Wisconsin USDA Loans

What are Wisconsin USDA Loans?

USDA stands for United States Department of Agriculture. A USDA Mortgage provides a low-cost insured home mortgage loan that suits a variety of options. A USDA mortgage is likely the best home loan option if you want to purchase a home with no down payment. If you’re unsure about your credit rating, or have concerns about a down payment when you’re doing a home loan comparison, USDA Rural Mortgage Loans can give you piece of mind with no money down, low closing costs and low monthly mortgage insurance.

What kinds of loans does USDA offer in Wisconsin?

Currently, there are two kinds of USDA Home Loans available in Wisconsin for single family households:

USDA Guaranteed Rural Development Loans

USDA Guaranteed Home Mortgage Loans are the most common type of USDA Loan in Wisconsin and allow for higher income limits and 100% financing for home purchases. USDA Guaranteed Loan applicants may have an income of up to 115% of the median household income for the area. Area income limits for this program can be viewed here. All USDA Guaranteed Loans carry 30 year terms and are set at a fixed rate.

USDA Direct Rural Development Loans

USDA Direct Housing Loans are less common than USDA Guaranteed Loans and are only available for low and very low income households to obtain homeownership, as defined by the USDA. Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI. Click here to see area income limits for this program.

What factors determine if I am eligible for a USDA RD Loan in Wisconsin?

To be eligible for A USDA Rural Loan in Wisconsin, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income (29% ratio). Your credit background will be fairly considered. A 620 FICO credit score is required to obtain a USDA Rural Housing Loan approval through most lenders. You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio). These ratios can be exceeded somewhat with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. Maximum USDA Guaranteed Loan income limits for your area can be found at here. Maximum USDA Direct Loan income limits for your area can be found at here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.

What is the maximum amount that I can borrow?

The maximum amount for an USDA home loan is determined by:

Maximum Loan Amount: The is no set maximum loan amount allowed for USDA Rural Home Loans. Instead, your debt-to-income ratios will dictate how much home your can afford (29/41 ratios). Additionally, your total household monthly income must be within USDA allowed maximum income limits for your area. Maximum USDA Guaranteed Loan income limits for your area can be found at here.

Maximum financing: The maximum USDA Rural Development Loan amount is 102% of the appraised value of the home (100% plus the 2% USDA RD Loan guarantee fee).

How much is needed for the down payment and closing costs?

USDA Rural Development Mortgage Loans require no down payment and they allow for the closing costs to be included in the loan amount (appraisal permitting).

What property types are allowed for USDA Loans?

While USDA Mortgage Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and single family residences.

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Wisconsin USDA Loan Adjusted Maximum Income Limits by County
Updated 05/01/2012

