Lazy Lake, FL USDA Eligibility

USDA Eligibility Guide

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Lazy Lake, FL USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About Lazy Lake, Florida

    Lazy Lake is a village in Broward County, Florida, United States. The village is part of the Miami metropolitan area of South Florida. It has no police department or fire department. The population was 33 at the 2020 census.

    In 1946, real estate developer and contractor Hal Ratliff began the process of building the community around an old rock quarry (which later was filled with water and became the village’s artificial lake.) He had the help of architect Clinton Gamble, who designed the original homes, and financier and accountant Charles H. Lindfors, who initially bought the land. Ratliff’s goal was to build a community that was low-key, with heavy forestry infrastructure, allowing neighbors to keep to themselves and have some anonymity. Lazy Lake received its name when a friend of Hal Ratliff remarked that the lake looked “so lazy and peaceful.”

    When nearby Wilton Manors decided to incorporate as a city, it asked Lazy Lake’s residents whether they wanted to be annexed to Wilton Manors. Lazy Lake’s residents decided to incorporate themselves as the Village of Lazy Lake instead.

    It is the smallest incorporated municipality in Broward County by area. This low population was because the town originally had been composed of single family homes in a small housing development, with a lake named Lazy Lake (its namesake) in the middle of the houses surrounding it. The village started with 13 homes on 13 acres (the maximum allowed by the charter.) The three homes of the three main founders of the village were the first to be built on the property, which was originally platted for a subdivision.

    As of 1985, the village’s annual budget was $7,000.