USDA Eligibility Guide
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Englewood, 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 Englewood, 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 Englewood, 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 Englewood USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Englewood, FL USDA home loan professionals. Get pre-approved with our easy and stress free Englewood, FL USDA home mortgage today.
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More About Englewood, Florida
Englewood is a census-designated place (CDP) in Charlotte and Sarasota counties in the U.S. state of Florida. As of the 2020 census, it had a population of 20,800. It is part of the Sarasota-Bradenton-Punta Gorda Combined Statistical Area.
Archeological digs in what is now Englewood discovered ceramics belonging to both the Weeden Island culture and Safety Harbor culture.
One of the earliest white settlers in the area was a man named William Goff, who arrived by schooner from Tampa in 1878. He settled a piece of land just a few miles south of where Englewood would be platted. On July 3, 1895, a post office was established in the area as well. The Great Freeze of 1894 and 1895, along with a bad freeze in 1896, led to the decimation of many local orange plants. For this reason, by 1897, a Manatee County General Directory listed fish as the chief product for Englewood.
The original plat of Englewood was recorded and filed on August 17, 1896. The home lots were 1-acre (0.40 ha), and the grove lots—likely intended for citrus—were 10 acres (4.0 ha). The area was developed by three brothers, and the name Englewood came from their hometown, Englewood, Chicago. Some streets, such as Dearborn, Harvard, and Yale, are named after those in Chicago.
In 1898, the Englewood Inn was opened, a relatively large hotel with 16 rooms. The hotel serviced visitors from up north until it burned down in 1909.