Decker, IN USDA Eligibility

USDA Eligibility Guide

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Decker, IN USDA Loan Eligibility Guide

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

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    More About Decker, Indiana

    Decker is a town in Johnson Township, Knox County, Indiana, United States. The population was 249 at the 2010 census. It was founded in 1869 by Isaac Decker. Decker is near the White River, and is well known for the watermelon and cantaloupe produced in the surrounding rural area.

    Decker is located at 38°31′6″N 87°31′26″W / 38.51833°N 87.52389°W / 38.51833; -87.52389 (38.518391, -87.523814).

    According to the 2010 census, Decker has a total area of 0.18 square miles (0.47 km2), all land.

    At the 2010 census, there were 249 people, 92 households and 68 families living in the town. The population density was 1,383.3 per square mile (534.1/km2). There were 109 housing units at an average density of 605.6 per square mile (233.8/km2). The racial make-up of the town was 97.6% White, 1.2% African American, 0.8% Asian and 0.4% from two or more races.

    There were 92 households, of which 33.7% had children under the age of 18 living with them, 63.0% were married couples living together, 8.7% had a female householder with no husband present, 2.2% had a male householder with no wife present and 26.1% were non-families. 20.7% of all households were made up of individuals and 8.7% had someone living alone who was 65 years of age or older. The average household size was 2.71 and the average family size was 3.16.