Arcadia, WI USDA Eligibility

USDA Eligibility Guide

“Find out if you’re eligible for a USDA home loan with Smart Mortgage!”

Arcadia, WI USDA Loan Eligibility Guide

A USDA (United States Department of Agriculture) mortgage, also known as a Arcadia, 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 Arcadia, 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.

Questions Call (888)416-4805

Get Pre-Approved Now

    Once this form is completed you will have the option to start your USDA mortgage application.

    Thank you for choosing iloanusda.com

    Get cash from your home.

    Apply to see how a cash out refinance can help you.

    Get Cash

    Homebuyer Seminars

     Discover the keys to homeownership at our local Arcadia, WI home buying seminars – your first step towards securing your dream home!

    Seminars

    See our home loans.

    Explore our diverse range of home loan programs tailored to fit your unique needs!

    All Programs

    3. Income Limits:

    • Income limits vary by county and household size. You’ll need to check with our Arcadia, 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 Arcadia USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Arcadia, WI USDA home loan professionals. Get pre-approved with our easy and stress free Arcadia, WI USDA home mortgage today.

    Call Now (888)416-4805
    Do you need a Pre-Approval?
    Get a same day Arcadia, Wisconsin USDA pre-approval to shop for your dream home!
    Start My Approval

    Mortgage Resource Center

    More About Arcadia, Wisconsin

    Arcadia is a city in Trempealeau County, Wisconsin, United States, along the Trempealeau River. The population was 3,737 at the 2020 census. Arcadia is a Latino-majority city and the largest city in Trempealeau county.

    Arcadia was founded in 1855 on a hill overlooking the Trempealeau River Valley. However, when the Green Bay and Western Railroad built a line in the river valley, the city developed along the line. In 1858, David Massuere began work on a flour mill that was then finished in 1860. In 1900, the city built a Grist Mill For Michael Stelmach and John Kamla. In 1903 Korpal Valley School was moved to the Mill. Around the early 2010s the school building collapsed and was removed, yet the Mill still stands.

    Arcadia’s growth in the first decades of the 21st century has been fueled by the arrival of Hispanic and Latino immigrants. The immigrant population was targeted in a U.S. Immigration and Customs Enforcement raid in 2018. As of 2021, the city was home to about twenty Latino-owned small businesses.

    According to the United States Census Bureau, the city has a total area of 3.27 square miles (8.47 km2), all of it land.

    As of the census of 2020, the population was 3,737. The population density was 1,142.5 inhabitants per square mile (441.1/km2). There were 1,342 housing units at an average density of 410.3 per square mile (158.4/km2). The racial makeup of the city was 40.7% White, 6.0% Native American, 0.4% Black or African American, 0.3% Asian, 44.0% from other races, and 8.7% from two or more races. Ethnically, the population was 63.6% Hispanic or Latino of any race.