Miami Lakes, FL USDA Eligibility

USDA Eligibility Guide

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Miami Lakes, FL USDA Loan Eligibility Guide

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

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    More About Miami Lakes, Florida

    Miami Lakes is an incorporated town in Miami-Dade County, Florida, United States. The town is part of the Miami metropolitan area of South Florida. As of the 2020 census, the population was 30,467.

    The development was constructed by Sengra (now the Graham Companies) beginning in 1962 on land formerly owned by Florida state senator Ernest “Cap” Graham. The Grahams stated for many years that it would be a 30-year development, but they are still developing to this day.

    The original Miami Lakes development, east of the Palmetto Expressway, was master-planned by Lester Collins with curving tree-shaded roadways and numerous curving lakes, which are unusual compared to most surrounding areas with their treeless streets on a square grid and rectangular lakes. This original development, which is on the east side of the more recently designated Town of Miami Lakes, has neighborhood shopping centers, tot-lot parks, and a town center named Main Street. A significant portion of Miami Lakes is still owned by the Grahams, mostly apartment buildings, shopping centers, office buildings, and undeveloped land. The town is an early model of the New Urbanism movement, with shopping and services located within walking distance of residences as well as narrow, walkable streets and plenty of neighborhood parks.

    When it was incorporated in December 2000, the Town of Miami Lakes became the 31st municipality in Miami-Dade County. Miami Lakes is home to more than 1,100 businesses.

    The Master Plan began over 50 years ago when the Graham family began the development of what was their dairy farm. Unlike many cities and towns created during the early 1960s, the Grahams decided to create a master plan for the city that would allow decades of growth, construction, and changing market conditions. Lester Collins, former dean of the Harvard School of Design, was enlisted to create a master plan for the area that would become the center of Miami Lakes. Collins laid the foundation for an integrated community, including residential, commercial, industrial, and mixed uses.