Kaukauna, WI USDA Eligibility

USDA Eligibility Guide

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Kaukauna, WI USDA Loan Eligibility Guide

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

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    More About Kaukauna, Wisconsin

    Kaukauna (/kəˈkɔːnə/ ⓘ) is a city in Outagamie and Calumet counties, Wisconsin, United States. It is situated on the Fox River, approximately 100 miles (160 km) north of Milwaukee. The population was 17,089 at the 2020 census. It is a part of the Appleton, Wisconsin Metropolitan Statistical Area.

    Kaukauna is a Native American word and in various languages means “portage”, “long portage”, “place where pickerel are caught”, and “place of pike”. This area was traditionally home to the Ho-Chunk and Menominee peoples. The first Europeans in the area were the French. The first Catholic missionary in the area, Fr. Claude Allouez, commented on the “apple trees and vine stalks in abundance” that he found the people of Kaukauna cultivating. Kaukauna became an outpost of trade in Green Bay and saw much intermarriage between French and Menominee people, leading to a Métis culture which produced local leaders such as Augustin Grignon.

    The first recorded land deed in Wisconsin was assigned to Dominique Ducharme in 1793. He obtained 1,281 acres (518 ha) from the Menominee Indians for two barrels of rum and other gifts. These acres are the original site of the town of Kaukauna. The property was purchased by Charles A. Grignon (and recorded Dec. 18, 1828), who built a mansion on the river on Kaukauna’s north side. The home, which bears Grignon’s name, is operated as a museum by the Outagamie County Historical Society.

    In 1836, following years of negotiations about how to accommodate the Oneida, Stockbridge-Munsee, and Brothertown peoples who were removed from New York, the Menominee ceded over four million acres of land to the United States in the Treaty of the Cedars. Grignon of Kaukauna was one of the signatories of the treaty.

    Prior to 1880, and shortly afterwards, Kaukauna was known as “The Lion on the Fox”. This nickname was changed to “The Electric City” upon the completion of the hydroelectric plant. When the city was incorporated in 1885, it was separated from the adjacent rural parts of the town.