Surfside, FL USDA Eligibility

USDA Eligibility Guide

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Surfside, FL USDA Loan Eligibility Guide

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

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    More About Surfside, Florida

    Surfside is a town in Miami-Dade County, Florida, United States. Surfside is a primarily residential beachside community, with several multistory condominium buildings adjacent to Surfside Beach on the Atlantic Ocean. The town is bordered on the south by the North Beach neighborhood of Miami Beach, on the north by Bal Harbour, on the west by Biscayne Bay, and on the east by the Atlantic Ocean. It also serves as part of the Miami metropolitan area of South Florida. The population was 5,689 as of the 2020 census.

    Between 1923 and 1925, the Tatum Brothers subdivided the land on what is now Surfside.

    Starting in 1924, Henri Levy developed Biscaya Island and a portion of land from 87th to 92nd Streets.

    In 1929–1930, Russell Pancoast, built the Surf Club 90th Street and Collins Avenue.

    In 1935, fearing annexation by the city of Miami Beach, Florida, 35 members of the privately-owned club incorporated the Town of Surfside and financed the venture with a $28,500 loan.