Berlin, WI USDA Eligibility

USDA Eligibility Guide

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

Berlin, WI USDA Loan Eligibility Guide

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

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

    Mortgage Resource Center

    More About Berlin, Wisconsin

    Berlin (/ˈbɜːrlɪn/ BUR-lin) is a city in Green Lake and Waushara counties in the U.S. state of Wisconsin. The population was 5,571 at the 2020 census. Of this, 5,435 were in Green Lake County, and only 89 were in Waushara County. The city is located mostly within the Town of Berlin in Green Lake County, with a small portion extending into the Town of Aurora in Waushara County.

    In 1845, Nathan H. Strong (1813–1852) became the first resident of what is today Berlin. He was joined by Hugh G. Martin, Hiram Barnes, and William Dickey. Their settlement was known as Strong’s Landing. In 1848 a post office was established. It was named Berlin after the capital of Prussia, now the capital of Germany. The first school house was built in 1850 and the first church in 1851. Berlin was incorporated as a city in 1857.

    Wisconsin’s commercial cranberry industry was started in the Berlin area, as well as the first milk condensing factory in the mid-west, Carnation Company. From the mid-1860’s to the 1990’s Berlin was called “the fur and leather city” due to its industry. These industries provided jobs and attracted immigrants from Scotland, Wales, Poland, and Italy to work.

    Area residents put the accent on the first syllable of Berlin /ˈbɜːrlɪn/ rather than on the second. It has been said that this was in reaction to the anti-German sentiment that swept across the United States during World War I, and that the accent was previously on the second syllable.

    The Fox River runs north-south through the center of the city.