Fisher Island, FL USDA Eligibility

USDA Eligibility Guide

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Fisher Island, FL USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About Fisher Island, Florida

    Fisher Island is a census-designated place in Miami-Dade County, Florida, United States, located on a barrier island of the same name. Since 2015, Fisher Island has the highest per capita income of any place in the United States. It is located in the Miami metropolitan area of South Florida. As of the 2020 census, the population was 561.

    Named for automotive parts pioneer and beach real estate developer Carl G. Fisher, who once owned it,[citation needed] Fisher Island is three miles off the shore of mainland South Florida. No road or causeway connects to the island, which is only accessible by private boat, helicopter, or ferry. Once a one-family island home of the Vanderbilts, and later several other millionaires, it was sold for development in the 1960s. The property sat vacant for well over 15 years before development began for very limited and restrictive multi-family use.

    Fisher Island was separated from the barrier island which became Miami Beach in 1905, when Government Cut was dredged across the northern end of the island. Construction of Fisher Island began in 1919 when Carl G. Fisher, a wealthy land developer originally from Indiana, purchased the property from businessman and real estate developer Dana A. Dorsey, South Florida’s first African-American millionaire. In 1925, William Kissam Vanderbilt II traded a luxury yacht to Fisher for ownership of the island.

    After Vanderbilt’s death in 1944, ownership of the island passed to U.S. Steel heir Edward Moore. Moore died in the early 1950s, and Gar Wood, the millionaire inventor of hydraulic construction equipment, bought it. Wood, a speedboat enthusiast, kept the island a one-family retreat. In 1963, Wood sold to a development group that included local Key Biscayne millionaire Bebe Rebozo, Miami native and United States Senator George Smathers, and then former U.S. Vice President Richard Nixon, who had promised to leave politics. During his subsequent presidency from 1968 to 1973, and during the Watergate scandal, Nixon maintained a home on nearby Key Biscayne known as the “Key Biscayne Whitehouse” that was the former residence of Senator Smathers and next door to Rebozo, but none of the three ever resided on Fisher Island.

    The Rosenstiel School of Marine, Atmospheric, and Earth Science at the University of Miami maintained the Comparative Sedimentology Laboratory on Fisher Island from 1972 to 1990 under the leadership of Robert Ginsburg.