La Crosse, WI USDA Loan Guide
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La Crosse, WI USDA Home Loan Guide
What is a La Crosse, 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 La Crosse, 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 La Crosse 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 La Crosse, 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 La Crosse, WI USDA mortgage, borrowers must meet certain requirements:
- Location: The La Crosse, 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 La Crosse, WI USDA loan can be more affordable in the long run.
- Inclusive: It’s a great option for La Crosse, 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 La Crosse, 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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La Crosse (/ləˈkrɒs/ lə-KROSS) is a city in the U.S. state of Wisconsin and the county seat of La Crosse County. Positioned alongside the Mississippi River, La Crosse is the largest city on Wisconsin’s western border. La Crosse’s population as of the 2020 census was 52,680. The city forms the core of and is the principal city in the La Crosse–Onalaska Metropolitan Area, which includes all of La Crosse County and Houston County, Minnesota, with a population of 139,627.
A regional technology, medical, education, manufacturing, and transportation hub, companies based in the La Crosse area include Organic Valley, Logistics Health Incorporated, Kwik Trip, La Crosse Technology, City Brewing Company, and Trane.
La Crosse is a college town with over 20,000 students and home to the University of Wisconsin-La Crosse, Viterbo University, and Western Technical College.
The first Europeans to see the region were French fur traders who traveled the Mississippi River in the late 17th century. There is no written record of any visit to the site until 1805, when Lt. Zebulon Pike mounted an expedition up the Mississippi River for the United States. Pike recorded the location’s name as “Prairie La Crosse”. The name originated from the game with sticks that resembled a bishop’s crozier or la crosse in French, which was played by Native Americans there.
In 1841, the first white settlement at La Crosse was established when Nathan Myrick, a New York native, moved to the village at Prairie du Chien, Wisconsin to work in the fur trade. Myrick was disappointed to find that because many fur traders were already well-entrenched there, there were no openings for him in the trade. As a result, he decided to establish a trading post upriver at the then still unsettled site of Prairie La Crosse. In 1841, he built a temporary trading post on Barron Island (now called Pettibone Park), which lies just west of La Crosse’s present downtown. The following year, Myrick relocated the post to the mainland prairie, partnering with H. J. B. Miller to run the outfit.
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