Longville, MN USDA Eligibility

USDA Eligibility Guide

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Longville, MN USDA Loan Eligibility Guide

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

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    More About Longville, Minnesota

    Longville pronunciationⓘ is a city in Cass County, Minnesota, United States. The population was 156 at the 2010 census. The city was named after its founder, Jim Long. It is roughly four hours north of the Twin Cities. It is part of the Brainerd Micropolitan Statistical Area. Minnesota State Highway 84 serves as a main route in the community, and Minnesota State Highway 200 is nearby. Longville is home to Longville Municipal Airport.

    According to the United States Census Bureau, the city has an area of 0.86 square miles (2.23 km2), of which 0.84 square miles (2.18 km2) is land and 0.02 square miles (0.05 km2) is water.

    Longville is part of the Northern Minnesota’s glacial plain, which was flattened by glaciers during the most recent glacial advance. During the last glacial period, massive ice sheets at least 0.62 miles (1 km) thick ravaged the state’s landscape and sculpted its terrain. The Wisconsin glaciation left 12,000 years ago. These glaciers covered all of Minnesota except the far southeast, an area characterized by steep hills and streams that cut into the bedrock. Since the landscape is going through post-glacial rebound, it is poorly drained, creating Cass County’s numerous lakes and rivers.

    Longville’s cultural landscape and its surrounding lands can be characterized as seasonal and recreational. The bulk of human activity occurs in the summer when the cabin owners vacation at their lake homes, and the activities they engage in are mostly recreational.

    Long Lake lies immediately north of town. It is very deep, up to 110 feet (34 m), and drops off rather quickly from shore. This is very unusual for lakes of this size in the region. They are normally no more than 50 feet (15 m) deep.