Falcon Heights, MN USDA Eligibility

USDA Eligibility Guide

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Falcon Heights, MN USDA Loan Eligibility Guide

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

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    More About Falcon Heights, Minnesota

    Falcon Heights is a suburb of Saint Paul and a city in Ramsey County, Minnesota, United States. The population was 5,321 at the 2010 census. It became a village in 1949 and a city in 1973.

    Falcon Heights is the home of the University of Minnesota’s St. Paul Campus; the Gabbert Raptor Center and Les Bolstad Golf Course, the Minnesota State Fairgrounds, and the Gibbs Museum of Pioneer and Dakotah Life. Its University Grove neighborhood is known for its modern architecture.

    Heman Gibbs settled in the 1850s near the modern intersection of Cleveland and Larpenteur Avenues. His homestead is on the National Register of Historic Places and his home is a county museum.

    On September 2, 1901, then-Vice President Theodore Roosevelt first publicly used the African proverb “Speak softly and carry a big stick” in a speech at the Minnesota State Fairgrounds, which was still a part of St. Paul at the time. Roosevelt became president just two weeks later, upon the assassination of William McKinley, and built the phrase into his concept of Big Stick Diplomacy.

    Between the 1910s and 1930s, Curtiss Northwest Airport was located at the intersection of Snelling and Larpenteur Avenues. The airfield was important in Minnesota aviation history, hosting Charles Lindbergh, Speed Holman, and Phoebe Fairgrave. Part of the land is now a city park named Curtiss Field.