USDA Eligibility Guide
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Miami Gardens, 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 Miami 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:
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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 Miami 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:
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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 Miami Gardens USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Miami Gardens, FL USDA home loan professionals. Get pre-approved with our easy and stress free Miami Gardens, FL USDA home mortgage today.
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More About Miami Gardens, Florida
Miami Gardens is a city in north-central Miami-Dade County, Florida, United States. It is located 16 miles (26 km) north of Downtown Miami with city boundaries that stretch from I-95 and Northeast 2nd Avenue to its east to Northwest 47th and Northwest 57th Avenues to its west, and from the Broward County line to its north to 151st Street to its south. The city’s name originated from Florida State Road 860, a major roadway through the area also known as Miami Gardens Drive.
Miami Gardens had a population of 111,640 as of 2020. It is Florida’s most populous city with a majority African American population and also home to the largest percentage of African Americans (66.97 percent) of any city in Florida, according to the U.S. Census Bureau. It is a principal city in the Miami metropolitan area of South Florida, which is the nation’s ninth-largest, and world’s 65th-largest metropolitan area with a population of 6.158 million people as of 2020.
Miami Gardens is the home of Hard Rock Stadium, a 64,767 capacity multi-purpose stadium that serves as the home field for both the Miami Dolphins of the National Football League and the Miami Hurricanes, the University of Miami’s NCAA Division I college football team, which has won five national championships since 1983.
In the wake of the construction of I-95 in the late 1960s, many middle- and upper-income African American and West Indian American families migrated from Miami neighborhoods like Liberty City to what became Miami Gardens (also called Carol City, Norland, or Norwood) as race-based covenants were outlawed with the Fair Housing Act, and mostly lower income blacks moved into the Liberty City and Little Haiti neighborhoods surrounding Liberty Square and Edison Courts.
Miami Gardens was incorporated on May 13, 2003. The city’s neighborhoods of Andover, Bunche Park, Carol City, Lake Lucerne, Norland, Opa-locka North, and Scott Lake were previously unincorporated areas within Miami-Dade County.