Belle Glade, FL USDA Eligibility

USDA Eligibility Guide

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Belle Glade, FL USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About Belle Glade, Florida

    Belle Glade is a city in south-central Florida and it is the far western part of Palm Beach County, Florida, United States, on the southeastern shore of Lake Okeechobee. It is part of the Miami metropolitan area of South Florida. According to the 2020 U.S. Census, the city had a population of 16,698, down from 17,467 in the 2010 census.

    Belle Glade (and the surrounding area) is sometimes referred to as “Muck City” due to the large quantity of muck, in which sugarcane grows, found in the area. Despite being located in the South Florida region of the state, Belle Glade is culturally more associated with the Florida Heartland.

    For a time during the early to mid 1980s, the city had the highest rate of AIDS infection per capita (37 cases in a population of roughly 19,000) in the United States. According to the FBI, in 2003, the city had the second highest violent crime rate in the country at 298 per 10,000 residents.[citation needed] In 2010, the Palm Beach County sheriff’s office estimated that half of the young men in Belle Glade between the ages of 18 and 25 had felony convictions.

    The town of Belle Glade was founded during the Florida land boom of the 1920s. During that period, there were a series of efforts made to put in place drainage systems to reclaim dry land from the Everglades, including land around Lake Okeechobee. It was hoped that the reclaimed acreage could be put to better use, including agriculture. In 1921 the Florida legislature established an agricultural research station at Belle Glade to study methods of growing crops on reclaimed Everglades land. At that time, there were already 16 settlements on and around Lake Okeechobee, inhabited by around 2,000 people.

    A settlement, originally named Hillsboro, was built at what is now Belle Glade in 1925. In 1926 the Florida East Coast Railway extended its system to Belle Glade, which helped the town’s development.