Pinecrest, FL USDA Eligibility

USDA Eligibility Guide

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Pinecrest, FL USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About Pinecrest, Florida

    Pinecrest is a suburban village in Miami-Dade County, Florida, United States. The village is part of the Miami metropolitan area of South Florida. As of the 2020 census, the population was 18,388.

    Pinecrest is governed by a five-member village council and operates under the council-manager form of government. 33156, the ZIP code that encompasses most of the village, has been consistently ranked as one of the most expensive in the United States.

    During the 1900s, Miami pioneer and railroad tycoon Henry Flagler used the property at U.S. 1 and Southwest 102 Street as a staging area during the construction of the Overseas Railroad to the Florida Keys.

    In the 1930s, the area’s growth continued and the community began to evolve around one of the first tourist attractions established in the Miami vicinity – Parrot Jungle and Gardens. Parrot Jungle was founded in 1936 by Franz and Louise Scherr on property located at Red Road and Southwest 111 Street and over the years has become a tourist attraction whose visitors included Winston Churchill. The idea for Parrot Jungle began after Scherr, who owned and operated a feed and supply store in Homestead, and became intrigued with the idea of building an attraction where birds would “fly free”. To bring his vision to life, he rented 20 acres (8.1 ha) of hammock land for an annual fee of $25 (equivalent to $476.92 in 2021). Parrot Jungle was built as a winding nature trail dug through the coral rock and hammock land, indigenous to the area. All the natural plants were left undisturbed. The entrance was built on Red Road. The attraction opened on December 20, 1936, to about 100 visitors. Each paid 25 cents admission to see and hear Scherr talk about his birds, trees and flowers. Since 1936, Parrot Jungle has attracted over a million visitors. On December 17, 2002, the Village of Pinecrest purchased the Parrot Jungle with the aim of developing the site as Pinecrest Gardens. On March 8, 2003, the Pinecrest Village Council dedicated Pinecrest Gardens and officially opened it to the public as the village’s newest municipal park. The attraction moved to a new waterfront location on Watson Island between downtown Miami and Miami Beach. It was relaunched as Parrot Jungle Island.

    The Miami Serpentarium, a tourist attraction that featured snakes, lizards and other reptiles and amphibians, was located on US 1 for many decades prior to closing in the mid-1980s.