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.
2010 income limits have been updated
(Effective 06/02/2010) 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:
Florida Income Limits for Rural Housing Loans - PDF file
Minnesota Income Limits for Rural Housing Loans - PDF file
Additional Information on our blog:
Are USDA Rural Housing loans only for "Farmers"?
USDA Rural Housing Refinance
Other programs that may be of
interest:
FHA Loans
VA Home
Loans
100%
Financing Programs
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
Refinance Programs
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:
We Still Do Guaranteed Rural Housing Loans!
May 28, 2010
New USDA Rural Housing guidelines and funding fee
increases are coming , but we see no reason to stop
processing and approving these loans. The funding fee
will rise to 3.5% of the mortgage amount to strengthen
the insurance fund and reduce the number of times the
USDA has to lobby Congress for more money. This fee can
still be rolled into the mortgage, making Rural
Development the most economically attractive way to
purchase a home.
Read the rest of this entry
»
USDA Rural Housing Still Closing Loans: Update 4-26-2010
April 26, 2010
Rural Development currently projects the Single Family
Housing Guaranteed Loan Program funds will be exhausted
at the end of May, 2010. We have seen a slowdown of the
usage of funds due to the anticipation that funds would
be depleted at the end of April.
We will keep submitting qualified borrowers until the
last dollar is guaranteed. Please don’t give up because
someone says there is no chance. Fewer than 1 billion
dollars may be left in the pool and will run out by the
end of May. Call and apply soon!
Read the rest of this
entry »
USDA Rural Housing Refinance
March 15, 2010
We get this questions a lot; "Can I refinance into a
USDA Rural Housing loan?" and the answer, 9 out of 10 times, is
no. Unless your current loan is a Guaranteed Rural Housing loan
or a USDA Section 502 Direct loan, you cannot refinance into the
program.
Read the rest of this entry »
USDA Mortgage Home Loans
February 24, 2010
In today’s shrinking credit market, the Wisconsin
USDA rural housing loan program is one of the best
100% mortgage financing options in the marketplace. Many
rural families and individuals may be eligible to become
homeowners with the help of this program. Good credit
and a steady income are not always enough to qualify for
a conventional mortgage. A sizeable down payment may
also be required. When the Federal Government guarantees
the loan, lending institutions can help buyers while
incurring little risk. With the Guaranteed Rural Housing
Loan Program, moderate-income people can qualify for
mortgages with little or no money down.
Here’s more information about our Rural Housing loan
program and how it works:
Read the rest of this
entry »
No Down Payment Rural Housing Loans
January 5, 2010
Wisconsin and Illinois USDA Rural Housing home loans
have a huge advantage in today's Real Estate market.
We've all heard these terms...
NO MONEY DOWN! ZERO DOWN! 100% Home Loan Financing!
These options for financing a home are no longer
available with conventional financing or through
FHA home
loan financing. The best option for buying a home
with No Money Down is with the
VA home
loans programs or the
USDA Rural
Development Home Loan, which will fund up to 102%
of the appraised value.
Read the rest of
this entry »
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 »
|
