Hunters Creek, FL USDA Eligibility

USDA Eligibility Guide

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Hunters Creek, FL USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About Hunters Creek, Florida

    Hunter’s Creek is a master planned, unincorporated community and census-designated place in Orange County, Florida, United States. It is part of the Orlando–Kissimmee–Sanford, Florida Metropolitan Statistical Area. The population was 14,321 at the 2010 census. It has grown up around a large planned community named Hunter’s Creek, though the CDP name given by the United States Census Bureau lacks the apostrophe.

    Genstar Development Company based out of Canada owned a massive tract of land in south Orange County Florida totaling up to 3,840 acres. Planning of the upscale community began as early as 1984 with an official kick-off construction announcement in 1986, noting that this was a 15- to 20-year project. Genstar sold much of the remaining development in 1987 for $25,832,000 to American Newland Associates, a California general partnership. August 1997 AG Land Associates, LLC (f/k/a American Newland Associates) sells some of the undeveloped acreages to Westbrook Hunter’s Creek, LP for $42,589,200. The majority of the community was built in the late 1980s and 1990s, and some of the community is still under construction.[citation needed]

    Hunter’s Creek is located at 28°21′26″N 81°25′42″W / 28.35722°N 81.42833°W / 28.35722; -81.42833 (28.357105, -81.428453).

    According to the United States Census Bureau, the CDP has a total area of 3.8 square miles (9.9 km2), all land.

    As of the census of 2000, there were 9,369 people, 3,460 households, and 2,498 families residing in the CDP. The population density was 841.3/km2 (2,176.5/mi2). There were 3,870 housing units at an average density of 347.5/km2 (899.0/mi2). The racial makeup of the CDP was 81.84% White, 5.18% African American, 0.14% Native American, 7.16% Asian, 0.02% Pacific Islander, 3.02% from other races, and 2.64% from two or more races. Hispanic or Latino of any race were 13.83% of the population.