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Wauwatosa, Wisconsin USDA Loan Benefits
The Wauwatosa, WI USDA home loan program, designed to assist rural homebuyers, offers several significant benefits. Here’s a guide outlining its key advantages:
- No Down Payment Required: One of the most significant benefits of the Wauwatosa, WI USDA loan is that it does not require a down payment. This feature makes homeownership more accessible to many who may struggle to save for a large down payment.
- Lower Interest Rates: Typically, USDA loans come with interest rates that are lower than conventional loans. This can result in significant savings over the life of the loan.
- Lower Mortgage Insurance Costs: Compared to other loan types like FHA or conventional loans, USDA loans often have lower mortgage insurance costs. This reduces the overall monthly payment and can make housing more affordable.
- Flexible Credit Guidelines: USDA loans have more lenient credit requirements compared to conventional loans. This is beneficial for buyers with less-than-perfect credit histories.
- 100% Financing: Since there’s no down payment required, Wauwatosa, WI USDA loans offer 100% financing. This is particularly helpful for buyers who have good income but limited savings for a down payment.
6. Fixed-Rate Mortgages: USDA loans are typically fixed-rate mortgages, which means the interest rate remains the same throughout the life of the loan. This predictability is beneficial for budgeting and financial planning.
7. Assistance for First-Time and Repeat Buyers: The program is available not only to first-time homebuyers but also to those who are buying a home for the second time or more, as long as they meet the eligibility criteria.
8. Geographical Flexibility: Although designed for rural areas, the definition of “rural” includes many areas around Wauwatosa, WI as well. This offers a broader range of locations for potential homeowners.
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9. Potential for Property Repairs and Improvements: In some cases, USDA loans in Wauwatosa, WI can be used to purchase and repair a home. This is particularly advantageous for buyers looking at homes that may need some TLC.
10. No Maximum Purchase Price: Unlike some other loan programs, USDA loans do not have a maximum purchase price limit. However, the borrower’s ability to repay the loan is considered.
11. Streamlined Refinancing Options: For those who already have a Wauwatosa, USDA loan, the refinancing process is streamlined, making it easier and faster to reduce interest rates and monthly payments.
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Learn more about Wauwatosa, Wisconsin
Wauwatosa (/ˌwɔːwəˈtoʊsə/; known informally as Tosa; originally legally known as Wau-wau-too-sa, also called Hart’s Mill) is a city in Milwaukee County, Wisconsin, United States. The population was 48,387 at the 2020 census. Wauwatosa is located immediately west of Milwaukee, and is a part of the Milwaukee metropolitan area. It is named after the Potawatomi Chief Wauwataesie and the Potawatomi word for firefly.
The lush Menomonee Valley of the Wauwatosa area provided a key overland gateway between the rich glacial farmland of southeastern Wisconsin and the Port of Milwaukee. In 1835, Charles Hart became the first Euro-American to settle here, followed that year by 17 other families. The following year a United States Road was built from Milwaukee through Wauwatosa, eventually reaching Madison. Charles Hart built a mill in 1845 on the Menomonee River which gave the settlement its original name of “Hart’s Mill.” The mill was torn down in 1914.
The Town of Wau-wau-too-sa was created by act of the Wisconsin Territorial Legislature on April 30, 1840. As of the 1840 census, the population of the Town of Wau-wau-too-sa or Wauwatosa was 342. The town government was organized in 1842. The town’s borders originally extended from the present-day Greenfield Avenue in the south to Hampton Avenue in the north, and from 27th Street in the east to the Waukesha County line in the west, encompassing sections of present-day Milwaukee, West Milwaukee and West Allis, plus the southern part of former North Milwaukee, which was wholly annexed into the city of Milwaukee in 1927. Most of the town was farmland through the remainder of the 19th century.
In 1849 the Watertown Plank Road was constructed through Wauwatosa, mainly following the old Madison territorial road. In 1851 Wisconsin’s first railroad (later The Milwaukee Road) established Wauwatosa as its western terminus. The Village of Wauwatosa was incorporated from the central part of the Town of Wauwatosa in 1892, and was rechartered as the City of Wauwatosa on May 27, 1897.
On November 25, 1952, the City of Wauwatosa more than doubled its size by annexing 8.5 square miles (22 square kilometers) of land west of the Menomonee River, the entire remaining portion of the Town of Wauwatosa, which became the home to several large cold storage and regional food distribution terminals. Industrial plants owned by firms including Harley-Davidson and Briggs & Stratton were also constructed.