Longwood, FL USDA Eligibility

USDA Eligibility Guide

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Longwood, FL USDA Loan Eligibility Guide

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

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    More About Longwood, Florida

    Longwood is a city in Seminole County, Florida, United States. It is part of the Orlando–Kissimmee–Sanford, Florida Metropolitan Statistical Area. The population was 15,087 at the 2020 census.

    With the advent of World War II, growth began to impact Longwood as military personnel flowed into the new Naval Air Station Sanford to the north and Orlando Army Air Base to the south. By the 1950s, NAS Sanford was being converted into a Master Jet Base for carrier-based heavy attack aircraft and, along with the re-designated Orlando Air Force Base and nearby Pinecastle AFB (later renamed McCoy AFB), saw even more military families renting or purchasing homes in and around Longwood. In 1959, the city had slightly over 1,000 residents and a city limit boundary that measured approximately 1-mile (1.6 km) by 1-mile (1.6 km) square. In 1960, Longwood Elementary School was constructed and opened inside the city limits. During the 1950s and 1960s, the city also boasted its own airport, a single runway grass airstrip used mainly by private airplanes. Longwood Airport was located on the west side of the city and on the north side of State Road 434, until it was closed and developed into tract housing that became The Woodlands subdivision in the mid-1960s.

    In 1965, the city served as a film site and backdrop, representing a fictional south Florida town adjacent to a Seminole Indian tribe reservation in the Universal Studios movie Johnny Tiger. Released in 1966, the movie starred Robert Taylor, Geraldine Brooks and Chad Everett.

    New economic and development opportunities were brought to the area in the 1960s and 1970s, fueled by both the military and the space industry, as newly arriving Longwood residents were employed at Martin-Marietta’s new missile plant in Orlando; Naval Air Station Sanford; Orlando Air Force Base (redesignated Naval Training Center Orlando in 1969); and McCoy Air Force Base in Orlando; as well as Cape Canaveral Air Force Station; Patrick Air Force Base; and the NASA John F. Kennedy Space Center in Brevard County. The development and opening of Walt Disney World in October 1971, along with other tourist attractions and the high technology corridor of businesses, especially those engaged in the modeling, simulation and training (MS&T) industry and associated military training systems activities near Florida Technological University (FTU), now the University of Central Florida (UCF), fueled even further growth. Short-term economic downturns caused by the closure of NAS Sanford in 1968 and McCoy AFB in 1975 were offset with other economic growth across Central Florida during the 1970s and 1980s. As a result, Longwood developed into primarily a residential community for residents working elsewhere in Seminole County or in adjacent Orange County. By 2000, the city had taken significant steps to revitalize its downtown historic district, expanded its borders through annexation and in the process gained a resident population exceeding 13,700.

    The city has had two of the oldest trees in America within its borders: The Senator and the remaining Lady Liberty.