Ambia, IN USDA Eligibility

USDA Eligibility Guide

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Ambia, IN USDA Loan Eligibility Guide

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

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    More About Ambia, Indiana

    Ambia is a town in Hickory Grove Township, Benton County, Indiana, United States. The population was 239 at the 2010 census. It is part of the Lafayette, Indiana Metropolitan Statistical Area.

    Ambia was laid out by Ezekiel M. Talbot and his wife Marietta on February 22, 1875, and named for their daughter Ambia Talbot. (The couple had two years earlier planned the nearby town of Talbot.) Its first building was a house erected by James C. Pugh which was soon joined by a grain elevator, general store and blacksmith. A drug store, hardware store, hotel, physician and a variety of other establishments followed.

    Ambia was a stop on the Lafayette, Muncie and Bloomington Railroad (later the Lake Erie and Western) which ran between Lafayette and Hoopeston. The Wabash Railway Company, which built a stretch of the LM&B through Illinois, originally wanted to construct a railway switch at a site known as Weaver City, a small town just west of Ambia in Vermilion County, Illinois; the owner of the property, however, refused to grant land for it. In response, the railway officials sent a force of men without notice to move the station house from Weaver City half a mile east across the state border, which they did on the Sunday morning of March 10, 1873. The town’s businesses and residents followed and Weaver City faded from existence while Ambia sprang up near the station’s new site.

    Ambia is located in the extreme southwest corner of the county, in Hickory Grove Township. The Kankakee, Beaverville and Southern Railroad and Indiana State Road 352 pass through the town, and the upper end of the North Fork of the Vermilion River flows past one mile to the north.

    According to the 2010 census, Ambia has a total area of 0.15 square miles (0.39 km2), all land.