Hobart, WI USDA Eligibility

USDA Eligibility Guide

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Hobart, WI USDA Loan Eligibility Guide

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

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    More About Hobart, Wisconsin

    Hobart is a village in Brown County in the U.S. state of Wisconsin. The population was 10,211 at the 2020 census. Hobart is a part of the Green Bay Metropolitan Statistical Area. The village is located entirely within the former treaty boundaries of the Oneida Nation of Wisconsin.

    On May 13, 2002 the Town of Hobart incorporated as a village. Hobart is named for Episcopal Bishop John Henry Hobart of New York who sent missionaries to the Oneida people and ministered to them after removal from New York to Wisconsin.

    Hobart’s local political scene has been characterized by numerous clashes with the Oneida Nation regarding their sovereignty over the reservation land on which Hobart sits. In 2008, a federal judge upheld restrictive property covenants added to deeds by the Village of Hobart to prevent transfer of certain reservation properties into Oneida federal trust land. In 2010, the village denied a liquor license to an Oneida business on the grounds that the tribe had not paid over $100,000 in stormwater fees for parcels held in tribal trust land; the tribe held that the village had no jurisdiction to charge such fees on tribal trust land. The federal court ruled in favor of the Oneida, and the village’s appeal was not taken up by the US Supreme Court.

    In 2016, the village of Hobart fined the tribe for holding their annual Big Apple Fest on Oneida-owned non-trust land, without first obtaining a village permit. The Oneida Nation sued Hobart in US District Court, and appealed the initial ruling in favor of the village. In 2020, the U.S. 7th Circuit Court of Appeals reversed the ruling in the wake of the landmark McGirt v. Oklahoma decision, holding that the tribe had the right to hold its annual event whether or not it received a permit from the village. Public records indicate that in the nine-year period from 2011–2020, Hobart spent nearly $1,000,000 in litigation costs for these court cases.

    According to the United States Census Bureau, the village has a total area of 33.06 square miles (85.63 km2), of which, 32.95 square miles (85.34 km2) of it is land and 0.11 square miles (0.28 km2) is water.