Florida City, FL USDA Eligibility

USDA Eligibility Guide

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Florida City, FL USDA Loan Eligibility Guide

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

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    More About Florida City, Florida

    Florida City is a city in Miami-Dade County, Florida, United States. It is the southernmost municipality in the South Florida metropolitan area. Florida City is primarily a Miami suburb and a major agricultural area. As of the 2020 census, it had a population of 13,085, up from 11,245 in 2010.

    The city lies to the south and west of, and is contiguous with, Homestead. Both cities suffered catastrophic damage in August 1992 when Hurricane Andrew struck South Florida.

    The city originated as a land promotion named “Detroit”. There were no buildings in the area when the first thirty families arrived in 1910, and they had to stay in Homestead until their houses could be built. The name was changed to “Florida City” when the town incorporated in 1914. It has a small historic area, but much of the city is hotels and other tourist facilities.

    The city is at the eastern end of the only road running through the Everglades National Park, which terminates at Flamingo. Florida City is the southernmost city in the United States which is not on an island. It is also the last stop on the mainland north of the Florida Keys. The southern terminus of the Homestead Extension of Florida’s Turnpike where it ends at its junction with U.S. 1 is located in Florida City. Homestead is immediately north and east of Florida City, and these two cities comprise the greater Homestead-Florida City area. Some of the notable unincorporated communities in the area are Redland, Leisure City, Naranja, and Princeton.

    Florida City is situated mostly atop a limestone ridge called the Miami Rock Ridge that extends south from present day North Miami Beach to a location in Everglades National Park. The ridge, consisting of Miami limestone, serves as the higher ground within the community. The ridge extended from northeast to southwest across the city. The old location of the Florida East Coast Railway track marks the approximate boundary of the location of the limestone ridge south of Davis Parkway. The range of elevation of the ridge is from 5 to 8 feet (1.5–2.4 meters) above sea level.