Wisconsin Rapids, WI USDA Eligibility

USDA Eligibility Guide

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Wisconsin Rapids, WI USDA Loan Eligibility Guide

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

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    More About Wisconsin Rapids, Wisconsin

    Wisconsin Rapids is a city in and the county seat of Wood County, Wisconsin, United States. The population was 18,877 at the 2020 census. The city also forms one of the core areas of the United States Census Bureau’s Marshfield-Wisconsin Rapids Micropolitan Statistical Area, which includes all of Wood County and had a 2020 population of 74,207.

    The American Indians called the area “Ahdawagam”, meaning “Two-sided Rapids”. Although Europeans began to settle this area in the 1830s, Wisconsin Rapids has been known by this name only since 1920. Prior to that, the community was divided by the Wisconsin River, with the west side incorporated as Centralia and the east side as Grand Rapids. The two cities merged in 1900, with the entire community taking the name Grand Rapids. The name was changed in 1920 to avoid mail and other goods from being misdirected to the other city already named Grand Rapids, Wisconsin in the same county, or to the much better known Grand Rapids, Michigan.

    Wisconsin Rapids is located at 44°23′12″N 89°49′23″W / 44.38667°N 89.82306°W / 44.38667; -89.82306 (44.386805, −89.823078).

    According to the United States Census Bureau, the city has a total area of 14.77 square miles (38.3 km2), of which 13.88 square miles (35.9 km2) is land and 0.89 square miles (2.3 km2) is water.

    As of the census of 2020, the population was 18,877. The population density was 1,360.2 inhabitants per square mile (525.2/km2). There were 9,265 housing units at an average density of 667.6 per square mile (257.8/km2). The racial makeup of the city was 87.4% White, 3.5% Asian, 1.4% Black or African American, 0.9% Native American, 1.5% from other races, and 5.3% from two or more races. Ethnically, the population was 4.6% Hispanic or Latino of any race.