St. Petersburg, FL USDA Eligibility

USDA Eligibility Guide

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St. Petersburg, FL USDA Loan Eligibility Guide

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

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    More About St. Petersburg, Florida

    St. Petersburg is a city in Pinellas County, Florida, United States. As of the 2020 census, the population was 258,308, making it the fifth-most populous city in Florida and the second-largest city in the Tampa Bay Area, after Tampa. It is the largest city in the state that is not a county seat (the city of Clearwater is the seat of Pinellas County). Along with Clearwater, these cities are part of the Tampa–St. Petersburg–Clearwater Metropolitan Statistical Area, the second-largest in Florida with a population of around 2.8 million. St. Petersburg is on the Pinellas peninsula between Tampa Bay and the Gulf of Mexico, and is connected to mainland Florida to the north.

    Locals often refer to the city as St. Pete. Neighboring St. Pete Beach formally shortened its name in 1994 after a vote by its residents. St. Petersburg is governed by a mayor and city council.

    With an average of 361 days of sunshine annually, and a Guinness World Record for the most consecutive days of sunshine (768 days between 1967 and 1969), it is nicknamed “The Sunshine City.” Located on the Gulf of Mexico, the average water temperature is typically around 76 °F (24 °C). Due to its good weather, the city has long been a popular retirement destination, although in recent years the population has moved in a much more youthful direction.

    When the Spanish first arrived in the area of Tampa Bay, they encountered people of the Safety Harbor culture. About 20 sites with temple mounds have been found around Tampa Bay, with several in Pinellas County. Best known of the Safety Harbor people was the chiefdom of Tocobaga, which was likely located at the Safety Harbor site in Philippe Park in northern Pinellas County. The Pánfilo de Narváez expedition landed on the shores of Boca Ciega Bay at the Jungle Prada Site on April 14, 1528. It was the first inland exploration of North America. Of 300 men on the expedition only four survived. One of the survivors of the expedition, Álvar Núñez Cabeza de Vaca, wrote the first book describing the peoples, wildlife, flora and fauna of inland North America in his Relacion, published in Spain in 1542.

    The city was co-founded by John C. Williams, formerly of Detroit, who purchased the land in 1875, and by Peter Demens, who was instrumental in bringing the terminus of the Orange Belt Railway there in 1888. St. Petersburg was incorporated as a town on February 29, 1892, when it had a population of 300 people.[page needed]