Kampsville, IL USDA Eligibility

USDA Eligibility Guide

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Kampsville, IL USDA Loan Eligibility Guide

A USDA (United States Department of Agriculture) mortgage, also known as a Kampsville, IL USDA Rural Development Loan, is designed to assist low-to-moderate-income households in purchasing homes in eligible rural and some suburban areas. Here are the general eligibility requirements:

1. Property Eligibility:

    • The home must be located in a USDA-eligible rural or suburban area around Kampsville, IL. The USDA provides an online tool to help potential borrowers determine if a specific property is in an eligible area.
    • The property must be used as the borrower’s primary residence.
    • The home must meet all local codes and program regulations.

2. Applicant/Household Eligibility:

    • U.S. citizenship or permanent residency is required.
    • The borrower must be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet.
    • The applicant must have a stable and dependable income, typically verified by two years of consistent employment. The income must also be sufficient to cover the mortgage payment, including taxes and insurance.
    • The household’s adjusted income must be at or below the applicable low-to-moderate income limit for the area.
    • A reasonable credit history. While a specific credit score is not mandated, a credit score of 640 or higher is typically required for streamlined processing. However, those with lower scores may still be eligible but may undergo a more stringent evaluation.

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    3. Income Limits:

    • Income limits vary by county and household size. You’ll need to check with our Kampsville, IL USDA service center or the USDA’s online tools to see specific limits.

    4. Loan and Debt Ratios:

    • Typically, a 29/41 ratio is followed. This means that 29% or less of your monthly income can go towards your mortgage (Principal, Interest, Taxes, and Insurance) and 41% or less of your monthly income can go towards your total debt (this includes the mortgage and other debt obligations). Exceptions can be made in certain circumstances.

    5. Other Requirements:

    • Borrowers must personally occupy the dwelling as their primary residence.
    • The borrower must be legally able to take on the loan obligation.
    • First-time homebuyers are required to take a homeowner counseling class in some situations.

    6. Loan Terms:

    • The loan term is typically 30 years.
    • No down payment is usually required.
    • The interest rate can be set by the lender but is subject to USDA review.

    7. Guarantee Fee and Annual Fee:

      • The USDA charges an upfront guarantee fee, which can be rolled into the loan amount.
      • There’s also an annual fee, which is a percentage of the remaining principal amount, typically spread out in monthly installments.

    It’s crucial to remember that while these are the general requirements for Kampsville, IL USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Kampsville, IL USDA home loan professionals. Get pre-approved with our easy and stress free Kampsville, IL USDA home mortgage today.

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    Mortgage Resource Center

    More About Kampsville, Illinois

    Kampsville is a village in Calhoun County, Illinois, United States, located on the west bank of the Illinois River. The population was 310 at the 2022 census.

    Kampsville was originally known as Beeman’s Landing, after James L. Beeman, a ferry operator on the Illinois River. After Stephen Farrow purchased the ferry from Beeman, the name was changed to Farrowtown. The name Vedder was used when the post office was established in 1857. The name Kampsville was made official on 6 March 1872 and refers to Michael A. Kamp, who served as president of the village board and was also a postmaster at Silver Creek, north of Kampsville.

    The Kampsville ferry crosses the Illinois River and connects the Kampsville segment of Illinois Route 108 with its remainder in Greene County. The ferry is free and runs 24 hours a day, seven days a week. It is one of two permanent ferries operated by the Illinois Department of Transportation.

    The village is the base of operations for the Center for American Archeology, an educational and research organization dedicated to the archeological understanding of the Native Americans and of the European settlers in the region. It contains exhibits demonstrating evidence of 7,000 years of human habitation excavated at the Koster Site in nearby Greene County.

    According to the 2021 census gazetteer files, Kampsville has a total area of 1.24 square miles (3.21 km2), of which 1.02 square miles (2.64 km2) (or 82.26%) is land and 0.22 square miles (0.57 km2) (or 17.74%) is water.