USDA Eligibility Guide
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Oviedo, 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 Oviedo, 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 Oviedo, 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 Oviedo USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Oviedo, FL USDA home loan professionals. Get pre-approved with our easy and stress free Oviedo, FL USDA home mortgage today.
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More About Oviedo, Florida
Oviedo (/ˌoʊˈviːdoʊ/ oh-VEE-doh) is a city in Seminole County, Florida, United States. As of the 2010 United States Census, the population was 33,342, representing an increase of 7,026 (26.7%) from the 26,316 counted in the 2000 Census. It is part of the Orlando–Kissimmee–Sanford Metropolitan Statistical Area. Oviedo is known for its historic houses and buildings, as well as its population of chickens that roam the downtown area. Although the city has historically been rural, in recent years it has had an influx of new developments to support its rapid growth, due to its proximity to the University of Central Florida and the Central Florida Research Park.
Up through the early 19th century, the area encompassing Oviedo was sparsely populated save for a few Seminoles and African-American Freemen who associated with the Seminole tribe, known as Black Seminoles, in what was then Spanish Florida. The Seminole tribe had larger clusters of population in other areas of Central Florida, such as nearby Lake Jesup.
The population remained sparse until after the American Civil War, when people devastated by war started moving South to begin a new life. One mile to the southeast side of Lake Jesup, a small hamlet of settlers established the “Lake Jesup Settlement” in 1875. Letters from that era showcased a difficult life for the Florida Cracker settlers: cooking outdoors with wood stoves, sleeping under mosquito nets, and burning rags to keep the insects away. Wildlife was plentiful, however. Initially, this settlement had around 40 families, but quickly evolved into a thriving trading port. The settlement was named “Oviedo” by Andrew Aulin when the first post office was established to honor the state’s Spanish heritage.
In the late 1870s, individuals living a few miles south of Lake Jesup needed an easily accessible post office in the Florida back country. Andrew Aulin, an early settler and shop-owner, decided to file paperwork for a post office, and in his first site location report, needed a name that was different from any other post office in Florida. Aulin liked having a Spanish name, “to honor the Spanish heritage of the state,” and decided to name his post office location “Oviedo” after the city of Oviedo in northern Spain (the capital city of the Principality of Asturias) and the University of Oviedo. Some say he visited the university, while others say he just liked the sound of it, but most agree that he likely pronounced the name correctly oh-vee-AY-doh rather than the Americanized way of oh-VEE-doh.[citation needed] A recent campaign advocates for honoring Aulin’s original concept for the town’s moniker by returning to the correct Spanish pronunciation oh-vee-AY-doh).
Several people played a prominent role in establishing Oviedo’s history. George Powell was an early settler who ran a large tract of land, referred to as the “Powell Settlement”, which today encompasses most of the northern part of the city—including the downtown area. One of Powell’s sons, Lewis Powell, (alias Lewis Payne), became infamous for being John Wilkes Booth’s primary accomplice in the plot to assassinate President Abraham Lincoln.