North Palm Beach, FL USDA Eligibility

USDA Eligibility Guide

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North Palm Beach, FL USDA Loan Eligibility Guide

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

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    More About North Palm Beach, Florida

    North Palm Beach is an incorporated village in Palm Beach County, Florida, United States. It is part of the Miami metropolitan area of South Florida. The village won an award from the National Association of Home Builders as best planned community of 1956. The North Palm Beach Country Club is home to a Jack Nicklaus Signature golf course. The population was 13,162 at the 2020 US census.

    In 1954 for $5.5 million John D. MacArthur bought 2,600 acres (11 km2) of land in northern Palm Beach County that had been owned originally by Harry Seymour Kelsey and later by Sir Harry Oakes. The land included most of today’s North Palm Beach as well as Lake Park, Palm Beach Gardens and Palm Beach Shores. MacArthur then began developing what is now North Palm Beach, which sat on former mangrove swamps and farm land. The area was punctuated only by Monet Road and Johnson Dairy Road to the north and south and US 1 and Prosperity Farms Road to the east and west.

    Full-scale development and incorporation as a village occurred nearly simultaneously in 1956, with extensive dredging creating waterfront cul-de-sacs, and the development of a new east-west artery, Lighthouse Drive, connecting Old Dixie Highway and the newly aligned US 1. US 1 was widened and became the main office and civic corridor. Sir Harry Oakes’ castle-like home on US 1 became the clubhouse for the North Palm Beach Country Club, which is located on the village island surrounded by the Intracoastal Waterway reached by three bridges Lighthouse Drive bridge to the West, the Earmon River bridge to the south, and the Parker drawbridge to the north.

    In 1960–1961, North Palm Beach elected Walter E. Thomas, Jr. as its fourth Mayor. Walter and his wife Jackie and four children (Ted, Larry, Jim, and Pam) were the 55th family to move into the Village, arriving in 1957.

    Lake Park West Road was also extended from Old Dixie Highway to US 1 and was renamed Northlake Boulevard, becoming the village’s main commercial corridor.