Ives Estates, FL USDA Eligibility

USDA Eligibility Guide

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Ives Estates, FL USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About Ives Estates, Florida

    Ives Estates is a census-designated place (CDP) in Miami-Dade County, Florida. It is part of the Miami metropolitan area of South Florida. The population was 25,005 at the 2020 census, up from 19,525 in 2010.

    Ives Estates is located in northeastern Miami-Dade County at 25°57′47″N 80°10′55″W / 25.963070°N 80.181968°W / 25.963070; -80.181968. It is bordered to the north by Broward County. Neighboring communities are Ojus to the east and southeast, North Miami Beach to the south and Miami Gardens to the west. To the north, in Broward County, are West Park and Pembroke Park, while Miramar is to the northwest and Hallandale Beach is to the northeast.

    Interstate 95 forms the border between Ives Estates and Ojus, with access from Exit 16 (Ives Dairy Road). Downtown Miami is 16 miles (26 km) to the south, and Fort Lauderdale is 11 miles (18 km) to the north. County Road 854 (Ives Dairy Road/NE 203rd Street/NE 199th Street) is the main road through the center of Ives Estates, leading east to Aventura and west to Miami Gardens.

    According to the United States Census Bureau, the CDP has a total area of 2.76 square miles (7.1 km2), of which 2.55 square miles (6.6 km2) are land and 0.21 square miles (0.54 km2), or 7.71%, are water.

    As of the 2020 United States census, there were 25,005 people, 8,391 households, and 5,516 families residing in the CDP.