Bruce, WI USDA Eligibility

USDA Eligibility Guide

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Bruce, WI USDA Loan Eligibility Guide

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

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    More About Bruce, Wisconsin

    Bruce is a village in Rusk County, Wisconsin, United States. The population was 779 at the 2010 census. The village was founded in 1884 by the Sault Ste. Marie Land and Improvement Company. The land company was incorporated and led by the principal officers of the Minneapolis, Sault Ste. Marie and Atlantic Railway, which operated its ceremonial first train over its line to Bruce in November 1884. It was named for Alanson C. Bruce who operated a logging camp in the area.

    Bruce is located at 45°27′26″N 91°16′23″W / 45.45722°N 91.27306°W / 45.45722; -91.27306 (45.457203, -91.272923).

    According to the United States Census Bureau, the village has a total area of 2.39 square miles (6.19 km2), of which 2.34 square miles (6.06 km2) is land and 0.05 square miles (0.13 km2) is water.

    Bruce is along U.S. Highway 8 and Wisconsin Highway 40.

    As of the census of 2010, there were 779 people, 371 households, and 203 families living in the village. The population density was 332.9 inhabitants per square mile (128.5/km2). There were 419 housing units at an average density of 179.1 per square mile (69.2/km2). The racial makeup of the village was 99.1% White and 0.9% from two or more races. Hispanic or Latino of any race were 1.0% of the population.