Thonotosassa, FL USDA Eligibility

USDA Eligibility Guide

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Thonotosassa, FL USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About Thonotosassa, Florida

    Thonotosassa is a census-designated place (CDP) in Hillsborough County, Florida, United States. The population was 15,238 at the 2020 census, up from 13,014 at the 2010 census.

    The name “Thonotosassa” comes from the Seminole-Creek words ronoto “flint” and sasv “some”, meaning the place was a source of valuable flint. Following the establishment of Fort Brooke in 1824 in what is now Tampa, a road that ran northwest of Lake Thonotosassa was built between Fort Brooke and Fort King in Ocala. This road became known as the Fort King Road, which today is crossed in several locations by U.S. Route 301. Nevertheless, the presence of a Seminole village largely discouraged whites from moving into the area. After the Second Seminole War ended in 1842, whites began to settle.

    In 1893, the Tampa and Thonotosassa Railroad opened a 13-mile (21 km) route between the two growing communities. This line today no longer extends into Thonotosassa, its northern tracks having been removed along with the town depot by the 1980s, but its southern portion remains a busy industrial spur, joining with the CSX main line at Neve Wye.

    Among other areas for recreation for the youth is the Morris Bridge Road area and its Nature’s Classroom.

    Thonotosassa is located in northeastern Hillsborough County at 28°3′22″N 82°17′34″W / 28.05611°N 82.29278°W / 28.05611; -82.29278 (28.056135, -82.292663). It is bordered to the southwest by East Lake-Orient Park, and to the south by Mango and Seffner. The unincorporated community of Antioch is on the eastern edge of the CDP.