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Tavares, Florida USDA Loan Benefits
The Tavares, 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 Tavares, 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, Tavares, 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 Tavares, FL as well. This offers a broader range of locations for potential homeowners.
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9. Potential for Property Repairs and Improvements: In some cases, USDA loans in Tavares, 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.
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Learn more about Tavares, Florida
Tavares (/tʌvˈɛəriz/, tuh-VAIR-ees) is a city and the county seat of Lake County, Florida. The population at the 2020 census was 19,003, and in 2019 the population was estimated to be 17,749. It is part of the Orlando–Kissimmee–Sanford Metropolitan Statistical Area.
Organized in 1885, and completed in 1888 on land donated by St. Clair-Abrams, the Union Congregational Church was the first church in Tavares.
Tavares was founded in 1880 by Alexander St. Clair-Abrams, a newspaper and railroad man from a Creole family in New Orleans[citation needed] . He gave it the surname of a Portuguese ancestor. In 1883 a post office was established; by the next year, a hotel, three stores, a sawmill, and eight cottages were built. St. Clair-Abrams’s dream of Tavares as the state capital was not realized, but in 1887 it was designated the county seat of Lake County. St. Clair-Abrams later chartered a railroad from Tavares to Orlando. In 1919, Tavares incorporated as a town.
In 1949, the Groveland Four, were wrongly accused of raping a white woman in 1949. One was killed after fleeing, and three were convicted at trial in Tavares. The two adults were sentenced to death and the minor to life in prison. The Supreme Court of the United States overturned the verdict and ordered a new trial for the two capital defendants. One was killed while being transported to Tavares in 1951. Walter Irvin survived the shooting by the sheriff and was convicted again at trial. In 1955, his death sentence was commuted to life. He was paroled in 1968 and died in 1970. In 2016, the city of Groveland and Lake County formally apologized to families of all the men for injustice; in 2017, the Florida Legislature issued a formal apology and exonerated the men, calling on the governor to officially pardon them.
Tavares is at 28°48′6″N 81°44′1″W / 28.80167°N 81.73361°W / 28.80167; -81.73361 (28.801670, –81.733548). It sits on an isthmus between Lake Eustis to the north and Lake Dora to the south. The city of Eustis borders Tavares to the northeast, and Lake Harris is to the west.