Hialeah Gardens, FL USDA Eligibility

USDA Eligibility Guide

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Hialeah Gardens, FL USDA Loan Eligibility Guide

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

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    More About Hialeah Gardens, Florida

    Hialeah Gardens is a city in Miami-Dade County, Florida, United States. The city is part of the Miami metropolitan area of South Florida. The population was 23,068 at the 2020 US census, up from 21,744 in 2010. The population density is mostly made up of single-story development.

    The municipality sprouted from humble beginnings at Walter C. Ohlerts Tourist Camp. By way of 26 unanimous votes, the town of Hialeah Gardens achieved incorporation in December 1948.

    In February 1949, Hialeah Gardens adopted its first building code, its first traffic ordinance, and the first laws regarding hunting. Hialeah Gardens served mainly as a rural community in which one of its main industries was raising horses. This existed until 1968 when the city adopted an aggressive land use and zoning master plan to lead the growth of the city. Only a small number of small businesses existed along the Okeechobee Road corridor. The city’s close proximity to major roadways, such as Okeechobee Road (U.S. Route 27 / State Road 25) and the Palmetto Expressway (State Road 826), provided the opportunity for Hialeah Gardens to become one of the fastest growing municipalities in the county.

    Hialeah Gardens is located northwest of downtown Miami at 25°52′42″N 80°20′53″W / 25.87833°N 80.34806°W / 25.87833; -80.34806 (25.878342, –80.348072). It is bordered to the north and east by the city of Hialeah and to the southwest by the town of Medley. U.S. Route 27 (Okeechobee Road) runs along the border with Medley, leading southeast 10 miles (16 km) to its southern terminus at U.S. Route 1 in eastern Miami, and northwest 22 miles (35 km) to Interstate 75 at the former Andytown.

    According to the United States Census Bureau, Hialeah has a total area of 3.67 square miles (9.5 km2). 3.22 square miles (8.3 km2) of it are land, and 0.45 square miles (1.2 km2) of it (12.21%) are water.