No Money Down Home Options in Lake Mary, FL
“Learn about the Benefits of the Lake Mary, FL USDA home loan with Smart Mortgage!”
Lake Mary, Florida USDA Loan Benefits
The Lake Mary, FL USDA home loan program, designed to assist rural homebuyers, offers several significant benefits. Here’s a guide outlining its key advantages:
- No Down Payment Required: One of the most significant benefits of the Lake Mary, FL USDA loan is that it does not require a down payment. This feature makes homeownership more accessible to many who may struggle to save for a large down payment.
- Lower Interest Rates: Typically, USDA loans come with interest rates that are lower than conventional loans. This can result in significant savings over the life of the loan.
- Lower Mortgage Insurance Costs: Compared to other loan types like FHA or conventional loans, USDA loans often have lower mortgage insurance costs. This reduces the overall monthly payment and can make housing more affordable.
- Flexible Credit Guidelines: USDA loans have more lenient credit requirements compared to conventional loans. This is beneficial for buyers with less-than-perfect credit histories.
- 100% Financing: Since there’s no down payment required, Lake Mary, FL USDA loans offer 100% financing. This is particularly helpful for buyers who have good income but limited savings for a down payment.
6. Fixed-Rate Mortgages: USDA loans are typically fixed-rate mortgages, which means the interest rate remains the same throughout the life of the loan. This predictability is beneficial for budgeting and financial planning.
7. Assistance for First-Time and Repeat Buyers: The program is available not only to first-time homebuyers but also to those who are buying a home for the second time or more, as long as they meet the eligibility criteria.
8. Geographical Flexibility: Although designed for rural areas, the definition of “rural” includes many areas around Lake Mary, FL as well. This offers a broader range of locations for potential homeowners.
Questions Call (888)416-4805
Get Pre-Approved Now
Get cash from your home.
Apply to see how a Lake Mary, FL cash out refinance can help you.
Homebuyer Seminars
Discover the keys to homeownership at our Lake Mary, FL USDA home buying seminar – your first step towards securing your dream home!
See our home loans.
Explore our diverse range of Lake Mary, FL home loan programs tailored to fit your unique needs!
9. Potential for Property Repairs and Improvements: In some cases, USDA loans in Lake Mary, FL can be used to purchase and repair a home. This is particularly advantageous for buyers looking at homes that may need some TLC.
10. No Maximum Purchase Price: Unlike some other loan programs, USDA loans do not have a maximum purchase price limit. However, the borrower’s ability to repay the loan is considered.
11. Streamlined Refinancing Options: For those who already have a USDA loan, the refinancing process is streamlined, making it easier and faster to reduce interest rates and monthly payments.
We Service the Following Areas in Florida:
Do you need a Pre-Approval?
Get a same day USDA pre-approval to shop for your dream home!
Mortgage Resource Center
USDA Loans in Illinois: Benefits, Eligibility, and Popular Cities
Buying a home is a significant milestone, and for many, finding the right loan program makes all the difference. If you're considering Read more
Barndominium Financing Made Easy with iLoanUSDA
Barndominium Financing Made Easy with iLoanUSDA: Your One-Time Construction Loan Solution Barndominiums, the stylish and practical combination Read more
Learn more about Lake Mary, Florida
Lake Mary is a suburban city that is located in the Greater Orlando metropolitan area in Seminole County, Florida, United States, and is located in Central Florida. The population was 16,798 at the 2020 census.
Lake Mary was named after Mary Sundell, the wife of Reverend J.F. Sundell, who settled on the northern shores of the lake. Lake Mary started as a village of two tiny settlements called Bent’s Station (located on the north shore of Crystal Lake) and Belle Fontaine. They were located along the South Florida Railroad which ran between Sanford and Orlando. The area was an agricultural community and early settlers included lumbermen, turpentine workers, families from Fort Reed (Sanford) who had received land grants, and Swedish families, who were mainly orange growers. By the time the area became known as Lake Mary, it was developed by a tight-rope walker and chemist named Frank Evans, who settled in the area in 1882. The first Lake Mary Post Office was established in February 1887. Evans built the original Lake Mary Elementary School, along with many commercial buildings and new homes. In 1923, he founded the Chamber of Commerce and he became a Seminole County Commissioner in 1926. The Lake Mary city hall building was created in 1946. The city incorporated on August 7, 1973. Rated by Money magazine as the #4 best place to live in America in the August 2007 issue. It has a history museum in the Lake Mary Chamber of Commerce Building.
According to the United States Census Bureau, the city has a total area of 9.7 square miles (25 km2), of which 8.6 square miles (22 km2) is land and 1.1 square miles (2.8 km2) (10.96%) is water.
Lake Mary is part of the Orlando–Kissimmee–Sanford Metropolitan Statistical Area, and is approximately 19 miles from Orlando, Florida.
As of the 2020 United States census, there were 16,798 people, 6,636 households, and 4,859 families residing in the city.