USDA Eligibility Guide
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Winter Garden, 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 Winter Garden, 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 Winter Garden, 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 Winter Garden USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Winter Garden, FL USDA home loan professionals. Get pre-approved with our easy and stress free Winter Garden, FL USDA home mortgage today.
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More About Winter Garden, Florida
Winter Garden is a city in western Orange County, Florida, United States. Located 14 miles (23 km) west of Downtown Orlando, it is part of the Orlando metropolitan area. The population was 46,964 as of the 2020 census.
The pre-European history of the modern Winter Garden area is ambiguous. Due to a lack of evidence, historians hesitate to conclude if the natives that once occupied the area were of the Timucua, Jororo, or Mayaca tribes. Regardless of their tribal identity, these natives were either wiped out or subsumed into larger cultures by the end of the eighteenth century.
Following the eradication of the original Floridian cultures, natives from farther north migrated into Florida. These natives had various cultures that over time coalesced into the Seminole Tribe. By the early 19th century, some Seminole lived on the south shore of Lake Apopka. The settlement possibly produced the significant Seminole leader Wild Cat. In 1835, the Second Seminole War began, threatening the Seminole presence. On January 23, 1837, a small battle was fought near the village. Thomas S. Jesup, at that time in command of all American forces in Florida, sent a detachment to Lake Apopka to seek a Seminole chief known as Osuchee or “Copper.” During the attack, the army successfully killed Osuchee and three other Seminoles, while taking 17 prisoners. The Second and Third Seminole wars both pushed the Seminole tribe south, likely eliminating their presence in the boundaries of modern Winter Garden.
The first American settlers came to what is now Winter Garden in the 1850s. The Roper, Reams, Dunaway, Speer, and Starke families were among the first to settle the area. As with most American pioneers, they engaged in agriculture as a primary economic activity. These farms mainly grew sugar cane and vegetables, and early on a small number utilized slave labor. During The Civil War steamboat traffic stopped along the St. Johns River, forcing Winter Garden families to subsist off their own crops.
The arrival of the Orange Belt Railroad and the growing production of citrus, turpentine, and lumber drove the town’s growth over the remaining decades of the 19th century and into the 20th. Stores and businesses cropped up along Plant Street, originating Downtown Winter Garden. A settler from Mississippi named A. B. Newton contributed to the town’s growth.[citation needed] He opened one of the first stores, served as the first postmaster, founded the first newspaper, and functioned as the first mayor. These endeavors earned him the title “The Godfather of Winter Garden.”