Valier, IL USDA Eligibility

USDA Eligibility Guide

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Valier, IL USDA Loan Eligibility Guide

A USDA (United States Department of Agriculture) mortgage, also known as a Valier, 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 Valier, 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 Valier, 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 Valier, IL USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Valier, IL USDA home loan professionals. Get pre-approved with our easy and stress free Valier, IL USDA home mortgage today.

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    More About Valier, Illinois

    Valier is a village in Franklin County, Illinois, United States. The population was 669 at the 2010 census.

    Valier was founded in the early 1900s and named for William Valier, who owned the land upon which the community was established. While a stop along the Chicago, Burlington and Quincy Railroad, the community didn’t experience notable expansion until the opening of a coal mine nearby in 1917. The mine operated off and on until closing for good in 1960.

    Valier is located in western Franklin County at 38°0′57″N 89°2′28″W / 38.01583°N 89.04111°W / 38.01583; -89.04111 (38.015927, -89.041029). It is 9 miles (14 km) west of Benton, the county seat.

    According to the 2010 census, Valier has a total area of 1.128 square miles (2.92 km2), of which 1.12 square miles (2.90 km2) (or 99.29%) is land and 0.008 square miles (0.02 km2) (or 0.71%) is water.

    As of the census of 2000, there were 662 people, 271 households, and 199 families residing in the village. The population density was 587.0 inhabitants per square mile (226.6/km2). There were 301 housing units at an average density of 266.9 per square mile (103.1/km2). The racial makeup of the village was 98.19% White, 0.76% Native American, and 1.06% from two or more races. Hispanic or Latino of any race were 0.15% of the population.