Riviera Beach, FL USDA Eligibility

USDA Eligibility Guide

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Riviera Beach, FL USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About Riviera Beach, Florida

    Riviera Beach is a city in Palm Beach County, Florida, United States, which was incorporated on September 29, 1922. Due to the location of its eastern boundary, it is also the easternmost municipality in the Miami metropolitan area. In the 2020 U.S. Census, the total population of Riviera Beach residents was 37,604 people.

    Riviera Beach is predominantly an African-American city and it is on the list of U.S. cities with African American majority populations. It is home to the Port of Palm Beach and a United States Coast Guard station, and has its own marina. Riviera Beach is home to Blue Heron Bridge, one of the country’s top-rated beach dive sites. In 2015, Riviera Beach renamed part of Old Dixie Highway that runs inside the city limits as President Barack Obama Highway. The city is also home to Rapids Water Park, a water park attraction for both tourists and residents.

    Riviera Beach was originally called Oak Lawn, but the settlement was renamed Riviera in 1893. It wasn’t until 1941 that “Beach” was added, though it was incorporated in 1922 as only the “Town of Riviera”. In 1959, it converted from a “town” status to the present-day “City of Riviera Beach”. For the first half of the 20th century, its nickname was “Conch Town”, after the many Conch people (Bahamians and Bahamian Americans) who resided in the city. The city was named after the French Riviera.

    According to the United States Census Bureau, the city has a total area of 9.8 square miles (25 km2), of which 8.3 square miles (21 km2) is land and 1.5 square miles (3.9 km2) (15.33%) is water. The eastern part of the city includes most of Singer Island, a peninsula on the Atlantic coast of Palm Beach County, Florida, which is separated from the mainland portion of the city by Lake Worth’s Lake Worth Lagoon.

    Riviera Beach has a tropical climate, more specifically a tropical rainforest climate (Köppen climate classification Af), as its driest month (February) averages 64.8mm of precipitation, meeting the minimum standard of 60mm in the driest month needed to qualify for that designation. Much of the year is warm to hot in Riviera Beach, and frost is extremely rare. As is typical in South Florida, there are two basic seasons in Riviera Beach, a mild and dry winter (November through April), and a hot and wet summer (May through October). Daily thundershowers are common in the hot season, though they are brief. The city of Riviera Beach is home to many varieties of tropical vegetation, which can be seen in its variety of plants, trees, and flowers all over South Florida and the city itself.