Argos, IN USDA Eligibility

USDA Eligibility Guide

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Argos, IN USDA Loan Eligibility Guide

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

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    More About Argos, Indiana

    Argos is a town in Green and Walnut townships, Marshall County, Indiana, United States. The population was 1,777 at the 2020 census.

    In 1833, Sidney Williams arrived in the area which is now Marshall County and purchased 600 acres (2.4 km2) of land on the present day site of Argos. Mr. Williams built a tavern, an inn, and helped build a section of Michigan Road. Mr. Williams sold his land to Clark Bliven, the man who built the courthouse on the Williams’s land. This local place of rest wasn’t considered a town until some time later. On January 8, 1851, John Pleak and Marquis L. Smith, laid out the town of Sidney, which is the predecessor to Argos. The town of Sidney was named in honor of Sidney Williams. On November 6, 1856, the town of Fremont, adjoining Sidney, was laid out by Joseph H. Rhodes. Fremont was named after Col. John C. Fremont, who on November 6, 1856, won the Republican candidate for president. On May 21, 1859, a meeting was held for anyone who was interested in the formation of a new township was held in the school house. The purpose of the meeting was to select a name for the township and appointing a suitable person to be the trustee. The names that were offered up for vote were Argos, Noble, and Richland. Noble was withdrawn. The vote total was Argos 12, Richland 8. The commissioners ordered the Township to be called Walnut Township due to the abundance of walnut trees in the area. John A. Rhodes and Charles Brown were proposed for trustee. Rhodes won by a vote of 18 to 4.

    In 1854, the post office was removed from Sidney through political manipulations. Schuyler Colfax, the congressman in the district was asked to name the post office. He had a great interest in Greek history which led him to name the post office Argos, after the ancient Greek city made famous in the Iliad of Homer. Argos was the name that was kept when Sidney and Fremont were consolidated in 1859. The town of Argos was incorporated in the state law in December 1869.

    The Argos Downtown Historic District was listed on the National Register of Historic Places in 2001.

    Argos is located at 41°14′16″N 86°14′46″W / 41.23778°N 86.24611°W / 41.23778; -86.24611 (41.237732, -86.245976).