Fenwood, WI USDA Loan

Fenwood, WI USDA Loan Guide

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Fenwood, WI USDA Home Loan Guide

What is a Fenwood, 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 Fenwood, 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 Fenwood 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 Fenwood, 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 Fenwood, WI USDA mortgage, borrowers must meet certain requirements:

    • Location: The Fenwood, 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 Fenwood, WI USDA loan can be more affordable in the long run.
    • Inclusive: It’s a great option for Fenwood, 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 Fenwood, 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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    Mortgage Resource Center

    More information About Fenwood, Wisconsin

    Fenwood is a village in Marathon County, Wisconsin, United States. It is part of the Wausau, Wisconsin Metropolitan Statistical Area. The population was 152 at the 2010 census.

    Fenwood was platted by the railroad in 1891. It was named from woods near the townsite at a fen, or marshy area. A post office was established at Fenwood in 1892, and remained in operation until it was discontinued in 1984.

    The village of Fenwood, Marathon Co., Wisconsin was platted by Alfred L. Carey, the attorney for the Milwaukee, Lake Shore & Western Railroad, November 18, 1891, about the time when that railroad struck the place; it was incorporated as a village from part of the town of Wien, April 16, 1904, and its first representative in the county board of Marathon county was W. A. Somers. At the time the railroad struck the place, C. S. Curtis of Wausau erected a large saw mill, which was in operation until 1910, when it ceased sawing. At that time there was a large profitable cheese factory in the village, owned and supplied by farmers in the towns of Wien and Cleveland. John Brinkmann and Emil Szebsdat, under firm name of Brinkmann & Szeljsdat owned a general store, and George Wetterau kept the tavern or hotel in the village. Emil Szebsdat was also the village postmaster.

    There was a nice state-graded frame schoolhouse with two “departments”: principal, Vallborg Hermanson, and assistant principal, Miss Gertrude Kurtzweil – an average attendance of forty-five pupils in both departments. There were two German Evangelical Lutheran congregations, holding their services in the schoolhouse and attended by the resident ministers of the town of Wien. https://wiclarkcountyhistory.org/neighbors/marathon/history/1913FenwoodHistory.htm

    In 1911, the R. Connor Company of Marshfield, with its
    Marathon County mill located at Stratford, set to work clear-
    ing two sections of land four miles southeast of the village.
    This project, no doubt, had much to do in checking the out-
    ward flow of workmen and gave fresh energy to the entire
    community. A spur track extending from the mainline to
    Connor’s woods provided an easy and rapid means of trans-
    porting logs from camp to the mill.
    The cut of 1913 climaxed the Connor harvest at this
    location and that season, two million feet of logs were decked
    at one time at their rollway. For several years more timbers
    were hauled into Fenwood from a 500-acre tract. This work
    was contracted by John Wetterau and was finished in 1928.
    These intermittent and spasmodic shipments marked the ex-
    piration of the industry which had given birth to the village.
    At one time the Chrouser Saw and Tie Mill was also in
    operation in Fenwood. This mill was operated by George
    Chrouser from 1908 until the late 1920s. The Fenwood mill
    was a branch of the Chrouser mill in Stratford. It consisted
    mainly in making ties for the railroad and custom sawing for
    area people.
    In the early 1900s, Fenwood was a booming lumber
    town.
    Proof of Fenwood’s past prominence as a lumbering
    center is mutely evidenced today by unused and unusable
    logging roads. These keep an endless vigil against a time,
    never to come, when again one can hear the droning music of
    a saw punctuated by staccato notes as steel meets steel, in the
    rhythmic swings of lumberjacks, the dying symphony of the
    north woods.
    (This history of Fenwood was compiled by Lillian Bau-
    man using many histories and newspaper articles from area
    newspapers.)
    Early Fenwood. Photograph on loan from Delbert Wetterau. https://digicoll.library.wisc.edu/cgi-bin/WI/WI-idx?type=turn&id=WI.Fenwood&entity=WI.Fenwood.p0012&isize=text

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