Whitehall, WI USDA Eligibility

USDA Eligibility Guide

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Whitehall, WI USDA Loan Eligibility Guide

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

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    More About Whitehall, Wisconsin

    Whitehall is a city in Trempealeau County, Wisconsin, United States, along the Trempealeau River. The population was 1,645 at the 2020 census. It is the county seat of Trempealeau County.

    Whitehall is situated on the former Green Bay and Western Railroad midway between La Crosse and Eau Claire.

    Whitehall was started in 1860 or 1861, in an area later known as Old Whitehall about a mile from the center of the current city, by Ole Knudtson. He came to Whitehall June 25, 1860, and opened a hotel and blacksmith shop. The proprietors of the town site were Benjamin Franklin Wing and Mr. Georges. A post office called Whitehall was first established in 1861. The city was named by Benjamin F. Wing, possibly after White Hall, Illinois and Whitehall, New York.

    The Green Bay railroad was built through the valley of the Trempealeau River in 1873. “The tracks were laid through the wheat field that is now Whitehall, on Sept. 2, 1873. … Where the courthouse now stands, the harvesters were gathering wheat. … On New Year’s Day, 1874, the first passenger train passed Whitehall on regular schedule. That same day the lumber was unloaded for the first depot …” Whitehall was incorporated in 1887.

    According to the United States Census Bureau, the city has a total area of 2.80 square miles (7.25 km2), all of it land.