Opa-locka, FL USDA Eligibility

USDA Eligibility Guide

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Opa-locka, FL USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About Opa-locka, Florida

    Opa-locka /ˈoʊpəˌlɒkə/ is a city in Miami-Dade County, Florida, United States. The city is part of the Miami metropolitan area of South Florida. As of the 2020 census, the population was 16,463, up from 15,219 in 2010.

    The city was developed by Glenn Curtiss. Developed based on a One Thousand and One Nights theme, Opa-locka has the largest collection of Moorish Revival architecture in the Western Hemisphere, and streets with such names as Sharazad Boulevard, Sinbad Avenue, Sabur Lane, Sultan Avenue, Ali Baba Avenue, Perviz Avenue, and Sesame Street.

    The name Opa-locka is an abbreviation of a Seminole place name, spelled Opa-tisha-wocka-locka (or Opatishawockalocka), meaning “wooded hummock” or “high, dry hummock.”

    Opa-locka was founded by aviation pioneer Glenn Curtiss in 1926. Curtiss developed the city with a Moorish architecture theme. While the 1926 Miami hurricane badly damaged the city and brought the Florida land boom to a halt, several Moorish-style buildings survived. Twenty of the original Moorish Revival architecture buildings have been listed on the National Register of Historic Places as part of the Opa-locka Thematic Resource Area.[citation needed]

    Amelia Earhart launched her historic trip around the world from Miami Municipal Airport, located at the time in what is now the southern part of Opa-locka. The German dirigible Graf Zeppelin visited Naval Air Station Miami, which later became Opa-locka Airport, as a regular stop on its Germany-Brazil-United States-Germany scheduled route.