St. Pete Beach, FL USDA Eligibility

USDA Eligibility Guide

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St. Pete Beach, FL USDA Loan Eligibility Guide

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

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    More About St. Pete Beach, Florida

    St. Pete Beach (formerly called St. Petersburg Beach) is a coastal city in Pinellas County, Florida. Known as a tourist destination, St. Pete Beach was formed from the towns of Pass-a-Grille, Belle Vista, St. Petersburg Beach, and unincorporated Pinellas County. It is part of the Tampa Bay area. The population was 8,879 at the 2020 census.

    St. Pete Beach’s downtown is centered on Corey Avenue. This district contains bars, restaurants and shopping and retail outlets. The Pass-a-Grille Historic District and the historic Don CeSar beach resort are located at the southern end of the beach. In 2021, TripAdvisor named St. Pete Beach the number one beach in the US, and the number five best beach in the entire world.

    The town of St. Pete Beach was consolidated from the municipalities of Pass-a-Grille, Don CeSar Place, Belle Vista, and St. Petersburg Beach in a 1957 referendum, in which consolidation only won by a margin of 5 votes. At the time of its incorporation in 1957, its name was St. Petersburg Beach. On March 9, 1994, locals voted to officially change the name to the shorter version of St. Pete Beach, to distinguish it from the city of St. Petersburg a few miles to the east.

    St. Pete Beach is located at 27°43′29″N 82°44′31″W / 27.72472°N 82.74194°W / 27.72472; -82.74194 (27.724587, –82.741850). According to the U.S. Census Bureau, the city has a total area of 19.9 square miles (52 km2), of which 2.2 square miles (5.7 km2) is land and 17.6 square miles (46 km2) (88.68%) is water.

    St. Pete Beach occupies the entire space of Long Key, a barrier island at the east central edge of the Gulf of Mexico. Three bridges lead into the city, connecting it to Treasure Island, South Pasadena and the Bayway Isles area of St. Petersburg. St. Pete Beach is located about 20 miles (32 km) south of Clearwater Beach.