Haverhill, FL USDA Eligibility

USDA Eligibility Guide

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Haverhill, FL USDA Loan Eligibility Guide

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

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    More About Haverhill, Florida

    Haverhill is a town in Palm Beach County, Florida, United States. It is a part of the Miami metropolitan area of South Florida. Haverhill became a town on May 3, 1950, and was named after the city of Haverhill, Massachusetts. The town is located in east-central Palm Beach County near the western periphery of the Palm Beach International Airport, and is also small geographically, encompassing just 0.63 square miles (1.6 km2). The population of the town was 2,187 as of the 2020 US Census.

    In 1949, approximately 50 families living in the area began an effort to incorporate it into a town. A share of the first settlers being natives of Haverhill, Massachusetts, caused the name to be selected. A vote on the motion to incorporate occurred on May 3, 1950. A total 59 out of 65 registered voters in Haverhill attended, who voted 42–17 in favor of incorporation. Ray Cox became the first mayor; other officers included Mrs. Fred Raulerson as town clerk, Tom Steele as town marshal, and Don Boyd, Henry Franklin, Paul Huffman, Myron V. Kelly, and A. J. Ward as town council members. The first census of the town, taken in 1960, recorded a population of 442. In the mid 1960s, construction began on a town hall, completed in August 1967 at a cost of $25,000. The town hall is a one-story building located at 4585 Charlotte Street near the eastern edge of the town. The town council is composed of five seats including the vice mayor and mayor. The current mayor is Jay Foy.

    Haverhill is located at 26°41′25″N 80°7′15″W / 26.69028°N 80.12083°W / 26.69028; -80.12083 (26.690310, –80.120913). Although surrounded by unincorporated areas, Haverhill is located just west-northwest of the Palm Beach International Airport and borders the census-designated places of Lake Belvedere Estates, Royal Palm Estates, and Stacy Street.

    The Town of Haverhill includes Haverhill Park, a county park located on 5470 Belvedere Road. The town hall is also adjacent to, and operates the Tommy Plyler Baseball Field (little league)

    According to the United States Census Bureau, the town has a total area of 0.6 square miles (1.6 km2), all land.