USDA Loan Guide

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Pace, FL USDA Home Loan Guide

What is a Pace, FL USDA Mortgage?

Welcome to the Smart Mortgage guide on USDA Mortgages. Navigating the home financing world can be a daunting task, but understanding the various mortgage options available can significantly streamline the process. One such option that you might not be familiar with is the Pace USDA mortgage. Let’s dive in.

1. Overview

A USDA mortgage, formally known as the USDA Rural Development Guaranteed Housing Loan, is a mortgage loan offered to rural property owners by the United States Department of Agriculture (USDA). Designed primarily to promote Florida homeownership in rural and some suburban areas, the Pace USDA loan comes with a range of benefits that make it a viable option for eligible homebuyers.

2. Key Features

  • No Down Payment: One of the standout features of a USDA loan in Pace is the possibility of financing up to 100% of the home’s price. This means eligible borrowers can buy a Florida home with no down payment.
  • Competitive Interest Rates: Typically, USDA loans come with interest rates that are either at or below the market rate.
  • Flexible Credit Guidelines: USDA loans often have more lenient credit requirements, which can be beneficial for those with a less than perfect credit history.

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    3. Pace, FL USDA Eligibility

    To be eligible for a Pace USDA mortgage, borrowers must meet certain requirements:

    • Location: The Pace property must be located in an eligible rural or certain suburban area as defined by the USDA.
    • Income Limits: There are specific income requirements, both minimum and maximum, based on the median income of the area.
    • Creditworthiness: While the USDA is generally more lenient with credit scores, a certain credit standard must still be met.
    • Primary Residence: The borrower must occupy the home as their primary residence.

    4. Pace, FL USDA Mortgage Benefits

    • Affordability: With no down payment and the potential for lower mortgage insurance premiums, a Pace USDA loan can be more affordable in the long run.
    • Inclusive: It’s a great option for Pace, FL first-time homebuyers or those without a substantial savings for a down payment.
    • Supporting Rural Development: By opting for a USDA mortgage, you’re indirectly supporting the development and sustainability of rural communities.

    5. How Smart Mortgage Can Help

    Navigating the intricacies of USDA mortgages can be challenging. That’s where Smart Mortgage steps in. Our team of seasoned USDA mortgage professionals is here to guide you through every step, ensuring you make informed decisions tailored to your needs. Whether you have questions about your eligibility or the application process, we’re here to help.

    Take the Next Step Interested in exploring if a Pace USDA mortgage is right for you? Get in touch with our Smart Mortgage team today at (888)416-4805. We’re committed to helping you find the best mortgage solution for your unique situation.

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    More information About Pace, Florida

    Pace is an unincorporated community in Santa Rosa County, Florida. It is the second largest community in Santa Rosa County, and is a part of the Pensacola Metropolitan Statistical Area. Pace has experienced exponential growth, and has evolved from a small, rural community to a thriving bedroom community of Pensacola with growing residential and commercial options. As of the 2020 United States census, the population was 24,684. From 2000 to 2010, the Pace CDP population growth percentage was 171.1%, and from 2010 to 2020, the population growth percentage was 22.8%.

    Pace is located in the Western Florida Panhandle, just north of Escambia Bay in Santa Rosa County. Pace comprises the 32571 ZIP code, and is located northeast of Pensacola, and west of Milton. Pace is located approximately 25 minutes driving distance away from Downtown Pensacola. According to the United States Census Bureau, Pace has a total area of 9.4 square miles (24 km2), all land.

    Pace was first recognized in the 1912 United States Census. It was located just north of the Floridatown. Pace is named after James G. Pace, who owned large lumber, paper and turpentine productions that operated in the Pace area. On March 12, 1919, Black veteran Bud Johnson was lynched as part of the Red Summer of 1919. Throughout the 20th century, Pace remained a small, rural community. However, beginning in 1980, Pace began to experience rapid growth and began to evolve from a small, rural community to a fast-growing bedroom community of Pensacola. Commercial growth has also been strong: chain restaurants, chain retailers, and Big-box retailers such as Dick’s Sporting Goods, Walmart, and Target have moved into the Pace area. Floridatown and Pea Ridge are now considered to be neighborhoods within Pace. Pace continues to experience strong population growth, and the growth trend is expected to continue despite remaining an unincorporated community.

    Schools in Pace are administered by the Santa Rosa County School District. Schools in the Pace area perform well, with all schools receiving an A or B rating according to the Florida Department of Education.

    Based on the 2020 census there were 24,684 people, and 8,152 households in the CDP. The population density was 1,018.74 inhabitants per square mile (393.34/km2). The racial makeup of the CDP was 87.70% White, 3.90% African American, 0.3% Native American, 2.10% Asian, and 4.8% from two or more races. The average household size was 2.8.

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