Davie, FL USDA Eligibility

USDA Eligibility Guide

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Davie, FL USDA Loan Eligibility Guide

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

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    More About Davie, Florida

    Davie is a town in Broward County, Florida, United States, approximately 24 miles (39 km) north of Miami. The town’s population was 110,320 at the 2020 census, Davie is a principal town of the Miami metropolitan area. Horseback riding is common, as much of its historic buildings include ranches and other Western establishments.

    Prior to European colonization, the Tequesta were the indigenous people of what is now Davie. A few campsites and graves have been found in Davie, the oldest dating back 5,000 to 7,000 years in Pine Island Ridge. After Spanish colonization, many of the Tequesta died and the remaining few either escaped to Havana with the Spanish when Florida became a British colony, or they assimilated into the newly arrived Seminoles in the late 18th century.

    According to the United States Census Bureau, the town has a total area of 35.7 square miles (92.5 km2), of which 34.9 square miles (90.4 km2) is land and 0.85 square miles (2.2 km2) (2.32%) is water.

    As of the 2020 United States census, there were 105,691 people, 35,644 households, and 24,596 families residing in the town.

    As of the 2020 United States census, there were 91,922 people, 33,249 households, and 22,313 families residing in the town.