County Name
1-4 Person Households
(Guaranteed Loans)
5-8 Person Households 
(Guaranteed Loans)
NON-METRO
ADAMS
$73,600
$97,150
NON-METRO
ASHLAND
$73,600
$97,150
NON-METRO
BARRON
$73,600
$97,150
NON-METRO
BAYFIELD
$73,600
$97,150
GREEN BAY, WI (MSA)
BROWN
$75,750
$100,000
NON-METRO
BUFFALO
$73,600
$97,150
NON-METRO
BURNETT
$73,600
$97,150
APPLETON, WI (MSA)
CALUMET
$82,800
$109,300
EAU CLAIRE, WI (MSA)
CHIPPEWA
$73,600
$97,150
NON-METRO
CLARK
$73,600
$97,150
MADISON, WI (MSA)
COLUMBIA
$92,000
$121,450
NON-METRO
CRAWFORD
$73,600
$97,150
MADISON, WI (MSA)
DANE
$92,000
$121,450
BEAVER DAM, WI (MICRO)
DODGE
$73,600
$97,150
NON-METRO
DOOR
$73,600
$97,150
DULUTH, MN-WI (MSA)
DOUGLAS
$75,750
$100,000
MENOMONIE, WI (MICRO)
DUNN
$73,600
$97,150
EAU CLAIRE, WI (MSA)
EAU CLAIRE
$73,600
$97,150
IRON MOUNTAIN, MI-WI (MICRO)
FLORENCE
$73,600
$97,150
FOND DU LAC, WI (MSA)
FOND DU LAC
$75,450
$99,600
NON-METRO
FOREST
$73,600
$97,150
PLATTEVILLE, WI (MICRO)
GRANT
$73,600
$97,150
MONROE, WI (MICRO)
GREEN
$73,600
$97,150
NON-METRO
GREEN LAKE
$73,600
$97,150
MADISON, WI (MSA)
IOWA
$92,000
$121,450
NON-METRO
IRON
$73,600
$97,150
NON-METRO
JACKSON
$73,600
$97,150
WATERTOWN-FORT ATKINSON, WI (MICRO)
JEFFERSON
$73,600
$97,150
NON-METRO
JUNEAU
$73,600
$97,150
LAKE COUNTY-KENOSHA COUNTY, IL-WI METROPOLITAN DIV
KENOSHA
$81,500
$107,600
GREEN BAY, WI (MSA)
KEWAUNEE
$75,750
$100,000
LA CROSSE, WI-MN (MSA)
LA CROSSE
$73,600
$97,150
NON-METRO
LAFAYETTE
$73,600
$97,150
NON-METRO
LANGLADE
$73,600
$97,150
MERRILL, WI (MICRO)
LINCOLN
$73,600
$97,150
MANITOWOC, WI (MICRO)
MANITOWOC
$73,600
$97,150
WAUSAU, WI (MSA)
MARATHON
$76,850
$101,450
MARINETTE, WI-MI (MICRO)
MARINETTE
$73,600
$97,150
NON-METRO
MARQUETTE
$73,600
$97,150
NON-METRO
MENOMINEE
$73,600
$97,150
MILWAUKEE-WAUKESHA-WEST ALLIS, WI (MSA)
MILWAUKEE
$81,300
$107,300
NON-METRO
MONROE
$73,600
$97,150
GREEN BAY, WI (MSA)
OCONTO
$75,750
$100,000
NON-METRO
ONEIDA
$73,600
$97,150
APPLETON, WI (MSA)
OUTAGAMIE
$82,800
$109,300
MILWAUKEE-WAUKESHA-WEST ALLIS, WI (MSA)
OZAUKEE
$81,300
$107,300
NON-METRO
PEPIN
$73,600
$97,150
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (MSA)
PIERCE
$92,000
$121,450
NON-METRO
POLK
$73,600
$97,150
STEVENS POINT, WI (MICRO)
PORTAGE
$73,600
$97,150
NON-METRO
PRICE
$73,600
$97,150
RACINE, WI (MSA)
RACINE
$78,050
$103,050
NON-METRO
RICHLAND
$73,600
$97,150
JANESVILLE, WI (MSA)
ROCK
$74,750
$98,650
NON-METRO
RUSK
$73,600
$97,150
BARABOO, WI (MICRO)
SAUK
$73,600
$97,150
NON-METRO
SAWYER
$73,600
$97,150
NON-METRO
SHAWANO
$73,600
$97,150
SHEBOYGAN, WI (MSA)
SHEBOYGAN
$77,850
$102,750
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (MSA)
ST. CROIX
$92,000
$121,450
NON-METRO
TAYLOR
$73,600
$97,150
NON-METRO
TREMPEALEAU
$73,600
$97,150
NON-METRO
VERNON
$73,600
$97,150
NON-METRO
VILAS
$73,600
$97,150
WHITEWATER, WI (MICRO)
WALWORTH
$73,600
$97,150
NON-METRO
WASHBURN
$73,600
$97,150
MILWAUKEE-WAUKESHA-WEST ALLIS, WI (MSA)
WASHINGTON
$81,300
$107,300
MILWAUKEE-WAUKESHA-WEST ALLIS, WI (MSA)
WAUKESHA
$81,300
$107,300
NON-METRO
WAUPACA
$73,600
$97,150
NON-METRO
WAUSHARA
$73,600
$97,150
OSHKOSH-NEENAH, WI (MSA)
WINNEBAGO
$76,900
$101,500
MARSHFIELD-WISCONSIN RAPIDS, WI (MICRO)
WOOD
$73,600
$97,150

 

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