USDA Home Loans in Madison, Wisconsin
For eligible suburban or rural homebuyers, US Department of Agriculture or USDA home loans in Madison, Wisconsin, is a 100% no-money down home mortgage loan. This program was created as a rural development home loan and backed by the US Department of Agriculture to help lenders make homeownership a reality by working with low and moderate income families living primarily in rural areas. By providing access to homeownership, USDA loans in Wisconsin can promote prosperity, which can help create thriving communities while also improving the quality of life in rural areas.
Highlights of USDA Loans:
There are three basic Madison, Wisconsin USDA home loans:
The USDA guarantees a mortgage issued by a participating local lender like Easy Mortgage, which allows you to get low interest rates, even without a down payment. But you will have to pay a mortgage insurance premium If you put little or no money down.
A direct loan is issued by the USDA, and is specifically for low and very low-income borrowers. Income thresholds vary, but with subsidies, interest rates can be as low as 1%.
Home improvement loans or grants can give homeowners the opportunity to repair or upgrade their home. A combination of loans and grants, may even provide more than $25,000 in assistance.
Eligibility for USDA Loans in Wisconsin
USDA loan eligibility is based on property size, location, and condition; along with income and other qualifying factors.
Some requirements include:
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