Golden Beach, FL USDA Eligibility

USDA Eligibility Guide

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Golden Beach, FL USDA Loan Eligibility Guide

A USDA (United States Department of Agriculture) mortgage, also known as a Golden Beach, 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 Golden 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:

    • 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 Golden 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:

      • 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 Golden Beach USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Golden Beach, FL USDA home loan professionals. Get pre-approved with our easy and stress free Golden Beach, FL USDA home mortgage today.

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    More About Golden Beach, Florida

    Golden Beach is a town in Miami-Dade County, Florida, United States, between the Intracoastal Waterway and Atlantic Ocean. The town is part of the Miami metropolitan area of South Florida. As of the 2020 US census, the town had a population of 961.

    Golden Beach is located in the northeast corner of Miami-Dade County at 25°57′54″N 80°07′21″W / 25.964869°N 80.122481°W / 25.964869; -80.122481. It is on the barrier island that separates the Intracoastal Waterway from the ocean; the entire town is about one mile from north to south, and four blocks from east to west. It is bordered to the south by the city of Sunny Isles Beach, to the west by the city of Aventura, and to the north by the city of Hallandale Beach in Broward County. According to the U.S. Census Bureau, the town has a total area of 0.42 square miles (1.09 km2), of which 0.33 square miles (0.85 km2) are land and 0.09 square miles (0.23 km2), or 21.45%, are water.

    Golden Beach is known as a very upscale community, and many of its houses are worth over a million dollars. Several celebrities, including Bill Gates, own homes there.[citation needed] Eric Clapton’s album 461 Ocean Boulevard was named after the Golden Beach house at that address, a photo of which is also featured on the album cover. High-rise construction and commercial development are not permitted within the town limits.

    In 1981, all but one of the roads into the town from A1A were closed as a means of preventing “criminals, curious tourists from nearby hotels, joggers and Haitian refugees” from entering Golden Beach. The blockades remained and the Strand continues to be the only road into town and is still patrolled by a police guardhouse.

      Broward County (Hallandale Beach)
      Broward County (Hallandale Beach) Atlantic Ocean
      Aventura   Atlantic Ocean
      Aventura Atlantic Ocean
      Sunny Isles Beach