Somerset, WI USDA Loan

Somerset, WI USDA Loan Guide

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Somerset, WI USDA Home Loan Guide

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

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

    Somerset is a village in St. Croix County, Wisconsin, along the Apple River. The population was 2,635 at the 2010 census. The village is located within the Town of Somerset.

    Somerset was named by General Samuel Harriman after his father’s home of Somerset, England. Somerset has a lengthy and colorful history. Before the turn of the century Somerset was bordered on the south by cranberry bogs. The terrain naturally lent itself to the production of cranberries as a result of the hilliness of the area, which is dotted with ponds, sloughs, swamps and bogs. These wet areas became of greater interest to the local population during Prohibition. These same low spots where water collected became ideal for collecting water for the production of moonshine (homemade alcoholic beverages). Indeed, Somerset already had a history of being a rough logging town, and it was only a natural progression to become the supplier of bootlegged alcohol to the twin cities of Saint Paul and Minneapolis. After Prohibition ended, the citizens of Somerset returned to the more humble activities of logging and farming.

    Somerset is located at 45°7′30″N 92°40′30″W / 45.12500°N 92.67500°W / 45.12500; -92.67500 (45.125189, -92.6752).

    According to the United States Census Bureau, the village has a total area of 2.75 square miles (7.12 km2), all of it land. The Apple River runs through Somerset.

    Wisconsin Highways 35 and 64, and County Roads C, I, and VV are main routes in the community.

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