USDA Eligibility Guide
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Lake Buena Vista, FL USDA Loan Eligibility Guide
1. Property Eligibility:
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- The home must be located in a USDA-eligible rural or suburban area around Lake Buena Vista, 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:
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- 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 Lake Buena Vista, 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:
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- 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 Lake Buena Vista USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Lake Buena Vista, FL USDA home loan professionals. Get pre-approved with our easy and stress free Lake Buena Vista, FL USDA home mortgage today.
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More About Lake Buena Vista, Florida
Lake Buena Vista (/ˌbwɛnəˈvɪstə/) is a city in Orange County, Florida, United States. It is mostly known for being the mailing address for Walt Disney World—although almost all of the resort facilities, including all four theme parks, are physically located in the adjacent city of Bay Lake. It is one of two Florida municipalities inside the Central Florida Tourism Oversight District, which also contains Walt Disney World, the other being Bay Lake. The permanent residential population of Lake Buena Vista was 24 at the 2020 census.
Lake Buena Vista is part of the Orlando–Kissimmee–Sanford Metropolitan Statistical Area.
Chapter 67-1965 of the Laws of Florida, incorporating the City of Reedy Creek, was signed into law by Governor Claude R. Kirk, Jr. on May 12, 1967, the same day he also signed chapters 67-764 (creating the Reedy Creek Improvement District), also known as the Reedy Creek Improvement Act, and 67-1104 (incorporating the city of Bay Lake). It was located fully inside the Reedy Creek Improvement District. The city was controlled by Walt Disney Productions and allowed it powers that other area attractions had not had.
Chapter 69-1527, which became a law on July 3, 1969, without the governor’s approval, redefined the city boundaries. The city was completely moved, taking over some land that had been part of the City of Bay Lake (and was given up by Chapter 69-836, which became a law the same day) and including some other land that had formerly been unincorporated. Soon after, the City of Reedy Creek was renamed to the City of Lake Buena Vista to better reflect its new location, through which Reedy Creek did not flow. “Buena Vista” comes from the name of the street in Burbank, California, where The Walt Disney Company is headquartered.
The Reedy Creek Improvement District had all the powers of the city and more, raising the questions of why cities needed to be incorporated inside it. Walt Disney’s original plans for the site included at least one futuristic living area, a planned “community of the future”. This was never built, but some of the ideas were incorporated into the EPCOT theme park and later Celebration, Florida. The only residents of the city are Disney employees and their immediate family members who live in a small community on Royal Oak Court, north of Disney Springs. From 1971 to 2022, the only landowners are fully owned subsidiaries of Disney, and rights-of-way for state and county roads.