Powers Lake, WI USDA Loan

Powers Lake, WI USDA Loan Guide

“Unlock the Power of USDA Mortgages with Smart Mortgage!”

Powers Lake, WI USDA Home Loan Guide

What is a Powers Lake, 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 Powers Lake, 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 Powers Lake 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 Powers Lake, 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.

Powers Lake, WI USDA Loan Questions Call (888)416-4805

Get Pre-Approved Now

    Once this form is completed you will have the option to start your USDA mortgage application.

    Thank you for choosing iloanusda.com

    Get cash from your home.

    Apply to see how a cash out refinance can help you.

    Homebuyer Seminars

     Discover the keys to homeownership at our local Powers Lake, WI home buying seminar – your first step towards securing your dream home!

    See our home loans.

    Explore our diverse range of home loan programs tailored to fit your unique needs!

    3. Eligibility Criteria

    To be eligible for a Powers Lake, WI USDA mortgage, borrowers must meet certain requirements:

    • Location: The Powers Lake, 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 Powers Lake, WI USDA loan can be more affordable in the long run.
    • Inclusive: It’s a great option for Powers Lake, 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 Powers Lake, 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.

    Do you need a Pre-Approval?
    We are here to help! Get a same day Powers Lake, Wisconsin USDA pre-approval to shop for your dream home!

    Mortgage Resource Center

    More information About Powers Lake, Wisconsin

    Powers Lake is a census-designated place (CDP) in the towns of Randall and Wheatland, in Kenosha County in the U.S. state of Wisconsin. As of the 2020 census, the CDP had a population of 1,401. Part of the Powers Lake CDP was in Walworth County, but on December 20, 2011, it became part of the village of Bloomfield.

    Originally called Lakeville and then Nippersink, Powers Lake was named after James B. Powers, one of its early settlers, convivial neighbor, and one of our first postmasters. The farming community appreciated our fertile Wisconsin soil and access to a water supply. Recreational activities garnered interest around the lakes in the 1880’s, but it was in the 1890’s that fishermen and others, primarily from Chicago, enjoyed long visits in the area and eventually developed the North Shore of Powers Lake. Ice companies also ‘mined’ the south shores of Powers Lake and the north shore of Benedict Lake in the 1890’s, eventually establishing five ice houses on Powers Lake.

    Powers Lake is located at 42°32’20” North, 88°17’53” West (42.538813, -88.298027).

    According to the United States Census Bureau, the CDP has a total area of 3.1 square miles (8.0 km2), of which, 2.2 square miles (5.7 km2) of it is land and 0.9 square miles (2.2 km2) of it is water. The total area is 27.88% water.

    As of the census of 2000, there were 1,500 people, 544 households, and 405 families residing in the CDP. The population density was 783.6 inhabitants per square mile (302.5/km2). There were 855 housing units at an average density of 446.6 per square mile (172.4/km2). The racial makeup of the CDP was 97.53% White, 0.33% African American, 0.13% Native American, 0.27% Asian, 0.00% Pacific Islander, 0.07% from other races, and 1.67% from two or more races. 2.13% of the population were Hispanic or Latino of any race.

    We Service the Following Locations in Wisconsin