East Lake-Orient Park, FL USDA Eligibility

USDA Eligibility Guide

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East Lake-Orient Park, FL USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About East Lake-Orient Park, Florida

    East Lake-Orient Park is an unincorporated census-designated place in Hillsborough County, Florida, United States. The population was 22,753 at the 2010 census, up from 5,703 at the 2000 census following an expansion of its borders. The area is the home of the Florida State Fairgrounds, which hosts the Florida State Fair in mid-February of each year. It was previously home to East Lake Square Mall. The ZIP code for East Lake-Orient Park is 33610 (East Lake) and 33619 (Orient Park).

    East Lake-Orient Park is located in north-central Hillsborough County at 27°58′42″N 82°22′26″W / 27.97833°N 82.37389°W / 27.97833; -82.37389 (27.978399, -82.374017). The CDP includes the communities of East Lake, Orient Park, and Del Rio. It is bordered by the city of Tampa to the south and west, Temple Terrace to the north, Thonotosassa and Mango to the east, and Brandon to the southeast. U.S. Route 301 and Interstate 4 run through the community, crossing near the center of the CDP. US 301 leads northeast 21 miles (34 km) to Zephyrhills and south 9 miles (14 km) to Riverview, while I-4 leads east 27 miles (43 km) to Lakeland and west 8 miles (13 km) to downtown Tampa. Interstate 75 forms the eastern edge of the East Lake-Orient Park CDP, leading north 93 miles (150 km) to Ocala and south 42 miles (68 km) to Bradenton.

    According to the United States Census Bureau, the CDP has a total area of 17.4 square miles (45.0 km2), of which 16.3 square miles (42.3 km2) are land and 1.0 square mile (2.7 km2), or 6.06%, are water. The Tampa Bypass Canal crosses the CDP from north to south.

    As of the census of 2010, there were 22,753 people, residing in the census area. The population density was 1,302.0 inhabitants per square mile (502.7/km2). The racial makeup of the census area was 42.8% White, 47.3% Black or African American, 0.4% Native American, 2.1% Asian, 3.7% from other races, and 3.6% from two or more races. Hispanic or Latino of any race were 16.9% of the population.

    There were 1,998 households, out of which 35.4% had children under the age of 18 living with them, 48.1% were married couples living together, 19.0% had a female householder with no husband present, and 26.2% were non-families. 20.3% of all households were made up of individuals, and 6.8% had someone living alone who was 65 years of age or older. The average household size was 2.85 and the average family size was 3.24.