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Kasson, Minnesota USDA Loan Benefits
The Kasson, MN USDA home loan program, designed to assist rural homebuyers, offers several significant benefits. Here’s a guide outlining its key advantages:
- No Down Payment Required: One of the most significant benefits of the Kasson, MN USDA loan is that it does not require a down payment. This feature makes homeownership more accessible to many who may struggle to save for a large down payment.
- Lower Interest Rates: Typically, USDA loans come with interest rates that are lower than conventional loans. This can result in significant savings over the life of the loan.
- Lower Mortgage Insurance Costs: Compared to other loan types like FHA or conventional loans, USDA loans often have lower mortgage insurance costs. This reduces the overall monthly payment and can make housing more affordable.
- Flexible Credit Guidelines: USDA loans have more lenient credit requirements compared to conventional loans. This is beneficial for buyers with less-than-perfect credit histories.
- 100% Financing: Since there’s no down payment required, Kasson, MN USDA loans offer 100% financing. This is particularly helpful for buyers who have good income but limited savings for a down payment.
6. Fixed-Rate Mortgages: USDA loans are typically fixed-rate mortgages, which means the interest rate remains the same throughout the life of the loan. This predictability is beneficial for budgeting and financial planning.
7. Assistance for First-Time and Repeat Buyers: The program is available not only to first-time homebuyers but also to those who are buying a home for the second time or more, as long as they meet the eligibility criteria.
8. Geographical Flexibility: Although designed for rural areas, the definition of “rural” includes many areas around Kasson, MN as well. This offers a broader range of locations for potential homeowners.
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9. Potential for Property Repairs and Improvements: In some cases, USDA loans in Kasson, MN can be used to purchase and repair a home. This is particularly advantageous for buyers looking at homes that may need some TLC.
10. No Maximum Purchase Price: Unlike some other loan programs, USDA loans do not have a maximum purchase price limit. However, the borrower’s ability to repay the loan is considered.
11. Streamlined Refinancing Options: For those who already have a Kasson, USDA loan, the refinancing process is streamlined, making it easier and faster to reduce interest rates and monthly payments.
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Learn more about Kasson, Minnesota
Kasson (/ˈkæsən/ KASS-ən) is a city in Dodge County, Minnesota, United States. The population was 6,851 at the 2020 census. The city is located 13 miles (21 km) west of Rochester along U.S. Highway 14 and is one of the endpoints of Minnesota State Highway 57. The Dakota, Minnesota and Eastern Railroad’s main freight rail line also runs through the city. Kasson shares a school system with nearby Mantorville (the “K–M Komets”). The K–M school system is a member of the Zumbro Education school district (ZED). Kasson is part of the Rochester, MN Metropolitan Statistical Area.
According to Warren Upham, superintendent of the Minnesota Historical Society from 1896–1934, the city of Kasson was incorporated on February 24, 1870, and again on April 22, 1916, separating from the township on March 21, 1917. The town was named after Jabez Hyde Kasson, owner of the original townsite. Kasson was born on January 17, 1820, and moved to Minnesota in 1856. He settled on a farm in the township, and laid out the village along with others. The plat was recorded on October 13, 1865. It had a station of the Chicago and North Western Transportation Company, and its post office opened in 1866.
According to the United States Census Bureau, the city has a total area of 3.00 square miles (7.77 km2), all land. Kasson is located 15 miles (24 km) west of Rochester, and 3 miles (4.8 km) south of Mantorville.
As of the census of 2010, there were 5,931 people, 2,224 households, and 1,569 families residing in the city. The population density was 1,977.0 inhabitants per square mile (763.3/km2). There were 2,340 housing units at an average density of 780.0 per square mile (301.2/km2). The racial makeup of the city was 96.0% White, 0.4% African American, 0.3% Native American, 0.5% Asian, 1.2% from other races, and 1.6% from two or more races. Hispanic or Latino people of any race were 4.2% of the population.
There were 2,224 households, of which 41.3% had children under the age of 18 living with them, 56.0% were married couples living together, 9.3% had a female householder with no husband present, 5.2% had a male householder with no wife present, and 29.5% were non-families. 25.2% of all households were made up of individuals, and 11.1% had someone living alone who was 65 years of age or older. The average household size was 2.65 and the average family size was 3.18.