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Downers Grove, Illinois USDA Loan Benefits
The Downers Grove, IL USDA home loan program, designed to assist rural homebuyers, offers several significant benefits. Here’s a guide outlining its key advantages:
- No Down Payment Required: One of the most significant benefits of the Downers Grove, IL USDA loan is that it does not require a down payment. This feature makes homeownership more accessible to many who may struggle to save for a large down payment.
- Lower Interest Rates: Typically, USDA loans come with interest rates that are lower than conventional loans. This can result in significant savings over the life of the loan.
- Lower Mortgage Insurance Costs: Compared to other loan types like FHA or conventional loans, USDA loans often have lower mortgage insurance costs. This reduces the overall monthly payment and can make housing more affordable.
- Flexible Credit Guidelines: USDA loans have more lenient credit requirements compared to conventional loans. This is beneficial for buyers with less-than-perfect credit histories.
- 100% Financing: Since there’s no down payment required, Downers Grove, IL USDA loans offer 100% financing. This is particularly helpful for buyers who have good income but limited savings for a down payment.
6. Fixed-Rate Mortgages: USDA loans are typically fixed-rate mortgages, which means the interest rate remains the same throughout the life of the loan. This predictability is beneficial for budgeting and financial planning.
7. Assistance for First-Time and Repeat Buyers: The program is available not only to first-time homebuyers but also to those who are buying a home for the second time or more, as long as they meet the eligibility criteria.
8. Geographical Flexibility: Although designed for rural areas, the definition of “rural” includes many areas around Downers Grove, IL as well. This offers a broader range of locations for potential homeowners.
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9. Potential for Property Repairs and Improvements: In some cases, USDA loans in Downers Grove, IL can be used to purchase and repair a home. This is particularly advantageous for buyers looking at homes that may need some TLC.
10. No Maximum Purchase Price: Unlike some other loan programs, USDA loans do not have a maximum purchase price limit. However, the borrower’s ability to repay the loan is considered.
11. Streamlined Refinancing Options: For those who already have a USDA loan, the refinancing process is streamlined, making it easier and faster to reduce interest rates and monthly payments.
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Learn more about Downers Grove, Illinois
Downers Grove is a village in DuPage County, Illinois, United States. It was founded in 1832 by Pierce Downer, whose surname serves as the eponym for the village. Per the 2020 census, the population of the village was 50,247. It is a southwest suburb of Chicago located between I-88 and I-55.
Downers Grove was founded in 1832 by Pierce Downer, a farmer who traveled to Illinois from Rutland, New York, but was originally from Vermont. Downers Grove was named for a lush grove of old-growth bur oak trees surrounding the village, which stood out from the local savanna landscape. Its other early settlers included the Blodgett, Curtiss, Blanchard, Stanley, Lyman, and Carpenter families. The original settlers were mostly migrants from the Northeastern United States and Northern Europe. In 1839, Reverend Orange Lyman, a presbyterian minister, and his wife Maria Dewey Lyman arrived, and built what is believed to be the first home in Downers Grove. The first schoolhouse was built in 1844. In 1846, the Blodgett house was built by Israel and Avis Blodgett. It was the second (or third) home built in Downers Grove. Both the Lyman and Blodgett homes are of cultural significance, as they were both built by abolitionist families and served as former stops on the Underground Railroad.
The Chicago, Burlington and Quincy Railroad was extended from Aurora to Chicago through Downers Grove in 1864, boosting its population. The town was incorporated in March 1873. Its somewhat unusual spelling (“Apostrophe-free since 1873”) remains a minor historical mystery.
In April 1947, the wreck of a Burlington Railroad Twin Cities Zephyr passenger train killed three people, including the engineer. The streamliner struck a large tractor which had fallen from a freight train and two passenger cars crashed through a wall of the Main Street Station.
The construction of two major toll roads along the village’s northern and western boundaries, I-355 in 1989, and what is now referred to as I-88 in 1958, facilitated the village’s access to the rest of Chicago metropolitan area. I-55 is not far from the south edge of the village. Downers Grove has developed into a bustling Chicago suburb with many diverse businesses, including the headquarters for Devry University, FTD, Ambitech Engineering Corp, Dover, Heartland Food Corporation, and HAVI Global Solutions.