USDA Loan Guide
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Lake Mary, FL USDA Home Loan Guide
What is a Lake Mary, 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 Lake Mary 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 Lake Mary 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 Lake Mary 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. Lake Mary, FL USDA Eligibility
To be eligible for a Lake Mary USDA mortgage, borrowers must meet certain requirements:
- Location: The Lake Mary 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. Lake Mary, FL USDA Mortgage Benefits
- Affordability: With no down payment and the potential for lower mortgage insurance premiums, a Lake Mary USDA loan can be more affordable in the long run.
- Inclusive: It’s a great option for Lake Mary, 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 Lake Mary 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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Lake Mary is a suburban city that is located in the Greater Orlando metropolitan area in Seminole County, Florida, United States, and is located in Central Florida. The population was 16,798 at the 2020 census.
Lake Mary was named after Mary Sundell, the wife of Reverend J.F. Sundell, who settled on the northern shores of the lake. Lake Mary started as a village of two tiny settlements called Bent’s Station (located on the north shore of Crystal Lake) and Belle Fontaine. They were located along the South Florida Railroad which ran between Sanford and Orlando. The area was an agricultural community and early settlers included lumbermen, turpentine workers, families from Fort Reed (Sanford) who had received land grants, and Swedish families, who were mainly orange growers. By the time the area became known as Lake Mary, it was developed by a tight-rope walker and chemist named Frank Evans, who settled in the area in 1882. The first Lake Mary Post Office was established in February 1887. Evans built the original Lake Mary Elementary School, along with many commercial buildings and new homes. In 1923, he founded the Chamber of Commerce and he became a Seminole County Commissioner in 1926. The Lake Mary city hall building was created in 1946. The city incorporated on August 7, 1973. Rated by Money magazine as the #4 best place to live in America in the August 2007 issue. It has a history museum in the Lake Mary Chamber of Commerce Building.
According to the United States Census Bureau, the city has a total area of 9.7 square miles (25 km2), of which 8.6 square miles (22 km2) is land and 1.1 square miles (2.8 km2) (10.96%) is water.
Lake Mary is part of the Orlando–Kissimmee–Sanford Metropolitan Statistical Area, and is approximately 19 miles from Orlando, Florida.
As of the 2020 United States census, there were 16,798 people, 6,636 households, and 4,859 families residing in the city.
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