Tarpon Springs, FL USDA Eligibility

USDA Eligibility Guide

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Tarpon Springs, FL USDA Loan Eligibility Guide

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

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    More About Tarpon Springs, Florida

    Tarpon Springs is a city in Pinellas County, Florida, United States. Downtown Tarpon Springs has long been a focal point and underwent beautification in 2010. It is part of the Tampa Bay area. The population was 25,117 at the 2020 census.

    As of 2000, Tarpon Springs had the highest percentage of Greek Americans of any city in the US, with 10.4% of residents who had Greek ancestry.

    The region, with a series of bayous feeding into the Gulf of Mexico, was settled by farmers and fishermen around 1876. Some of the newly arrived visitors spotted tarpon jumping out of the waters and so named the location Tarpon Springs. The name is said to have originated with a remark of Mrs. Ormond Boyer, an early settler from South Carolina, and who, while standing on the shore of the Bayou and seeing fish leaping, exclaimed, “See the tarpon spring!’ For the most part, the fish seen splashing here were mullet rather than tarpon. In 1882, Hamilton Disston, who in the previous year had purchased the land, ordered the creation of a town plan. On February 12, 1887, Tarpon Springs became the first incorporated city in what is now Pinellas County. Less than a year later on January 13, 1888, the Orange Belt Railway, the first railroad line to be built in what is now Pinellas County, arrived in the city. During this time the area was developed as a wintering spot for wealthy northerners.

    The city’s Rose Cemetery, where Black residents are interred, is believed to contain burials which began in the late 1800s; the earliest legible marked burial is from 1904. The cemetery contains the grave of Richard Quarls, a Confederate veteran of the American Civil War who fought alongside his enslaver before moving to Tarpon Springs and choosing the new name “Christopher Columbus”, and veterans of subsequent wars.

    In the 1880s, John K. Cheyney founded the first local sponge business. The industry continued to grow in the 1890s. Many people from Key West and the Bahamas settled in Tarpon Springs to hook sponges and then process them. A few Greek immigrants also arrived in this city during the 1890s to work in the sponge industry.