USDA Loan Guide

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Wimauma, FL USDA Home Loan Guide

What is a Wimauma, 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 Wimauma 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 Wimauma 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 Wimauma 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. Wimauma, FL USDA Eligibility

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

    • Location: The Wimauma 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. Wimauma, FL USDA Mortgage Benefits

    • Affordability: With no down payment and the potential for lower mortgage insurance premiums, a Wimauma USDA loan can be more affordable in the long run.
    • Inclusive: It’s a great option for Wimauma, 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 Wimauma 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 Wimauma, Florida

    Wimauma is an unincorporated census-designated place in Hillsborough County, Florida, United States. The population was 6,373 at the 2010 census, up from 4,246 at the 2000 census.

    Wimauma was founded by Captain C.H. Davis in 1902. Davis named the town using the first few letters of the names of his daughters Will, Maude, and Mary. Wimauma was located on a 55-mile (89 km) railroad route that was built south from Durant to Manatee County and into Sarasota, with construction starting in 1895. It was incorporated in 1902 as the United States & West Indies Railroad and Steamship Company. It became the Florida West Shore Railway on May 9, 1903 and then merged into the Seaboard Air Line Railroad in 1909. In 1902, Capt. Davis helped to build the railroad connecting Turkey Creek and Bradenton. He decided to found a town at the halfway point, opening a post office there on October 24, 1902. The town had the railroad tracks as the eastern boundary and was centered on Lake Tiger, now called Lake Wimauma. A railroad depot was constructed in 1903. The town was officially incorporated in 1925 as the county’s fourth municipality, but the city government ceased to function some time in the 1930s. In 1993, this fact was rediscovered, but it was concluded that the incorporation was no longer valid after about 60 years without a city government. The railroad depot in Wimauma served as a passenger stop until 1968. The railroad tracks were removed in 1984, and the station had been razed years before this removal.

    Wimauma is bordered to the north by Balm, to the west by Sun City Center, and to the south by Manatee County. U.S. Route 301 forms part of the western border of the community, leading north 19 miles (31 km) to the Brandon–Tampa area and southwest 24 miles (39 km) to Bradenton. Florida State Road 674 runs through the center of Wimauma, leading east 9 miles (14 km) to Fort Lonesome and west through Sun City Center 9 miles to Ruskin.

    According to the United States Census Bureau, the Wimauma CDP has a total area of 25.3 square miles (65.5 km2), of which 25.0 square miles (64.8 km2) land and 0.2 square miles (0.6 km2), or 0.99%, are water.

    As of the census of 2000, there were 4,246 people, 951 households, and 820 families residing in the community. The population density was 504.1 inhabitants per square mile (194.6/km2). There were 1,097 housing units at an average density of 130.2 per square mile (50.3/km2). The racial makeup of the community was 51.13% White, 7.42% African American, 0.80% Native American, 0.21% Asian, 0.28% Pacific Islander, 37.21% from other races, and 2.94% from two or more races. Hispanic or Latino of any race were 72.89% of the population.

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