Landfall, MN USDA Eligibility

USDA Eligibility Guide

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Landfall, MN USDA Loan Eligibility Guide

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

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    More About Landfall, Minnesota

    Landfall is a city in Washington County, Minnesota, United States. The population was 686 at the 2010 census and is the smallest community in Washington County in terms of area. It lies on the eastern shore of Tanner’s Lake on Interstate 94.

    Landfall is an incorporation of a manufactured home community, contributing to its reputation as the most affordable community in the Twin Cities. In 2008 and 2010, the city was named one of the 100 best communities for young people by America’s Promise.

    Landfall is one of only two incorporated cities in Minnesota that consist primarily of manufactured housing; the other is the Twin Cities suburb of Hilltop.

    From 1953 to 1997 all of the land in Landfall was owned by one family. Mobile homes were built on the land after there was a shortage of affordable housing. The city was incorporated in 1959. In the early 1990s a developer attempted to purchase the city for a shopping mall. The Washington County Housing and Redevelopment Authority purchased the land and sold it to the city in 1997. Since then the city has rented mobile home lots to residents. All homes in the city are owner occupied. Rental of mobile homes is prohibited.

    According to the United States Census Bureau, the city has a total area of 0.09 square miles (0.23 km2); 0.07 square miles (0.18 km2) is land and 0.02 square miles (0.05 km2) is water. Interstate Highway 94 serves as a main route in the community. Interstate Highways 494 and 694 are in close proximity to the community. The boundary line between Ramsey and Washington counties is nearby.