No Money Down Home Options in Pembroke Pines, FL
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Pembroke Pines, Florida USDA Loan Benefits
The Pembroke Pines, FL USDA home loan program, designed to assist rural homebuyers, offers several significant benefits. Here’s a guide outlining its key advantages:
- No Down Payment Required: One of the most significant benefits of the Pembroke Pines, FL USDA loan is that it does not require a down payment. This feature makes homeownership more accessible to many who may struggle to save for a large down payment.
- Lower Interest Rates: Typically, USDA loans come with interest rates that are lower than conventional loans. This can result in significant savings over the life of the loan.
- Lower Mortgage Insurance Costs: Compared to other loan types like FHA or conventional loans, USDA loans often have lower mortgage insurance costs. This reduces the overall monthly payment and can make housing more affordable.
- Flexible Credit Guidelines: USDA loans have more lenient credit requirements compared to conventional loans. This is beneficial for buyers with less-than-perfect credit histories.
- 100% Financing: Since there’s no down payment required, Pembroke Pines, FL USDA loans offer 100% financing. This is particularly helpful for buyers who have good income but limited savings for a down payment.
6. Fixed-Rate Mortgages: USDA loans are typically fixed-rate mortgages, which means the interest rate remains the same throughout the life of the loan. This predictability is beneficial for budgeting and financial planning.
7. Assistance for First-Time and Repeat Buyers: The program is available not only to first-time homebuyers but also to those who are buying a home for the second time or more, as long as they meet the eligibility criteria.
8. Geographical Flexibility: Although designed for rural areas, the definition of “rural” includes many areas around Pembroke Pines, FL as well. This offers a broader range of locations for potential homeowners.
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9. Potential for Property Repairs and Improvements: In some cases, USDA loans in Pembroke Pines, FL can be used to purchase and repair a home. This is particularly advantageous for buyers looking at homes that may need some TLC.
10. No Maximum Purchase Price: Unlike some other loan programs, USDA loans do not have a maximum purchase price limit. However, the borrower’s ability to repay the loan is considered.
11. Streamlined Refinancing Options: For those who already have a USDA loan, the refinancing process is streamlined, making it easier and faster to reduce interest rates and monthly payments.
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Learn more about Pembroke Pines, Florida
Pembroke Pines is a city in southern Broward County, Florida, United States. The city is located 22 miles (35 km) north of Miami. It is a suburb of and the fourth-most populous city in the Miami metropolitan area. The population of Pembroke Pines was 171,178 at the 2020 census.
Pembroke Pines was officially incorporated on January 16, 1960. The city’s name, Pembroke Pines, is traced back to Sir Edward J. Reed, a member of Britain’s Parliament for the County of Pembroke from 1874 to 1880, who in 1882 formed the Florida Land and Mortgage Company to purchase from Hamilton Disston a total of 2 million acres of mostly swampland located throughout the southern half of Florida. A road put through one of the tracts came to be known as Pembroke Road. When incorporating the city, Walter Smith Kipnis, who became the city’s first mayor, suggested the name Pembroke Pines because of the pine trees growing near Pembroke Road.
The first inhabitants of the area were Native Americans, who first appeared about 4,000 years ago. Skeletal remains of animal hunters dating back about 10,000 years were found around Broward County, showing that perhaps human beings had lived in the area even earlier.
The town started as agricultural land occupied by dairy farms, and grew after World War II as service members were retiring, including large eastern sections that were part of the Waldrep Dairy Farm, including the present-day Pembroke Lakes Mall. The first two subdivisions were called Pembroke Pines. One of the first homes in the city belonged to Kipnis, the city’s first mayor, and was built in 1956. It was then known as the “Village of Pembroke Pines” and was incorporated into a village in 1959. Builders contested the incorporation, so a legal battle ensued concerning the boundaries of the new municipality. City services were added in the 1960s with the building of the first fire department building near North Perry Airport. University Drive was then the western edge of habitable land for residents.[citation needed]
In January 1960, Pembroke Pines held another election, and the village became a city. This small property was less than a square mile and was between Hollywood Boulevard and SW 72nd Avenue, and had the Florida Turnpike to the east. Pembroke Pines sought to give citizens involvement, so they organized the Pembroke Pines Civic Association. The square-mile city was unable to expand due to North Perry Airport and the South Florida State Hospital. Joseph LaCroix, a developer, had his 320 acres (1.3 km2) of land north of Pines Boulevard annexed to the city. This gave a new pathway to proceed westward. In 1977, a maximum security prison known as the Broward Correctional Institution was built in the northwestern part of town. This facility closed in 2012. In 1980, property from Flamingo Road to U.S. 27 was incorporated into Pembroke Pines, doubling the size of the city. This expansion included the property that is currently C.B. Smith Park as well as what was once the Hollywood Sportatorium and the Miami-Hollywood Motorsports Park. Also, in 1980, construction began to extend Interstate 75 from U.S. 27 towards Miami, passing through the new western part of the city. By 1984 the expressway reached Pines Boulevard, the main east-west arterial road in the city.