USDA Loan Guide

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Asbury Lake, FL USDA Home Loan Guide

What is a Asbury Lake, FL USDA Mortgage?

Welcome to the Smart Mortgage guide on USDA Mortgages. Navigating the home financing world can be a daunting task, but understanding the various mortgage options available can significantly streamline the process. One such option that you might not be familiar with is the Asbury Lake USDA mortgage. Let’s dive in.

1. Overview

A USDA mortgage, formally known as the USDA Rural Development Guaranteed Housing Loan, is a mortgage loan offered to rural property owners by the United States Department of Agriculture (USDA). Designed primarily to promote Florida homeownership in rural and some suburban areas, the Asbury Lake USDA loan comes with a range of benefits that make it a viable option for eligible homebuyers.

2. Key Features

  • No Down Payment: One of the standout features of a USDA loan in Asbury Lake is the possibility of financing up to 100% of the home’s price. This means eligible borrowers can buy a Florida home with no down payment.
  • Competitive Interest Rates: Typically, USDA loans come with interest rates that are either at or below the market rate.
  • Flexible Credit Guidelines: USDA loans often have more lenient credit requirements, which can be beneficial for those with a less than perfect credit history.

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    3. Asbury Lake, FL USDA Eligibility

    To be eligible for a Asbury Lake USDA mortgage, borrowers must meet certain requirements:

    • Location: The Asbury Lake property must be located in an eligible rural or certain suburban area as defined by the USDA.
    • Income Limits: There are specific income requirements, both minimum and maximum, based on the median income of the area.
    • Creditworthiness: While the USDA is generally more lenient with credit scores, a certain credit standard must still be met.
    • Primary Residence: The borrower must occupy the home as their primary residence.

    4. Asbury Lake, FL USDA Mortgage Benefits

    • Affordability: With no down payment and the potential for lower mortgage insurance premiums, a Asbury Lake USDA loan can be more affordable in the long run.
    • Inclusive: It’s a great option for Asbury Lake, FL first-time homebuyers or those without a substantial savings for a down payment.
    • Supporting Rural Development: By opting for a USDA mortgage, you’re indirectly supporting the development and sustainability of rural communities.

    5. How Smart Mortgage Can Help

    Navigating the intricacies of USDA mortgages can be challenging. That’s where Smart Mortgage steps in. Our team of seasoned USDA mortgage professionals is here to guide you through every step, ensuring you make informed decisions tailored to your needs. Whether you have questions about your eligibility or the application process, we’re here to help.

    Take the Next Step Interested in exploring if a Asbury Lake USDA mortgage is right for you? Get in touch with our Smart Mortgage team today at (888)416-4805. We’re committed to helping you find the best mortgage solution for your unique situation.

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    More information About Asbury Lake, Florida

    Lake Asbury is an unincorporated community and census-designated place (CDP) in Clay County, Florida, United States. The population was 8,700 at the 2010 census, which calls it Asbury Lake.

    Lake Asbury is located north of the center of Clay County at 30°03′10″N 81°48′59″W / 30.052914°N 81.816296°W / 30.052914; -81.816296. The community surrounds a small reservoir of the same name, though it has also recently expanded eastward. It is bordered on the north by Black Creek, a tributary of the St. Johns River. The community is 13 miles (21 km) southwest of Orange Park and 30 miles (48 km) southwest of downtown Jacksonville.

    According to the United States Census Bureau, the CDP has a total area of 17.3 square miles (44.8 km2), of which 17.0 square miles (44.1 km2) is land and 0.27 square miles (0.7 km2), or 1.56%, is water.

    As of the census of 2010, there were 8,700 people, 2,848 households, and 2,450 families residing in the CDP, a 290% increase from 2000. The population density was 2,417.6 inhabitants per square mile (933.4/km2). There were 3,048 housing units at an average density of 846.6 per square mile (326.9/km2). The racial makeup of the CDP was 88.8% White, 5.7% African American, 0.5% Native American, 1.3% Asian, 1.1% from other races, and 2.4% from two or more races. Hispanic or Latino of any race were 7.0% of the population.

    There were 799 households, out of which 30.7% had children under the age of 18 living with them, 80.0% were married couples living together, 5.4% had a female householder with no husband present, and 12.6% were non-families. 10.1% of all households were made up of individuals, and 5.1% had someone living alone who was 65 years of age or older. The average household size was 2.79 and the average family size was 2.98.

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