Trempealeau, WI USDA Eligibility

USDA Eligibility Guide

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Trempealeau, WI USDA Loan Eligibility Guide

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

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    Mortgage Resource Center

    More About Trempealeau, Wisconsin

    Trempealeau (/ˈtʃrɛmpəloʊ/ TREM-pə-loh) is a village located along the Mississippi River in Trempealeau County in the U.S. state of Wisconsin. The population was 1,843 at the 2020 census. The village is surrounded by the Town of Trempealeau.

    An ancient Native American site with earthwork mounds, also known as Trempealeau, has been studied near the village through archeological excavations in the 21st century. It is theorized as a possible mission site or colony of Cahokia, the major center of Mississippian culture from 1000CE to 1450CE located 500 miles to the south in present-day Illinois near St. Louis, Missouri.

    Studies have been done through the Mississippi Valley Archaeology Center associated with the University of Wisconsin Madison. Archeologists Danielle Benden and Robert “Ernie” Boszhardt said they have found some evidence of Mississippian settlement about 1050E. The newcomers are believed to have introduced corn culture to the area. The archeology site is slightly downriver of the prominent landmark, Trempealeau Mountain. In 2013 evidence was found of several former structures that exhibited characteristics of Mississippian style. There is some evidence that a religious group came here from Cahokia, perhaps fleeing persecution.

    European-American settlement did not take place here until the mid-19th century, although French and English fur traders interacted with Native Americans of the area from the colonial period and into the 19th century. A post office called Trempealeau was first established in 1852. The village was named after a nearby island in the Mississippi River, that named by a French explorer.

    Trempealeau is located at 44°0′24″N 91°26′4″W / 44.00667°N 91.43444°W / 44.00667; -91.43444 (44.006906, -91.434572).