Garden Grove, FL USDA Eligibility

USDA Eligibility Guide

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Garden Grove, FL USDA Loan Eligibility Guide

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

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    More About Garden Grove, Florida

    Garden Grove (also known as Garden Grove Estates) is an unincorporated community and census-designated place (CDP) in the U.S. state of Florida, in central Hernando County. The ZIP Code for this community is 34604. As of the 2010 census, Garden Grove had a population of 674.

    Garden Grove is in southern Hernando County and is bordered by Masaryktown to the south, South Brooksville to the north, and Spring Hill to the west. Garden Grove is located along the eastern edge of Hernando County Airport and is dominated by US 41, the main road through the community.

    Though they list their address as being Brooksville, Garden Grove is the headquarters of the Southwest Florida Water Management District which is across from The Trails of Rivard Golf and Country Club.

    The main road through Garden Grove is U.S. 41, which runs southwest to northeast from Masaryktown through Brooksville, the Hernando County seat. The CSX Brooksville Subdivision runs along the east side of the road, and contains a spur to the airport, which was revived when US 41 was widened. Two other roads run from west to east; the first is County Road 574 (Spring Hill Drive), which runs along the northern border of Hernando County Airport before terminating at US 41. The other, County Road 572 (Powell Road), runs along the northern edge of Garden Grove and spans from near Weeki Wachee to Spring Lake.