St. Leo, FL USDA Eligibility

USDA Eligibility Guide

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St. Leo, FL USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About St. Leo, Florida

    St. Leo is a town in Pasco County, Florida, United States. It is a suburb included in the Tampa-St. Petersburg-Clearwater, Florida Metropolitan Statistical Area. The population was 1,340 at the 2010 census. It is best known as the home of St. Leo University, Holy Name Monastery and St. Leo Abbey. Vincent D’Ambrosio currently serves as the commission-elected mayor of the town, elected in 2022.

    In 1889 the Benedictines established the monastery of St. Leo and St. Leo College on Judge Edmund F. Dunne’s former homestead and farm land east of San Antonio, Florida on the shores of Lake Jovita, later incorporating the area as part of a new town called St. Leo.

    Dunne was a legal counsel involved in the Disston Land Purchase of 1881, 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, while surveying the Disston Purchase with his cousin, Captain Hugh Dunne, Dunne selected the area around Lake Jovita, which he named after St. Jovita, as his commission and began settling it. He first established the Catholic colony of San Antonio in 1882, and later added the surrounding villages of Saint Joseph, Saint Thomas, Villa Maria, Carmel and San Felipe. Only the rural community of Saint Joseph survives today. The area of what is now the Town of St. Leo, although originally platted as another village by Dunne, did not receive its name until after the arrival of the Benedictine monks. The present name is derived from Pope Leo IX.

    St. Leo is located at 28°20′17″N 82°15′12″W / 28.33806°N 82.25333°W / 28.33806; -82.25333 (28.337929, –82.253265).

    According to the United States Census Bureau, the town has a total area of 1.9 square miles (4.9 km2), of which 1.6 square miles (4.1 km2) is land and 0.3 square miles (0.78 km2) (13.90%) is water.