Antigo, WI USDA Eligibility

USDA Eligibility Guide

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Antigo, WI USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About Antigo, Wisconsin

    Antigo (/ˈæntɪˌɡoʊ/ AN-tih-goh) is a city in and the county seat of Langlade County, Wisconsin, United States. The population was 8,100 at the 2020 census. Antigo is the center of a farming and lumbering district, and its manufactures consist principally of lumber, chairs, furniture, sashes, doors and blinds, hubs and spokes, and other wood products.

    The name Antigo is derived from the Ojibwe phrase “niibin-inaandagoog-ziibiing”, meaning “summer balsam firs by the river”, which was recorded by early settlers as “nequi-antigo-sebi”. An alternate etymology, nibii-aamijiwan-ziibiing, seems to be derived from mookijiwan-ziibiwishenh, “spring little-river”, which became the name of the river which runs through modern Antigo, “Spring Brook”. This alternate etymology lives on in the name of Ma-Ka-Ja-Wan Scout Reservation near Pearson, WI.

    The region that is now Langlade County originally belonged to the Menominee, with several Ojibwe and Potawatomi groups migrating to the area from the east throughout the 16th-19th centuries. During this time, the Ojibwe waged and won a major war against the eastern Dakota people, driving them out of Wisconsin and Minnesota and securing the area’s wild rice beds for themselves.

    By the mid-1800s, the Eau Claire River and its branches to the west of modern Antigo formed a boundary between the Ojibwe, Menominee, and Ho-Chunk tribes. The first permanent European-American settler in Langlade County was Willard Ackley, who arrived in 1853 from New York and established a trading post. He married an Ojibwe woman and became close with what is today the Sokaogon Chippewa Community.

    The city was founded in 1876 by Francis A. Deleglise, accompanied by George Eckart. The log cabin in which Deleglise lived is preserved and on display at the Langlade County Historical Society Museum. A street in Antigo also bears his name. The city gained its charter in 1883.