USDA Loan Guide

“Unlock the Power of USDA Mortgages with Smart Mortgage!”

Malabar, FL USDA Home Loan Guide

What is a Malabar, FL USDA Mortgage?

Welcome to the Smart Mortgage guide on USDA Mortgages. Navigating the home financing world can be a daunting task, but understanding the various mortgage options available can significantly streamline the process. One such option that you might not be familiar with is the Malabar USDA mortgage. Let’s dive in.

1. Overview

A USDA mortgage, formally known as the USDA Rural Development Guaranteed Housing Loan, is a mortgage loan offered to rural property owners by the United States Department of Agriculture (USDA). Designed primarily to promote Florida homeownership in rural and some suburban areas, the Malabar USDA loan comes with a range of benefits that make it a viable option for eligible homebuyers.

2. Key Features

  • No Down Payment: One of the standout features of a USDA loan in Malabar is the possibility of financing up to 100% of the home’s price. This means eligible borrowers can buy a Florida home with no down payment.
  • Competitive Interest Rates: Typically, USDA loans come with interest rates that are either at or below the market rate.
  • Flexible Credit Guidelines: USDA loans often have more lenient credit requirements, which can be beneficial for those with a less than perfect credit history.

Malabar FL USDA Loan Questions Call (888)416-4805

Get Pre-Approved Now

    Once this form is completed you will have the option to start your USDA mortgage application.

    Thank you for choosing iloanusda.com

    Get cash from your home.

    Apply to see how a cash out refinance can help you.

    Homebuyer Seminars

     Discover the keys to homeownership at our local home buying seminar – your first step towards securing your dream home!

    See our home loans.

    Explore our diverse range of home loan programs tailored to fit your unique needs!

    3. Malabar, FL USDA Eligibility

    To be eligible for a Malabar USDA mortgage, borrowers must meet certain requirements:

    • Location: The Malabar property must be located in an eligible rural or certain suburban area as defined by the USDA.
    • Income Limits: There are specific income requirements, both minimum and maximum, based on the median income of the area.
    • Creditworthiness: While the USDA is generally more lenient with credit scores, a certain credit standard must still be met.
    • Primary Residence: The borrower must occupy the home as their primary residence.

    4. Malabar, FL USDA Mortgage Benefits

    • Affordability: With no down payment and the potential for lower mortgage insurance premiums, a Malabar USDA loan can be more affordable in the long run.
    • Inclusive: It’s a great option for Malabar, FL first-time homebuyers or those without a substantial savings for a down payment.
    • Supporting Rural Development: By opting for a USDA mortgage, you’re indirectly supporting the development and sustainability of rural communities.

    5. How Smart Mortgage Can Help

    Navigating the intricacies of USDA mortgages can be challenging. That’s where Smart Mortgage steps in. Our team of seasoned USDA mortgage professionals is here to guide you through every step, ensuring you make informed decisions tailored to your needs. Whether you have questions about your eligibility or the application process, we’re here to help.

    Take the Next Step Interested in exploring if a Malabar USDA mortgage is right for you? Get in touch with our Smart Mortgage team today at (888)416-4805. We’re committed to helping you find the best mortgage solution for your unique situation.

    Do you need a Pre-Approval?
    We are here to help! Get a same day Malabar, Florida USDA pre-approval to shop for your dream home!

    Mortgage Resource Center

    More information About Malabar, Florida

    Malabar is a town in Brevard County, Florida. The population was 2,757 at the 2010 United States Census. It is part of the Palm Bay–Melbourne–Titusville Metropolitan Statistical Area.

    Malabar has a strong council form of government consisting of a five-seat Town Council (one from each of Malabar’s five districts), and a mayor to serve as a figurehead and for ceremonial purposes. The council members must reside in the district they represent; each district’s registered voters vote for their respective district council seat. Council members serve two year terms; district 1, 2, and 3 members are elected in even numbered years, and district 4 and 5 in odd numbered years. The mayor serves a four-year term elected the same year as the US presidential election. Town council members are subject to a three-term (six-year) limit, but may run again and serve up to another six years after sitting out one term. The mayor has a two-term (eight-year) limit, and may also run again after sitting out one term. Day-to-day operation of the Town and its finances is handled by a Town Administrator and a Town Clerk/Treasurer, both of whom report directly to the Town Council. Public works, the fire department, (a hybrid volunteer/paid professional department) report to the Town Administrator, and the clerk’s office reports to the Town Clerk/Treasurer. There are several advisory boards authorized by the town charter who advise and report to the Town Council.
    In 2007, the town had a taxable real estate base of $282.32 million. Malabar currently and historically has the lowest property tax rates of any area of Brevard County, including unincorporated areas of the county. In early 2019, the Town Council voted unanimously to designate the Town as a sandhill crane sanctuary, affording the birds extra attention to protect them within the town borders. It also designated the sandhill crane the official town bird (Town Resolution 08-2018, May 20, 2019).

    As of the census of 2000, there were 2,622 people, 1,033 households, and 757 families residing in the town. The population density was 246.6 inhabitants per square mile (95.2/km2). There were 1,177 housing units at an average density of 110.7 per square mile (42.7/km2). The racial makeup of the town was 93.48% White, 2.78% African American, 0.53% Native American, 1.14% Asian, 0.11% Pacific Islander, 0.34% from other races, and 1.60% from two or more races. Hispanic or Latino of any race were 2.63% of the population.

    There were 1,033 households, out of which 26.9% had children under the age of 18 living with them, 63.5% were married couples living together, 6.8% had a female householder with no husband present, and 26.7% were non-families. 21.3% of all households were made up of individuals, and 8.7% had someone living alone who was 65 years of age or older. The average household size was 2.53 and the average family size was 2.95.

    In the town, the population was spread out, with 22.4% under the age of 18, 5.8% from 18 to 24, 25.3% from 25 to 44, 30.9% from 45 to 64, and 15.6% who were 65 years of age or older. The median age was 44 years. For every 100 females, there were 105.5 males. For every 100 females age 18 and over, there were 100.1 males.

    We Service the Following Locations