Temple Terrace, FL USDA Benefits

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Temple Terrace, Florida USDA Loan Benefits

The Temple Terrace, FL USDA home loan program, designed to assist rural homebuyers, offers several significant benefits. Here’s a guide outlining its key advantages:

  1. No Down Payment Required: One of the most significant benefits of the Temple Terrace, FL USDA loan is that it does not require a down payment. This feature makes homeownership more accessible to many who may struggle to save for a large down payment.
  2. Lower Interest Rates: Typically, USDA loans come with interest rates that are lower than conventional loans. This can result in significant savings over the life of the loan.
  3. Lower Mortgage Insurance Costs: Compared to other loan types like FHA or conventional loans, USDA loans often have lower mortgage insurance costs. This reduces the overall monthly payment and can make housing more affordable.
  4. Flexible Credit Guidelines: USDA loans have more lenient credit requirements compared to conventional loans. This is beneficial for buyers with less-than-perfect credit histories.
  5. 100% Financing: Since there’s no down payment required, Temple Terrace, FL USDA loans offer 100% financing. This is particularly helpful for buyers who have good income but limited savings for a down payment.

6. Fixed-Rate Mortgages: USDA loans are typically fixed-rate mortgages, which means the interest rate remains the same throughout the life of the loan. This predictability is beneficial for budgeting and financial planning.

7. Assistance for First-Time and Repeat Buyers: The program is available not only to first-time homebuyers but also to those who are buying a home for the second time or more, as long as they meet the eligibility criteria.

8. Geographical Flexibility: Although designed for rural areas, the definition of “rural” includes many areas around Temple Terrace, FL as well. This offers a broader range of locations for potential homeowners.

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    9. Potential for Property Repairs and Improvements: In some cases, USDA loans in Temple Terrace, FL can be used to purchase and repair a home. This is particularly advantageous for buyers looking at homes that may need some TLC.

    10. No Maximum Purchase Price: Unlike some other loan programs, USDA loans do not have a maximum purchase price limit. However, the borrower’s ability to repay the loan is considered.

    11. Streamlined Refinancing Options: For those who already have a USDA loan, the refinancing process is streamlined, making it easier and faster to reduce interest rates and monthly payments.

    By offering these benefits, the USDA home loan program makes homeownership more achievable and affordable for a broader range of people, particularly in rural and suburban areas.

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    Learn more about Temple Terrace, Florida

    Temple Terrace is an incorporated city in northeastern Hillsborough County, Florida, United States, adjacent to Tampa. As of the 2020 census, the city had a population of 26,690. It is the third and smallest incorporated municipality in Hillsborough County, after Tampa and Plant City. Incorporated in 1925, the community is known for its rolling landscape, bucolic Hillsborough River views, and sand live oak trees; it is a Tree City USA. Originally planned in the 1920s as a Mediterranean-Revival golf course community, it is one of the first such communities in the United States.

    Temple Terrace was named for the then-new hybrid, the Temple orange also called the tangor. It is a cross between the mandarin orange—also called the tangerine—and the common sweet orange; it was named after Florida-born William Chase Temple, one-time owner of the Pittsburgh Pirates, founder of the Temple Cup, and first president of the Florida Citrus Exchange. Temple Terrace was the first place in the United States where the new Temple orange was grown in large quantities. The “terrace” portion of the name refers to the terraced terrain of the area by the river where the city was founded. One of the original houses also had a terraced yard with a lawn sloping, in tiers, toward the river.

    The original inhabitants of the Temple Terrace area were known as the Tocobaga, a group of Native Americans living around Tampa Bay, both in prehistoric and historic times, until roughly 1760. Their numbers declined in the seventeenth century, due at least in part to diseases brought to the New World by the Europeans, to which they had little natural resistance. All of the Florida tribes were also severely affected by the raids of Creeks and Yamasee during the late stages of the seventeenth century. In any case, the Tocobaga disappeared from history less than a hundred years later.

    Spanish exploration of the Temple Terrace area dates back to 1757 when explorer Don Francisco Maria Celi of the Spanish Royal Fleet made his way up the Hillsborough River (naming it “El Rio de San Julian y Arriaga”) to what is now Riverhills Park in search of pine trees to use as masts for his ships. Here, in the extensive longleaf pine forest, he erected a cross in what he named “El Pinal de la Cruz de Santa Teresa” (the Pine Forest of the Cross of Saint Theresa). Confirmation of the fleet’s travels is found in its map and logbook. A historic marker and a replica of the cross erected to honor St. Theresa are found in Riverhills Park today. Up to 1913, the longleaf pine, sand live oak, and cypress trees made the area suitable for turpentine manufacturing and logging.

    The area now known as Temple Terrace was originally part of an exclusive 19,000-acre (77 km2) game preserve called “Riverhills” belonging to Chicago socialite Bertha Palmer, wife of businessman Potter Palmer. She played an extensive role in making Sarasota the “City of the Arts” that it is today. She was one of the largest landholders, ranchers, farmers, and developers in Florida at the turn of the twentieth century. The Evening Independent newspaper in 1918 described the preserve as “a well-stocked hunting preserve north of Tampa being one of the most attractive hunting grounds in the state.” Property acquisition by the Palmers and the Honorés began in 1910; only one of the original buildings from the preserve, now known as the Woodmont Clubhouse, remains. Because it escaped logging, the grounds of the clubhouse harbor some of the largest specimens of live oak and longleaf pine in the city.