Amberg, WI USDA Eligibility

USDA Eligibility Guide

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Amberg, WI USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About Amberg, Wisconsin

    Amberg is a town in Marinette County, Wisconsin, United States. The population was 693 at the 2020 census. The unincorporated community of Cedarville is located partially in the town. The census-designated place of Amberg is located within the town.

    Amberg is located in Northeastern Wisconsin about 75 miles (121 km) north of Green Bay in Marinette County. The Amberg-Athelstane Granite is part of the Wisconsin Magmatic Terrane. The Wisconsin Magmatic Terrane is an area formed by a tectonic plate collision at about 1850 Ma. marked by the Niagara Fault Zone. The Amberg Granite is one of the most extensive in Wisconsin. It is well known for its great variety of color and texture. The two most common types are a fine-grained gray granite and a course-grained red granite known as “Amberg red.” These granites were a valuable commodity in the late 19th century and early 20th century, causing quarries to be started in the area.

    Dave’s Falls is located about 1-mile (1.6 km) south of Amberg.

    There were several main companies in the Amberg area during the late 19th and early 20th centuries. The Amberg Granite Company was the first in the area and later, the Pike River Granite Company, which formed in large part due to poor working conditions at the Amberg Granite Company. The Amberg Granite Company was owned by William Amberg of Chicago and consisted of quarry operations in Amberg—the Argyle, Martindale, the Athelstane and Aberdeen. The Argyle and the Martindale quarries produced the fine-grained gray granite and the Aberdeen quarry produced the “Amberg red.” The Athelstane produced a gray granite, but course grained, similar in texture to the Amberg red. Much of their granite was used in Chicago for curbing blocks and street paving. It was also used for buildings such as, the Minnesota State Capitol, and buildings in Chicago and Cincinnati. The Pike River company produced primarily the fine-grained gray granite and much of it was sold as monumental stone because of its strength and attractiveness. However, in 1929, 500–600 cars of this stone was sold to the Universal Granite Company of Milwaukee to be used as breakwater stone. Although, once a thriving, profitable businesses, there are no longer any active quarries operating in the Amberg area. More about the history of these quarries and the surrounding area can be found at the Amberg Museum complex, this is located in the town of Amberg on Marinette County V, right off of Highway 141.

    According to the United States Census Bureau, the town has a total area of 72.7 square miles (188.3 km2), of which, 71.8 square miles (186.0 km2) of it is land and 0.9 square miles (2.3 km2) of it (1.21%) is water.