Wisconsin (WI) USDA Loans
Home Point Financial is pleased to announce that we now have Wisconsin USDA financing. USDA Loans in Wisconsin are intended to provide lower-income homeowners with 100 percent financing (with no down payment). USDA (United States Department of Agriculture) loans, once known as farm loans, are now available to Wisconsin residents in almost every WI county outside of major metropolitan areas (rural areas in Wisconsin including Clark County, Door County, Forest County and others).
USDA Loan Requirements and Guidelines (Wisconsin)
Qualification requirements for Wisconsin USDA Loans:
- Monthly Wisconsin housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (29% ratio).
- Credit background will be fairly considered. At least a 640 FICO credit score is required to obtain a USDA approval through most lenders in Wisconsin.
- Wisconsin borrower must have enough income to pay your housing costs plus all additional monthly debt (41% ratio with some flexibility).
- Income can be up to 115% of the median income for the area.
- Bankruptcy: Have been discharged from a Chapter 7 bankruptcy for three years or more (if applicable).
- Wisconsin property must be considered rural which is generally defined as open country with fewer than 10,000 people. Learn more here: http://eligibility.sc.egov.usda.gov.
Wisconsin families must be able to afford the mortgage payments, including taxes and insurance.
Wisconsin USDA Mortgage Rates
WI USDA Loan rates vary by individual and are determined by a number of factors specific to the individual, Wisconsin property being financed, etc. In general, WI USDA rates are better than average compared to other options for qualifying individuals.
Wisconsin USDA Lender
Apply now or contact the Wisconsin USDA Mortgage experts at Home Point Financial to learn more about USDA Loans in Wisconsin, eligibility and more.
