Horizon West, FL USDA Eligibility

USDA Eligibility Guide

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Horizon West, FL USDA Loan Eligibility Guide

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

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    More About Horizon West, Florida

    Horizon West is a census-designated place (CDP) and unincorporated area in Orange County, Florida, United States. It is part of the Orlando–Kissimmee–Sanford, Florida Metropolitan Statistical Area. The population was 58,101 at the 2020 census.

    Horizon West includes five designated mixed-use villages, namely the Village of Bridgewater, Lakeside Village, Hickory Nut, Village I and Village F., surrounded by greenbelts as well as a town center. The concept was adopted in 1995 by Orange County. As of 2017, Horizon West can be considered one of the fast growing master-planned communities nationwide.

    Horizon West is located in southwestern Orange County, directly north of Walt Disney World Resort. It was a newly defined area as of the 2010 census. State Road 429, the Daniel Webster Western Beltway, runs through the CDP, connecting Ocoee to the north with Four Corners and Interstate 4 to the south.[citation needed]

    According to the United States Census Bureau, the CDP has a total area of 38.1 square miles (98.6 km2), of which 32.9 square miles (85.3 km2) is land and 5.1 square miles (13.3 km2), or 13.50%, is water.

    As of the 2020 United States census, there were 58,101 people, 14,398 households, and 11,119 families residing in the CDP.