USDA Eligibility Guide
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Fountainebleau, 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 Fountainebleau, 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 Fountainebleau, 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 Fountainebleau USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Fountainebleau, FL USDA home loan professionals. Get pre-approved with our easy and stress free Fountainebleau, FL USDA home mortgage today.
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More About Fountainebleau, Florida
Fontainebleau (incorrectly spelled “Fountainebleau” in the 2000 census) is a census-designated place (CDP) in Miami-Dade County, Florida, United States. It is part of the Miami metropolitan area of South Florida. The population was 59,870 during the 2020 census.
Fontainebleau is located 10 miles (16 km) west of downtown Miami at 25°46′13″N 80°20′45″W / 25.77028°N 80.34583°W / 25.77028; -80.34583 (25.770144, -80.345917). It is bordered to the west by the city of Sweetwater, to the north by the city of Doral, and to the south by unincorporated Westchester.
According to the U.S. Census Bureau, the CDP has a total area of 4.15 square miles (10.7 km2), of which 3.96 square miles (10.3 km2) are land and 0.10 square miles (0.26 km2), or 4.56%, are water.
The neighborhood takes its name from the famed Miami Beach resort. In 1970, Ben Novack, the Fontainebleau’s original owner, grew jealous of Doris and Alfred Kaskel’s plans in Doral and wanted to create his own planned golf course, resort, and community. It was to be known as Fontainebleau Park. Novack, however, soon fell into financial problems (and the Fontainebleau Park would play a part in the hotel’s foreclosure in 1977). The company Trafalgar Developers would go on to develop the community under the “Fontainebleau” name, but no link to the famed hotel would ever be mentioned in promotional materials when the community opened in the 1970s.
The community of Fontainebleau Park itself was a collection of sub-divided villages around two 18-hole golf courses. (East and West course now closed and built upon). The original sales office for Trafalgar Development was located at what is now the Fontainebleau Office Park located at the main Fontainebleau Park entrance and West Flagler Street. Fontainebleau Park West’s sales office (west of N.W. 97th Avenue) was at what is now “Soleil Condominiums”. While the eastern half of the community was heavily designed for condominiums and apartments, the western portion of the community included “Village Homes”, single-family homes, “Garden Homes”, and townhomes.