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Oak Lawn, IL USDA Home Loan Guide
What is a Oak Lawn, IL USDA Mortgage?
Welcome to the Smart Mortgage guide on USDA Mortgages. Navigating the home financing world can be a daunting task, but understanding the various mortgage options available can significantly streamline the process. One such option that you might not be familiar with is the Oak Lawn, IL USDA mortgage. Let’s dive in.
1. Overview
A USDA mortgage, formally known as the USDA Rural Development Guaranteed Housing Loan, is a mortgage loan offered to rural property owners by the United States Department of Agriculture (USDA). Designed primarily to promote Illinois homeownership in rural and some suburban areas, the Oak Lawn USDA loan comes with a range of benefits that make it a viable option for eligible homebuyers.
2. Key Features
- No Down Payment: One of the standout features of a USDA loan in Oak Lawn, IL is the possibility of financing up to 100% of the home’s price. This means eligible borrowers can buy a Illinois home with no down payment.
- Competitive Interest Rates: Typically, USDA loans come with interest rates that are either at or below the market rate.
- Flexible Credit Guidelines: USDA loans often have more lenient credit requirements, which can be beneficial for those with a less than perfect credit history.
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3. Eligibility Criteria
To be eligible for a Oak Lawn, IL USDA mortgage, borrowers must meet certain requirements:
- Location: The Oak Lawn, IL property must be located in an eligible rural or certain suburban area as defined by the USDA.
- Income Limits: There are specific income requirements, both minimum and maximum, based on the median income of the area.
- Creditworthiness: While the USDA is generally more lenient with credit scores, a certain credit standard must still be met.
- Primary Residence: The borrower must occupy the home as their primary residence.
4. Benefits of a USDA Mortgage
- Affordability: With no down payment and the potential for lower mortgage insurance premiums, a Oak Lawn, IL USDA loan can be more affordable in the long run.
- Inclusive: It’s a great option for Oak Lawn, IL first-time homebuyers or those without a substantial savings for a down payment.
- Supporting Rural Development: By opting for a USDA mortgage, you’re indirectly supporting the development and sustainability of rural communities.
5. How Smart Mortgage Can Help
Navigating the intricacies of USDA mortgages can be challenging. That’s where Smart Mortgage steps in. Our team of seasoned USDA mortgage professionals is here to guide you through every step, ensuring you make informed decisions tailored to your needs. Whether you have questions about your eligibility or the application process, we’re here to help.
Take the Next Step Interested in exploring if a Oak Lawn, IL USDA mortgage is right for you? Get in touch with our Smart Mortgage team today at (888)416-4805. We’re committed to helping you find the best mortgage solution for your unique situation.
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Oak Lawn is a village in Cook County, Illinois, United States. The population was 58,362 at the 2020 census. Oak Lawn is a suburb of Chicago, located southwest of the city. It shares borders with the city in two areas but is surrounded mostly by other suburbs.
In August 1835, James B. Campbell purchased the land stretching between Cicero Avenue and Central Avenue from 95th Street to 103rd Street. It is unclear what Campbell’s intentions with the area were, but by 1840, he had lost a court battle with the Illinois State Bank and his land was sold in a public auction. John Simpson, a prominent figure in early Oak Lawn history, bought the northern half of the property in 1842. By 1859, the recently incorporated government of Worth Township paid for the construction of Black Oak Grove Road, an early name for 95th Street. Black Oak Grove is also the earliest known name of the area that would become Oak Lawn. It was later shortened to Black Oak or Black Oaks, but in 1882, the post office, train depot and surrounding community became known simply as Oak Lawn. Before this however, the area now known as Oak Lawn was, briefly during the early 1800s, called Agnes. It was also on some occasion referred to as Oak Park. Over the next two decades, the area grew in population as more homes were built and local business sprang into being. As the area continued to grow, many residents visited Englewood by train to shop. Oak Lawn residents also made income during early days by selling their farm and dairy products to various markets in Chicago.
In 1909, Oak Lawn was incorporated as a village. The following years, there were major improvements to local infrastructure and government services, such as the introduction of the police magistrate and village marshal, along with the building of a village hall and jailhouse. Electric lights were brought to 95th Street in 1911, the volunteer fire department began in 1923, Oak Lawn’s first bank opened in 1925, and the Community High School District 218 was formed. The population had grown to 2,045 by 1930, and civic improvements were steadily made over the next decade. In 1934, a collection of one hundred books was the beginning of the Oak Lawn Public Library. By 1935, President Franklin D. Roosevelt created the Works Progress Administration as part of the New Deal, which supported a variety of public works, including libraries. With the help of a WPA grant, the new library opened its doors in 1936.
After World War II, with veterans returning home and taking advantage of the G.I. Bill, Oak Lawn experienced a major population boom. Beginning in 1949, Oak Lawn Round-Up Days became an annual event and helped to promote the village. It started with 25,000 people, and the Western-themed celebration brought in over 100,000 attendees in 1952. In this year, Jack Brickhouse was master of ceremonies, and the parade was televised on WGN-TV. By 1957, Round-Up Days had become too large, and the next year a final scaled-down version was held.
In the 1950s, a village managerial government began, and a new library and fire station were constructed. By 1960, there were nearly 20,000 residents in Oak Lawn.
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