Menomonee Falls, WI USDA Eligibility

USDA Eligibility Guide

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Menomonee Falls, WI USDA Loan Eligibility Guide

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

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    More About Menomonee Falls, Wisconsin

    Menomonee Falls is a village in Waukesha County, Wisconsin, United States, and is part of the Greater Milwaukee area. The population was 38,527 at the 2020 census, making it the most populous village in Wisconsin. It is the fourth largest community in Waukesha County.

    The area that became Menomonee Falls was first inhabited by Native Americans, including the people of the Menominee and Chippewa tribes. The town of Menomonee was created in December 1839.

    The Menomonee Falls area continued to grow throughout the 1870s. By 1890, the population of the area was 2,480. In 1892, a section of the town of Menomonee was incorporated as the village of Menomonee Falls. In 1894 the first village board was elected and the first village fire department formed. After becoming a village, many important buildings were built, including the village hall/fire station, Menomonee Falls High School, and the Wisconsin Sugar Factory. The Wisconsin Sugar Factory employed as many as 500 laborers and produced up to 15 million pounds of sugar annually.

    The first public telephone service was offered in 1902; a local electricity plant offered a substitute for kerosene lamps by 1907; water mains were installed in the 1910s; and the first sewer lines were laid in 1924. New neighborhoods were developed and the Menomonee Falls Public Library was built. The village’s second bank, the Farmers and Merchants Bank, was established in 1908 by attorney Samuel A. Connell. By 1910, automobiles started being sold in the village, which led to an increase in paved roads. By 1919, Highway 15 connected Menomonee Falls to Milwaukee and Illinois and, by 1922, to Green Bay.

    In the early 20th century, a new municipal building was built to house village offices, the fire department, the police department, and a new Menomonee Falls Public Library. A subdivision named Hiawatha Heights added 58 single-family homes with 95% of the home buyers relocating from Milwaukee. By 1940, the population had come to 3,674. Along with all of this, the building of shopping areas had begun, including the Hiawatha Shopping Center, which today can be seen along Appleton Avenue, with Krueger’s Entertainment and Pop’s Custard as the main attractions.