endangered Longleaf Pine Ecosystem and Sand Pine Scrub with very high biodiversity, and a safe haven for many imperiled species, and most of it remained unchanged until the 1970’s with large scale deforestation.[citation needed] It first appeared on Hernando County maps as early as 1856 along what is today Fort Dade Avenue just north of the community of Wiscon. The modern Spring Hill was founded in 1967 as a planned community, which was developed by the Deltona Corporation and the Mackle Brothers. The developers originally wanted to call the community Spring Lake and used that as the working name through the development process. They were forced to use a different name due to the name Spring Lake already being in use locally and chose Spring Hill. The plans for the community are identical to the community of Deltona. The Mackle Brothers sold many of the properties and land in the area through intense advertising. It has since become a sprawling semi-city in its own right, though it is an unincorporated area. The main entrance to the original development is marked by the Spring Hill waterfall on Spring Hill Drive and U.S. Route 19 (Commercial Way).

    Spring Hill’s proximity to Tampa, 40 miles (64 km) to the south, and the completion of the Suncoast Parkway in 2001 have made the community easily accessible to the Tampa-St. Petersburg area.

    Spring Hill is located in southwestern Hernando County at 28°28′44″N 82°32′52″W / 28.47889°N 82.54778°W / 28.47889; -82.54778 (28.478929, & 82.547732). It is bordered to the west by Timber Pines; to the north by Weeki Wachee, North Weeki Wachee, High Point, Brookridge, and Wiscon; and to the east by South Brooksville, Garden Grove, and Masaryktown. To the south it is bordered by Shady Hills and Heritage Pines in Pasco County.

    According to the United States Census Bureau, Spring Hill has a total area of 62.2 square miles (161.2 km2), of which 59.8 square miles (154.9 km2) are land and 2.4 square miles (6.3 km2), or 3.94%, are water.