With the countless of Americans struggling in one way or the other, the US government has made several programs available to consumers that will help them to break out of the difficult situation of the past several years. One such program provides loans to borrowers looking to buy single-family homes in rural areas.
The USDA program in Wisconsin is available to rural customers in southeastern Wisconsin and the single biggest benefit is that the amount needed to secure the purchase can be as little as no money down. We met with mortgage professional Dennis Prosser of A+ Mortgage Services, Inc. and asked him about some more of the frequently asked questions about the USDA program.
How Do You Qualify for a USDA Loan?
A qualified borrower must be seeking a single-family residence and meet program income requirements. For a family of four, the income level starts at $84,000. For families with more than four
Are Only Some Properties Eligible?
There are two rules as to which properties are eligible under this program. First, they must be single-family residences, meeting income requirements as listed above. Second, the homes must be located in rural areas.
What Areas Are Considered for This Program?
With the exception of Milwaukee County, all of the following counties plus additional surrounding counties are considered valid locations whenever rural areas within each are being sought:
- Kenosha
- Ozaukee
- Racine
- Walworth
- Washington
- Waukesha
What Kind of Down Payment and Interest Rate Should I Expect To Pay?
Depending on the parameters of the application, little or no down payment is required to secure the USDA loan. Interest rates are currently at their
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If you would like to find out whether you qualify for a USDA loan and can pay little to no money down on the purchase of your home, contact the Roth Team at rothteam@shorewest.com or by calling 262.797.6453. You can also contact Dennis Prosser from A+ Mortgage Services at 262 679 8500. We look forward to hearing from you!
