Rural Housing program highlights:
- Moderate income limits apply - based on family size
- No down payment required.
- 102% Financing (no
money down) plus closings cost and prepaids and lender required
repairs can be rolled in up to the
property's appraised value!
- No Prepayment Penalties.
- No Private Mortgage Insurance required.
- A one-time guarantee fee
is paid at closing. In some cases, this fee, closing
costs and repairs may be included in the loan.
- Competitive 30 year fixed interest
rates.
- No maximum loan amount. Loan amount may be made up to the
property’s appraised value.
- No limits on cash contributions.
- Not restricted to first time home buyers
- Home must be occupied as your permanent residence.
2009 income limits have been updated
(04/20/2009) and can be viewed from the links below:
See if your
income qualifies for a rural housing loan
Wisconsin Income Qualification Information:
A PDF of
Wisconsin Income Limits will give you the county by county
breakdown by family size. You can also use the
USDA Income Calculator to calculate income is more accurate
because it is based on area income limit minus any deduction you
can take to offset your income. The most common income deduction
is for child care expenses.
Wisconsin Ineligible Areas for Rural Housing Loans:
First, you can
view this PDF which is a map of Wisconsin. The counties
in white are 100% eligible. The counties shaded green have ineligible
areas within the county, except for Milwaukee County which is 100%
ineligible. If you are looking for a property in Dane County, you
will want to know the area’s that are eligible. Open up the PDF
map of Wisconsin and click on Dane county. That is going to bring
up a PDF map of part of Dane County. The areas shaded in green on
the county specific map are ineligible. You can zoom in on the map
for a detailed look of the ineligible area. One side of a street
or road may be eligible and the other side not.
Secondly, if you know the address of a property that you are interested
in, you can go to
USDA's website to determine if a specific address is eligible
(click the accept button and then type in the address). If the system
is unable to determine eligibility based on the address you entered,
that doesn’t mean it isn’t eligible. It just means the system couldn’t
find the address, so it is unable to determine eligibility. At this
point, you can either
call/email
us and we will help in determining if the property is eligible or
you could search the address with MapQuest or Google maps to figure
out where the address is and then go back to the Wisconsin PDF map,
click the county the property is located and zoom in to find the
street to determine eligibility.
Sometimes it is just a matter of entering the correct format
of the street to get the system to find the property (what I call
HWY M in Evansville is really County Road M according to the system…).
Illinois Income limits and Ineligible Areas:
Additional Information on our blog:
Are USDA Rural Housing loans only for "Farmers"?
Other programs that may be of
interest:
FHA Loans
VA Home
Loans
100%
Financing Programs
All Wisconsin and Illinois Mortgage Programs
100% Financing (No Money Down) Programs
First Time Home Buyer Mortgage Programs
My Community Mortgage
Government Loans including
FHA, VA
and
Rural Housing
Wisconsin Refinance Illinois Refinance Programs
Current Wisconsin and Illinois Rural Housing Mortgage Rates
About
Us
Apply or Pre-qualify Online
Contact
Us
* Rural areas consist of communities
that have 20,000 and under in population and are not a part of an
urban area.
Recent Rural Housing mortgage posts on our blog:
USDA Rural Housing in Wisconsin: No Money Down
December 18, 2009
Today I thought I would address some questions that I hear a number
of times each week. ”What is the Rural Housing program?” and “Do
I have to buy a farm house?” Wisconsin's USDA Rural Housing program
is about helping people purchase a home in any of the smaller communities
throughout the state.
We will be discussing the Guaranteed
Rural Housing program.
The Guaranteed program is for low to moderate income applicants
to purchase a primary residence in a “rural” area of the state.
These mortgages are processed, underwritten and serviced by a bank
or lender with certain “guarantees” from the USDA.
Read the rest of this entry »
No Money Down Mortgage
November 22, 2009
If you want a home mortgage loan, and want to see
if it's possible to get a no money down mortgage
loan, our professional and knowledgeable staff can
help guide you through the decision making process,
and educate you about your options for a Chicago
or any city in Illinois no money down mortgage loan.
Your Illinois and Wisconsin no money down mortgage
banker.
Contact us
for questions or additional information.
Read the rest of
this entry »
No Money Down: VA, Rural, and FHA Loans
September 5, 2009
How to Buy a Home in Wisconsin with Little or No Money Down
Of course you want to buy a home in Wisconsin with no down payment.
Who doesn’t?
Here’s how you do it:
Many people never buy the home of their dreams simply because they
don't think they have enough money for the down payment. They have
been told through the years that they need 10% or 20% of the purchase
price in order to buy a home. Well, this is true for the conventional/conforming
loan programs but not for Wisconsin Government loans.
So why have so many Lenders told them this?
It’s because selling homes to people with 10% or 20% down is easier
than selling homes to people who have little or no money for a down
payment. Most mortgage loan officers would rather go after the "easy
sale" than try to help people who would rather save the down payment
money for a rainy day or for current and future repairs/upgrades.
Read the rest of this entry »
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