Virginia Gardens, FL USDA Eligibility

USDA Eligibility Guide

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Virginia Gardens, FL USDA Loan Eligibility Guide

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

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    More About Virginia Gardens, Florida

    Virginia Gardens is a village in Miami-Dade County, Florida, United States. The village is a part of the Miami metropolitan area of South Florida. According to the U.S. Census Bureau, the village had a population of 2,364 in 2020.

    In 1947, Miami Springs (of which it was then a part) passed an ordinance outlawing horses from the city limits. In response, about 50 citizens decided to break away and form their own village.

    The village is named for the state of Virginia, original home of many of the wealthy transplants who made up the founding residents. At the time of incorporation, many of the residents owned large estates, some up to 5 acres (20,000 m2), suitable for horse ownership. Only a single 1-acre (4,000 m2) residential property remains within the village limits today; the bulk of residential property now consists of 0.2-acre (810 m2) lots typical of suburban developments.

    Virginia Gardens is located 9 miles (14 km) northwest of downtown Miami at 25°48′33″N 80°17′48″W / 25.80917°N 80.29667°W / 25.80917; -80.29667 (25.809175, –80.296697). It is bordered to the north and east by the city of Miami Springs and to the south by Miami International Airport.

    According to the United States Census Bureau, the village has a total area of 0.3 square miles (0.8 km2), all land.