USDA Loan Winter Park, Florida
USDA Home Loan is The Easiest and One of The Best Around!
The Orange County city of Winter Park, situated north of Orlando, was once considered a winter resort. Today, the arts - and culture - filled city includes Rollins College and the Charles Hosmer Morse Museum of Natural Art. Winter Park also is a nature lover's destination. Here you will find more than 70 parks, all home to various events, festivals and celebrations throughout the year - and available to anyone looking for a place to sit in the shade and enjoy a beautiful Central Florida afternoon. Not only are there enough activities to keep you and your family content within the Winter Park city limits, but all the Orlando attractions are just minutes away. Read more ...
USDA home loan One of The Best Around.
One big of the many USDA Home Loan benefit is there's no down payment and 100% of the home’s appraisal value, plus only the one time funding fee, which can be financed through the USDA rural housing home loan. You pay nothing out of pocket when financing with a USDA home loan. USDA loans also offer a competitive fixed rate, in fact, this program does not offer adjustable rate mortgages at all. So your monthly mortgage payments will never go up. You are allowed to put more money towards paying off your mortgage each month rather than towards fees. There is no maximum seller concessions when financing your mortgage through the USDA housing loan program. This means you can have the seller pay ALL of the closing costs, saving you even more money.
Additional USDA Loans Guaranteed Features include but are not limited to:
- 100% financing, no down payment is required. The loan amount may not exceed 100% of the appraised value, plus the guarantee fee may be included.
- Guarantee Fee applies: may be rolled into the loan amount.
- Flexible credit guidelines 620+ credit rating acceptable.
- Fixed 30 year interest rates apply.
- Qualifying ratios are 29% for housing costs and 41% for total debt. Lenders may request an exception to exceed these ratios when strong compensating factors are identified.
- No maximum purchase price. Qualifying ratios and the applicant’s stable and dependable income will determine home affordability.
- Eligible property types include existing homes, new construction, modular homes, Planned Unit Developments, eligible condominiums and new manufactured homes.
- Eligible closing costs and lender fees may be included in the loan or paid by the applicant.
- Gift/Grant Funds/Mortgage Credit Certificates/Seller Concessions are allowed.
- Eligible repairs and improvements may be included in the loan.
- Not limited to first time homebuyers.
Key points to remember are that the appraised value must be higher than the sales price for this feature to be available. This is unique for USDA home loans, and not available under Conventional, FHA, or VA programs.
Applicants must buy a home within eligible rural areas, and have a household income that does not exceed the established limits where the home is located