Altoona, WI USDA Eligibility

USDA Eligibility Guide

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Altoona, WI USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About Altoona, Wisconsin

    Altoona (/ælˈtuːnə/ al-TOO-nə) is a city in Eau Claire County, Wisconsin, United States. The population was 8,292 at the 2020 census with an estimated population in 2022 of 9,149. The city is a railroad terminal on the Union Pacific Railroad.

    The settlement of Altoona began in 1881 when the Chicago, St. Paul, Minneapolis and Omaha Railway selected the site for a new terminal to replace the overcrowded existing terminal in Eau Claire. The railroad had originally planned to put the new terminal in Fall Creek, but the city of Eau Claire lobbied for a site closer to the existing one, and representatives from Eau Claire and the railroad walked the tracks from Fall Creek to Eau Claire to determine a suitable site. When the location of present-day Altoona – approximately three miles east of the existing Eau Claire terminal – was found to have sufficient flat land and access to water (via the Eau Claire River), the railroad began construction of the new terminal and the community of “East Eau Claire” was platted in October.

    Residents began moving into the community in early 1882 and the railroad terminal became operational in May of that year. However, confusion between the “Eau Claire” and “East Eau Claire” stations quickly caused the railroad to rename the new terminal “Altoona” on October 14, 1882. The name Altoona was based on Altoona, Pennsylvania, which in turn was named after Allatoona, Georgia. The name choice may also have been influenced by the presence of immigrants from Altona, Germany. Altoona was incorporated as a city on April 5, 1887.

    Continued growth in both Altoona and Eau Claire over the past century has left the two cities adjacent to one another, with Fairfax St. and Bus. 53 providing a general boundary between the two, although the actual border is irregular. County Highway AA generally forms the eastern limits of the city. Altoona is bounded on the north by Lake Altoona and the Eau Claire River. To the south, the city limits generally follow Otter Creek.

    Altoona is located at 44°48′15″N 91°26′32″W / 44.80417°N 91.44222°W / 44.80417; -91.44222 (44.804110, -91.442183).