Wimauma, FL USDA Eligibility

USDA Eligibility Guide

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Wimauma, FL USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More 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.