Hollywood, FL USDA Eligibility

USDA Eligibility Guide

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

Hollywood, FL USDA Loan Eligibility Guide

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

    Homebuyer Seminars

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

    See our home loans.

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

    3. Income Limits:

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

    Do you need a Pre-Approval?
    Get a same day Hollywood, Florida USDA pre-approval to shop for your dream home!

    Mortgage Resource Center

    More About Hollywood, Florida

    Hollywood is a city in Broward County, Florida, United States. It is a suburb of the Miami metropolitan area, which was home to 6.14 million people in 2020. As of the 2020 census, the population was 153,067, making it the third-largest city in Broward County, the fifth-largest in the Miami metro area, and the 12th-largest in Florida. The average temperature is between 69 and 83 °F (21 and 28 °C).

    In 1920, Joseph Young arrived in South Florida to create his own “Dream City in Florida”. His vision included the beaches of the Atlantic Ocean stretching westward with man-made lakes, infrastructure, roads, and the Intracoastal Waterway. He wanted to include large parks, schools, churches, and golf courses, all industries and activities that were very important to him. After Young spent millions of dollars constructing the city, he was elected its first mayor in 1925. The town quickly became home to northerners known as “snowbirds”, who fled the north during the winter and then escaped the south during the summer. By 1960, Hollywood had more than 2,400 hotel units and 12,170 single-family homes. Young bought up thousands of acres of land around 1920, and named his new town “Hollywood by the Sea” to distinguish it from his other real-estate venture, “Hollywood in the Hills”, in New York.

    The Florida guide, published by the Federal Writers’ Project, describes the development of Hollywood, an early example of the planned communities that proliferated in Florida during the real-estate boom of the 1920s:

    Prospective purchasers of land were enticed by free hotel accommodation and entertainment, and “were driven about the city-to-be on trails blazed through palmetto thickets; so desolate and forlorn were some stretches that many women became hysterical, it is said, and a few fainted.” Young had a vision of lakes, golf courses, a luxury beach hotel (Hollywood Beach Hotel, now Hollywood Beach Resort), country clubs, and a main street, Hollywood Boulevard. Hollywood was severely damaged by the 1926 Miami hurricane; local newspapers reported that it was second only to Miami in losses from the storm. After Young’s death in 1934, the city encountered other destructive hurricanes, and the stock market crashed, causing personal financial misfortunes.

    Hurricane Irma hit Florida in 2017, wreaking widespread damage. Due to the spontaneity of the hurricane, nearly 700 elderly nursing-home residents died. An investigation found that some of the deaths were a result not of the hurricane but of the poor conditions residents experienced in its aftermath. Four nursing-home staff were charged with negligence and manslaughter. The Florida Department of Economic Opportunity created Rebuild Florida, an initiative to provide aid to citizens affected by Irma. Its initial focus was its Housing Repair Program, which offered assistance in rebuilding families’ homes. The program prioritized low-income vulnerable residents, such as the disabled, the elderly, and families with children under five.[citation needed] The program had varied results across the city, with hundreds of citizens claiming they were left without help.