Lake Mary, FL USDA Eligibility

USDA Eligibility Guide

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Lake Mary, FL USDA Loan Eligibility Guide

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

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    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.