Gulf Stream, FL USDA Eligibility

USDA Eligibility Guide

“Find out if you’re eligible for a USDA home loan with Smart Mortgage!”

Gulf Stream, FL USDA Loan Eligibility Guide

A USDA (United States Department of Agriculture) mortgage, also known as a Gulf Stream, 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 Gulf Stream, 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.

Questions Call (888)416-4805

Get Pre-Approved Now

    Once this form is completed you will have the option to start your USDA mortgage application.

    Thank you for choosing iloanusda.com

    Get cash from your home.

    Apply to see how a cash out refinance can help you.

    Get Cash

    Homebuyer Seminars

     Discover the keys to homeownership at our local Gulf Stream, FL home buying seminars – your first step towards securing your dream home!

    Seminars

    See our home loans.

    Explore our diverse range of home loan programs tailored to fit your unique needs!

    All Programs

    3. Income Limits:

    • Income limits vary by county and household size. You’ll need to check with our Gulf Stream, 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 Gulf Stream USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Gulf Stream, FL USDA home loan professionals. Get pre-approved with our easy and stress free Gulf Stream, FL USDA home mortgage today.

    Call Now (888)416-4805
    Do you need a Pre-Approval?
    Get a same day Gulf Stream, Florida USDA pre-approval to shop for your dream home!
    Start My Approval

    Mortgage Resource Center

    More About Gulf Stream, Florida

    Gulf Stream is a town in Palm Beach County, Florida, United States. It is part of the Miami metropolitan area of South Florida. The population of the town was at 954 as of the 2020 US Census.

    Gulf Stream was founded in the 1920s as a planned community centered on the Gulf Stream County Club. The town takes its name from the Gulf Stream, a warm Atlantic Ocean current. Gulf Stream was incorporated in 1925.

    Gulf Stream is located at 26°29′25″N 80°3′40″W / 26.49028°N 80.06111°W / 26.49028; -80.06111 (26.490317, –80.061110).

    According to the United States Census Bureau, the town has a total area of 0.8 square miles (2.1 km2), of which 0.8 square miles (2.1 km2) is land and 0.1 square miles (0.26 km2) (9.64%) is water.

    As of the 2020 United States census, there were 954 people, 386 households, and 270 families residing in the town.