USDA Eligibility Guide
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Deerfield Beach, FL USDA Loan Eligibility Guide
1. Property Eligibility:
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- The home must be located in a USDA-eligible rural or suburban area around Deerfield Beach, 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:
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- 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 Deerfield Beach, 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:
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- 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 Deerfield Beach USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Deerfield Beach, FL USDA home loan professionals. Get pre-approved with our easy and stress free Deerfield Beach, FL USDA home mortgage today.
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More About Deerfield Beach, Florida
Deerfield Beach is a city in Broward County, Florida, United States, just south of the Palm Beach County line. The city is named for the numerous deer that once roamed the area.[citation needed] As of the 2020 census, the population was 86,859, making it the tenth-largest city in Broward County. It is a key suburb of the Miami metropolitan area, which was home to 6.14 million people in 2020.
Deerfield Beach’s history dates to 1890, when a small settlement named Hillsborough was developed along the Hillsboro River. As the population grew to 20 by 1898, the settlement was now served by its own post office and the town was named Deerfield for the deer that grazed along the river.
By the early 20th century, as the town’s population continued to grow, the Florida East Coast Railroad constructed tracks en route to Miami bisecting Deerfield. Deerfield’s early settlers were mostly farmers who grew pineapples, tomatoes, green beans, squash and fished along the Intracoastal Waterway. Deerfield remained a largely agricultural community, but in 1939 the town’s name was changed to Deerfield Beach to let tourists know it has a beach. In 1952, the original Deerfield Beach Pier was built of wood.
Deerfield Beach is located at 26°18′19″N 80°07′11″W / 26.305223°N 80.119817°W / 26.305223; -80.119817. According to the United States Census Bureau, the city has a total area of 16.3 square miles (42.1 km2), of which 15.1 square miles (39.1 km2) is land and 1.2 square miles (3.0 km2) is water (7.12%). Of Deerfield Beach’s land mass 0.3 square miles is located on Deerfield Beach Island (DBI).
As of 2000, 16.3% of households had children under the age of 18 living with them, 38.2% were married couples living together, 9.6% had a female householder with no husband present, and 48.9% were non-families. 40.3% of all households were made up of individuals, and 22.5% had someone living alone who was 65 years of age or older. The average household size was 2.02 and the average family size was 2.72.