USDA Eligibility Guide
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Kendall, FL USDA Loan Eligibility Guide
1. Property Eligibility:
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- The home must be located in a USDA-eligible rural or suburban area around Kendall, 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:
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- 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 Kendall, 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:
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- 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 Kendall USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Kendall, FL USDA home loan professionals. Get pre-approved with our easy and stress free Kendall, FL USDA home mortgage today.
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More About Kendall, Florida
Kendall is an unincorporated area and census-designated place in Miami-Dade County, Florida. It is part of the Miami metropolitan area of South Florida. At the 2020 census, the area had a population of 80,241.
Much of what is now Kendall was purchased from the State of Florida in 1883 by the Florida Land and Mortgage Company. It was named for Henry John Broughton Kendall, a director of the company, who moved to the area in the 1900s to manage the company’s land. As the land was not open to homesteading, development was slow well into the 20th century. A post office opened in 1914, and the first school opened in 1929. After the end of the land boom in 1926, some residents left. Two Seminole camps were in the Kendall area, and Seminoles continued to live there into the 1940s.
Prior to the 1950s, the term “Kendall” was used to describe a region centered around U.S. Route 1, bounded by Snapper Creek to the north, the Everglades to the west, Old Cutler Road to the east, and the former community of Rockdale to the south. This area was largely uninhabited, generally consisting of pine rockland interspersed with fields and groves. As the region experienced rapid development in the 1950s, the moniker “Kendall” came to refer to the various communities built in the vicinity of present-day Pinecrest and the eastern half of the current Kendall CDP. When growth shifted west in the 1970s, 1980s, and 1990s, the usage of the term steadily shifted west concurrently, and today it is most often applied to the area more formally known as West Kendall. Prior to incorporation in 1996, the Village of Pinecrest was still included in the official boundaries of Kendall CDP.
In August 1992, Kendall and the surrounding South Dade area were severely damaged by Hurricane Andrew. Many of the homes and businesses in the area were destroyed. In the subsequent years, the area was slowly rebuilt.
Kendall is located 14 miles (23 km) southwest of downtown Miami at 25°40′0″N 80°21′24″W / 25.66667°N 80.35667°W / 25.66667; -80.35667 (25.666781, −80.356533). It is bordered to the east by the village of Pinecrest, to the southeast by the village of Palmetto Bay, to the south by Palmetto Estates and Richmond Heights, to the southwest by Three Lakes, to the west by The Crossings, to the northwest by Kendale Lakes, to the north by Sunset, and to the northeast by Glenvar Heights.