Somers, WI USDA Loan

Somers, WI USDA Loan Guide

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Somers, WI USDA Home Loan Guide

What is a Somers, 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 Somers, 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 Somers 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 Somers, 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 Somers, WI USDA mortgage, borrowers must meet certain requirements:

    • Location: The Somers, 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 Somers, WI USDA loan can be more affordable in the long run.
    • Inclusive: It’s a great option for Somers, 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 Somers, 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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    More information About Somers, Wisconsin

    Somers is a village in Kenosha County, Wisconsin, United States. The population was 8,402 at the 2020 census. Somers has a post office with ZIP code 53171. The former unincorporated communities of Berryville, Central Park, and Kellogg’s Corners are located in the village.

    The village of Somers was incorporated on April 24, 2015, following a local election that favored incorporation. While the village originally only included the eastern half of the town’s former boundaries, it now includes almost all of the original town; the remainder is still a town and is slated to become part of Kenosha by 2035.

    The community was originally named Pike on April 15, 1843, by an act of the Wisconsin territorial legislature, and became Somers in 1851.

    According to the United States Census Bureau, the village has a total area of 25.274 square miles (65.46 km2), of which 25.257 square miles (65.42 km2) are land and 0.017 square miles (0.044 km2) are water.

    Berryville is a residential and business community located in the eastern part of the village, at the intersection of Kenosha County Highway A (7th Street) and Highway 32 (Sheridan Road). The community was named for the proliferation of strawberry farms in the area. The Berryville School was a community fixture into the 1980s, when it was demolished for new housing. Adjacent to the school to the south was the Mid-City Outdoor Theatre (1948-1984), one of Wisconsin’s first drive-in theatres.

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