Kensington Park, FL USDA Eligibility

USDA Eligibility Guide

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Kensington Park, FL USDA Loan Eligibility Guide

A USDA (United States Department of Agriculture) mortgage, also known as a Kensington Park, 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 Kensington Park, 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 Kensington Park, 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 Kensington Park USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Kensington Park, FL USDA home loan professionals. Get pre-approved with our easy and stress free Kensington Park, FL USDA home mortgage today.

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    Mortgage Resource Center

    More About Kensington Park, Florida

    Kensington Park is a census-designated place (CDP) in Sarasota County, Florida, United States. The population was 3,697 at the 2020 census. It is part of the Bradenton–Sarasota–Venice Metropolitan Statistical Area.

    During the post-World War II economic boom a number of new subdivisions developed up in the area surrounding Sarasota. In 1955, the Paver Construction Company, purchased over 400 acres from Charles Schmid, a local dairy farmer. Previously, the company built the Paver Park Estates subdivision. Paver Construction was started when Martin Paver, a native of New York state, along with his wife, visited Sarasota in 1949 and liked it so much that he decided to move there and get into real estate development. He also got his two sons involved. Construction would began in 1956 and had 1,400 homes in it when fully completed. The name of the subdivision comes from where the Pavers had lived at in Great Neck, New York.

    By 1960, Kensington Park also had a 14 acre Swim & Country Club that included an Olympic swimming pool, shuffleboard courts, gardens, tennis courts, picnic areas and an 8,400 square foot main building with “air-conditioned clubrooms”, an auditorium, and theatre stage with professional lighting/ sound equipment. By 1969, only 20% of the households in Kensington Park were paying the $100 per year membership fee, thus operating it at a loss. Even though a majority of residents presented a bill proposing a $50 per household annual fee for all Kensington Park residents to use the facilities, the Sarasota County Commission rejected the proposal. Two months later, Kensington Park offered the facility to the YMCA free of charge and it became the Kensington Park YMCA

    Kensington Park was unique for being the first sustainable community to ever be built in Southwestern Florida. Another fact that would make the subdivision unique was how the utilities would work. The utilities would be in the hands of the subdivision but each person who owned property would have a share of ownership in it. Purchasing a home would help pay for its installation and maintenance. In 1958, Kensington Park started its own sewer and water system at rates lower than the City of Sarasota.

    Kensington Park is located at 27°21′25″N 82°29′43″W / 27.35694°N 82.49528°W / 27.35694; -82.49528 (27.356856, -82.495377).