USDA Eligibility Guide
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Naranja, 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 Naranja, 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 Naranja, 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 Naranja USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Naranja, FL USDA home loan professionals. Get pre-approved with our easy and stress free Naranja, FL USDA home mortgage today.
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More About Naranja, Florida
Naranja is an unincorporated community and census-designated place (CDP) in Miami-Dade County, Florida, United States. Many orange groves were once located in this area, so the community name came from the Spanish word for orange, naranja, though the pronunciation among the local residents is “Na-Ran-Jah”. Naranja was also a stop for the Florida East Coast Railroad that once ran through this area. It is part of the Miami metropolitan area of South Florida. The population was 13,509 at the 2020 census, up from 8,303 in 2010.
Naranja is located 25 miles (40 km) southwest of downtown Miami at 25°31′N 80°25′W / 25.517°N 80.417°W / 25.517; -80.417 (25.5174, -80.4217). It is bordered to the north and east by Princeton and to the south by Leisure City, and the city of Homestead is 5 miles (8 km) to the southwest.
U.S. Route 1 (Dixie Highway) runs along the northwest edge of the community. The Homestead Extension of Florida’s Turnpike touches the southeast corner of the community, with partial access from Exit 6 (Tallahassee Road) and full access from Exit 5 (Biscayne Drive) in Leisure City.
According to the United States Census Bureau, the Naranja CDP has a total area of 1.7 square miles (4.4 km2), of which 1.5 square miles (3.9 km2) are land and 0.2 square miles (0.5 km2), or 10.99%, are water.
As of the 2020 United States census, there were 13,509 people, 3,365 households, and 2,798 families residing in the CDP.