Weston, FL USDA Eligibility

USDA Eligibility Guide

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Weston, FL USDA Loan Eligibility Guide

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

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    More About Weston, Florida

    Weston is a city in Broward County, Florida, United States, just west of Fort Lauderdale. It is 31 miles (50 km) to the northwest of Miami and part of the Miami metropolitan area. The population was 68,107 at the 2020 census.

    In the 1950s, industrialist and philanthropist Arthur Vining Davis took control of the approximately 15,000 acres (6,100 ha) which Weston is now located on; Davis was Arvida’s first owner. In the following years, plans were made to develop the land, and the area which is known as Bonaventure was sold and subsequently developed independently from the Arvida development; this area forms Weston’s Bonaventure Development District. The large, remaining portion of the master-planned community was developed by Arvida/JMB Realty (known for developing Walt Disney World), and the community was originally named Indian Trace; the area developed by Arvida forms Weston’s Indian Trace Development District.

    The community’s name of Indian Trace was changed to Weston in the early 1980s, and in 1984, the first homes in the Arvida-developed section of Weston were completed in the Country Isles and Windmill Ranch sections of the community.

    In 1994, the Board of Supervisors of Weston began discussing the possibility of either incorporating as a municipality, being annexed into a neighboring municipality, or remaining an unincorporated area of Broward County. In April 1994, the Board of Supervisors initiated an Incorporation Feasibility Study, and a nine-member Steering committee consisting of residents and consultants was established by the Board.

    By November 1995, after ruling out remaining an unincorporated area or being annexed to the neighboring municipalities of Davie, Fort Lauderdale, Pembroke Pines, or Sunrise (all four of which received Requests for Proposals on the matter from the Board of Supervisors), it was concluded by both the Board of Supervisors and the Steering Committee that the best option was for Weston to incorporate itself as a city. This was determined to be the best option because the community would be able to govern itself on a local level through home rule, and because the local tax revenues generated by the residents would stay in Weston, remain in Weston’s control, and be used by and for Weston. Shortly thereafter, the Board of Supervisors formally requested to the State of Florida to let the Indian Trace Development District’s residents vote on whether or not their district should incorporate as a city.