World Golf Village, FL USDA Eligibility

USDA Eligibility Guide

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World Golf Village, FL USDA Loan Eligibility Guide

A USDA (United States Department of Agriculture) mortgage, also known as a World Golf Village, FL USDA Rural Development Loan, is designed to assist low-to-moderate-income households in purchasing homes in eligible rural and some suburban areas. Here are the general eligibility requirements:

1. Property Eligibility:

    • The home must be located in a USDA-eligible rural or suburban area around World Golf Village, 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:

    • 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 World Golf Village, 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:

      • 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 World Golf Village USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our World Golf Village, FL USDA home loan professionals. Get pre-approved with our easy and stress free World Golf Village, FL USDA home mortgage today.

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    More About World Golf Village, Florida

    The World Golf Village (WGV) is a golf resort in St. Johns County, Florida, United States, located between Jacksonville and St. Augustine. It was created by the PGA Tour and showcases the World Golf Hall of Fame. In addition to the resort the World Golf Village features residential and commercial developments. There is also a census-designated place with the same name.

    The 6,300-acre (2,500 ha) parcel was approved in the 1990s as a “Development of Regional Impact” (DRI) under Section 380.06 of the Florida Statutes, and eventually have 18,000 residents. A new interchange on Interstate 95 in Florida was constructed to permit direct access to the site, which was expected to host a million visitors each year.

    Kelly Lake was created at the center of the village, surrounded by a 1.2-mile (1.9 km) brick Walk of Champions, which features a large flagstone for each Hall of Fame member, with their name and signature etched in granite. A large building on the west side houses the hall of fame, theater, cafe and 110-foot shrine tower. The “Shops of World Golf Village” are situated on the north and east sides, and the Renaissance Hotel and convention center are to the south.

    The Ladies Professional Golf Association created a hall of fame in 1951. It was inactive until 1967, when it moved into a physical location in Augusta, Georgia and was renamed the LPGA Tour Hall of Fame. In the early 1990s, the PGA Tour was contemplating a Hall of Fame close to their north Florida headquarters. Deane Beman asked LPGA commissioner Charlie Mechem if there was interest in a joint Golf Hall of Fame. When they responded in the affirmative, the United States Golf Association was contacted, as was The Royal and Ancient Golf Club of St Andrews. Both agreed to collaborate, and PGA of America closed the Pinehurst World Golf Hall of Fame, while the LPGA decided to merge their HOF into the new facility.

    An independent entity, the World Golf Foundation (WGF), was formed in 1994 to promote and honor the game and those who made significant contributions. The Board of Directors included representatives from the world’s major golf organizations. The WGF owns and controls the World Golf Hall of Fame.