Burlington, WI USDA Loan

Burlington, WI USDA Loan Guide

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Burlington, WI USDA Home Loan Guide

What is a Burlington, WI USDA Mortgage? Welcome to the Smart Mortgage guide on USDA Mortgages. Navigating the home financing world can be a daunting task, but understanding the various mortgage options available can significantly streamline the process. One such option that you might not be familiar with is the Burlington, WI USDA mortgage. Let’s dive in.

1. Overview

A USDA mortgage, formally known as the USDA Rural Development Guaranteed Housing Loan, is a mortgage loan offered to rural property owners by the United States Department of Agriculture (USDA). Designed primarily to promote Wisconsin homeownership in rural and some suburban areas, the Burlington USDA loan comes with a range of benefits that make it a viable option for eligible homebuyers.

2. Key Features

  • No Down Payment: One of the standout features of a USDA loan in Burlington, WI is the possibility of financing up to 100% of the home’s price. This means eligible borrowers can buy a Wisconsin home with no down payment.
  • Competitive Interest Rates: Typically, USDA loans come with interest rates that are either at or below the market rate.
  • Flexible Credit Guidelines: USDA loans often have more lenient credit requirements, which can be beneficial for those with a less than perfect credit history.

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    3. Eligibility Criteria

    To be eligible for a Burlington, WI USDA mortgage, borrowers must meet certain requirements:

    • Location: The Burlington, WI property must be located in an eligible rural or certain suburban area as defined by the USDA.
    • Income Limits: There are specific income requirements, both minimum and maximum, based on the median income of the area.
    • Creditworthiness: While the USDA is generally more lenient with credit scores, a certain credit standard must still be met.
    • Primary Residence: The borrower must occupy the home as their primary residence.

    4. Benefits of a USDA Mortgage

    • Affordability: With no down payment and the potential for lower mortgage insurance premiums, a Burlington, WI USDA loan can be more affordable in the long run.
    • Inclusive: It’s a great option for Burlington, WI first-time homebuyers or those without a substantial savings for a down payment.
    • Supporting Rural Development: By opting for a USDA mortgage, you’re indirectly supporting the development and sustainability of rural communities.

    5. How Smart Mortgage Can Help

    Navigating the intricacies of USDA mortgages can be challenging. That’s where Smart Mortgage steps in. Our team of seasoned USDA mortgage professionals is here to guide you through every step, ensuring you make informed decisions tailored to your needs. Whether you have questions about your eligibility or the application process, we’re here to help.

    Take the Next Step Interested in exploring if a Burlington, WI USDA mortgage is right for you? Get in touch with our Smart Mortgage team today at (888)416-4805. We’re committed to helping you find the best mortgage solution for your unique situation.

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    More information About Burlington, Wisconsin

    Burlington is a city in Racine and Walworth counties in the U.S. state of Wisconsin, with the majority of the city located in Racine County. The population of the city was 11,047 as of the 2020 census.

    Prior to the arrival of Europeans in the area, Native American mounds were constructed near the present location of Burlington. For example, around 1830, a small Potawatomi village stood in what is now the Town of Burlington, though it wasn’t larger than the present-day city.

    The earliest certain European presence in what is now Burlington was in the fall of 1799, when a group of French explorers and missionaries led by Francis Morgan de Vereceones made a portage from the Root River to the Fox River, reaching the Fox at approximately Burlington’s present location.

    The first European settlers in Burlington were Moses Smith (the son of a Revolutionary War veteran) and William Whiting. Smith and Whiting had been in the area previously, making a so-called “jackknife claim” to the land (carving their names and the date on trees in the vicinity) on December 15, 1835. The men then left the encampment and returned with Lemuel Smith (Moses’ brother) as well as Benjamin Perce, another member of the group. The four men searched for arable land and built a cabin on the east side of the Fox River (on what is now Wehmhoff-Jucker Park.) Other settlers arrived in the spring and summer of 1836, mostly from New England; they named their settlement Foxville. That year, the residents of Foxville unanimously decided to change their settlement’s name to “Burlington” after the city Burlington, Vermont; the Foxville name continued to be used, however, until that name was officially changed on July 15, 1839.

    Since its establishment, Foxville had been in Michigan Territory. On July 3, 1836, however, an act of Congress organizing the Wisconsin Territory went into effect, and Foxville fell within the borders of Milwaukee County, Wisconsin Territory, which at that time included the present-day county of Racine. The two counties separated on December 7, 1836, and Foxville ended up in Racine County. The first post office in Foxville was created on March 21, 1837, with Moses Smith, one of the four founders of the city, as the first postmaster. In May 1837, a sawmill (the first frame building in the settlement) and a dam on the Fox River were completed.

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