Astor, FL USDA Eligibility

USDA Eligibility Guide

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Astor, FL USDA Loan Eligibility Guide

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

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    More About Astor, Florida

    Astor is an unincorporated community and census-designated place (CDP) in Lake County, Florida, United States, located on the west side of the St. Johns River between Lake George and Lake Dexter. The community straddles State Road 40, with the community of Volusia in Volusia County across the St. Johns to the east and Astor Park to the west. The population was 1,556 at the 2010 census. It is part of the Orlando–Kissimmee–Sanford Metropolitan Statistical Area.

    Astor is located in northern Lake County at 29°10′N 81°32′W / 29.167°N 81.533°W / 29.167; -81.533 (29.1639, -81.5346). Via State Road 40, it is 31 miles (50 km) west of Ormond Beach and 39 miles (63 km) east of Ocala. Tavares, the county seat of Lake County, is 32 miles (51 km) to the southwest via SR 40 and SR 19.

    According to the United States Census Bureau, the Astor CDP has a total area of 2.7 square miles (6.9 km2), of which 2.3 square miles (6.0 km2) are land and 0.3 square miles (0.8 km2), or 11.93%, are water. Astor’s water area includes the west half of the St. John’s River and a network of canals, extending over 4 miles (6 km) in total length, providing river access for many of its residents. Astor lies entirely within the boundaries of the Ocala National Forest.

    The Astor area and much of the land along the St. Johns River was inhabited by Timucua natives prior to settlement by Europeans. Early attempts at settlement included an English trading post in 1763, and in 1822 a plantation growing sugar cane and oranges was established by Jewish immigrant Moses Elias Levy. By 1838 the Seminole Wars had begun and the United States government established Fort Butler to defend the river as the primary route of transportation inside Florida. These earliest efforts at settlement all met with failure due to war or disease, and until the 1870s the area was largely deserted.: 11, 14–18 

    In 1874, William Backhouse Astor Jr. from New York City’s wealthy Astor family purchased over 12,000 acres (49 km2) of land, upon which he began to establish a town he called “Manhattan”. New settlers arrived by steamboat to the town which Astor had endowed with a church, schoolhouse, botanical garden, and free cemetery. William Astor also built a hotel, saw mill, and eventually a railroad, the St. Johns and Lake Eustis Railway, which headed southwest towards the communities of Eustis and Leesburg. A few miles to the west of town, a satellite community called Astor Park grew up along the shore of Lake Schimmerhorn (named for Astor’s wife, Caroline Schermerhorn Astor). Over the next twenty years Astor saw his town grow, but the Manhattan name never caught on. When William Astor died in 1892, the town was officially renamed “Astor” in his honor.: 23–28