Wisconsin USDA Mortgage
First Option Mortgage Wisconsin offers the best expertise in the Wisconsin USDA Mortgage for Wisconsin homeowners. These Wisconsin USDA mortgage comes with the following features:
- 100% Financing up to the appraised value
- NO private Wisconsin mortgage insurance
- NO limit on seller concessions and gifts
- Flexible credit qualifications
- No Wisconsin loan amount limitations
- Purchase Money Program
Start Your Wisconsin USDA Mortgage Application
What is a Wisconsin USDA Mortgage?
The Rural Housing Service (RHS) of the United States Department of Agriculture (USDA) sponsors Wisconsin home loans referred to as Section 502 loans. Under Section 502, direct loans (i.e. from money appropriated by Congress) may be available to some low-income applicants. In addition, those with total household income less that 115% of the median household income in a qualified rural area may obtain government guaranteed Wisconsin mortgages from qualified Wisconsin lenders.
Why should I consider a government guaranteed Wisconsin USDA Mortgage?
- A Wisconsin USDA Mortgage may be issued with no down payment.
- Closing costs may be included in the Wisconsin loan amount, further decreasing up-front costs.
- Because of the government guarantee, Wisconsin interest rates are favorable and there is no Wisconsin mortgage insurance fee built into the monthly payment.
- The Wisconsin USDA Mortgage is a 30 year fixed-rate mortgage. Your Wisconsin interest rates will not increase during the life of the Wisconsin loan.
- Credit requirements are flexible. You must have a reasonable credit history and demonstrate that you are willing and able to make timely payments, but circumstances such as previous job loss or other extenuating circumstances may be considered in evaluating your credit history (or your lack of a credit history).
The purpose of the program is described by the RHS as Follows:
The Section 502 Guaranteed Rural Housing Loan Program is designed to serve rural Wisconsin residents who have a steady, low or modest income, and yet are unable to obtain adequate housing through conventional financing. These Wisconsin loans enable low and moderate-income rural Wisconsin residents to acquire modestly priced housing for their own use as a residence through the purchase of a new or existing dwelling or the purchase of a new manufactured home.
If you live in a rural area or in a less developed portion of a metropolitan county in Wisconsin, and your household income does not exceed the limit assigned to your area, you may qualify for a Wisconsin USDA guaranteed mortgage.
Do I qualify for a Wisconsin USDA Mortgage?
The final word on eligibility is made by an officer in your local Wisconsin RHS office. This local officer has the discretion to evaluate your circumstances and credit history and take into account extenuating circumstances.
You can learn whether you meet the outside limits on household income by going to the USDA Income and Property Eligibility Site at www.usda.gov. The same calculator can help you determine whether the property you wish to buy is located in a qualified rural area.
In addition to having a satisfactory credit history, the ratio of your total monthly Wisconsin loan payment to monthly household income may not exceed 29 percent, and the ratio of monthly payments on all debt to household income must not exceed 41 percent.
How do I apply for a Wisconsin USDA Mortgage?
Your local Wisconsin loan office or Wisconsin mortgage broker at First Option Mortgage Wisconsin can help you evaluate your eligibility, prepare a Wisconsin loan request and take full advantage of the options available to you through a government guaranteed Wisconsin USDA Mortgage.
Would you like more information? You can find out more about Wisconsin mortgage and loan products at the following pages:
Wisconsin Mortgage
Links:
First Option Mortgage
First Option Lending
WI USDA Mortgage at First Option Lending