Oakland Park, FL USDA Eligibility

USDA Eligibility Guide

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Oakland Park, FL USDA Loan Eligibility Guide

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

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    More About Oakland Park, Florida

    Oakland Park, officially the City of Oakland Park, is a city in Broward County, Florida, United States. It is part of the South Florida metropolitan area, which was home to 6,166,488 people at the 2020 census. As of the 2020 United States Census, the city’s population was 44,229.

    Originally named Floranada (a blend of Florida and Canada), the town was forced into bankruptcy after the hurricane of 1926. When the municipality reincorporated, residents chose to make it a city and voted for the name Oakland Park. The original boundaries went from the Atlantic Ocean, west to what is now U.S. 441, and from the north fork of Middle River north to Cypress Creek Boulevard, but when the boundaries were reestablished, it was to approximately the west side of U.S. 1, west to Northeast 3rd Avenue and the north fork of Middle River north to what is now Prospect Road. Over time, it has expanded to its current boundaries, mainly due to acquiring a few other areas, such as recent annexations of previously unincorporated neighborhoods of Twin Lakes South and North Andrews Gardens.

    Oakland Park is located at 26°10′35″N 80°8′40″W / 26.17639°N 80.14444°W / 26.17639; -80.14444 (26.176362, –80.144509). According to the United States Census Bureau, the city has a total area of 8.1 square miles (21.1 km2), of which 7.5 square miles (19.3 km2) is land and 0.69 square miles (1.8 km2) (8.40%) is water.

    Oakland Park is bisected by the Florida East Coast Railway, which runs parallel to Dixie Highway through the city’s downtown. The City of Oakland Park has put into place new zoning regulations intended to transform downtown Oakland Park into a mixed-use pedestrian community. One element of the proposal is the creation of a new commuter rail station on the FEC rail line.

    Oakland Park borders the city of Wilton Manors. Increased property prices in Wilton Manors have pushed up prices in Oakland Park and spurred interest in the city’s downtown redevelopment plan.