USDA Eligibility Guide
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Pembroke Pines, 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 Pembroke Pines, 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 Pembroke Pines, 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 Pembroke Pines USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Pembroke Pines, FL USDA home loan professionals. Get pre-approved with our easy and stress free Pembroke Pines, FL USDA home mortgage today.
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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.