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Benton, Illinois USDA Loan Benefits
The Benton, 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 Benton, 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, Benton, 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 Benton, 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 Benton, 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 Benton, Illinois
Benton is a city in and the county seat of Franklin County, Illinois. The population was 6,709 at the 2020 census. In 1839, Franklin County was split roughly in half and the county seat was permanently fixed “at a hill at the south end of Rowling’s Prairie”, the site of the future city of Benton. Benton’s namesake is Missouri senator Thomas Hart Benton. The village of Benton was organized in 1841 on 20 acres (8.1 ha) of property donated by John Ewing and Walter S. Akin. In 1902, the village became a city, and incorporated under the mayor/commissioner form of government.
The Franklin County Courthouse sat in the center of the Public Square. It was the fourth courthouse that served the people of Franklin County. The Italianate building was constructed in 1874–75 for $27,500. Much of Benton’s growth in the past was due to an abundance of high sulfur coal, multiple railroads that pass through the town, fertile soil, and its industry.
On April 19, 1928, Benton was the site of the next-to-last public hanging in Illinois, when local gangster Charles Birger was executed on the gallows next to the county jail for the December 12, 1926 murder of Joe Adams, mayor of nearby West City. A replica of the gallows and hangman’s noose were built by the late retired Old Ben Coal miner, businessman & carpenter, Birchard L. Wampler (March 9, 1938 – June 29, 2010) and his son Birchard Neil Wampler. They remain standing today next to the old Franklin County Jail turned Museum.
In September 1963, George Harrison of The Beatles visited Benton while on vacation, the first time any member of the group visited American soil. He stayed at the home of his sister, Louise, at 113 McCann Street. The bungalow used to be the Hard Day’s Nite Bed and Breakfast. During his trip he traveled from Benton to Fenton’s Music Store in Mt. Vernon, IL to purchase a Rickenbacker 425 that later sold at auction for $657k. Harrison also performed with a band called “The Four Vests” at the Veterans of Foreign Wars hall in Eldorado, Illinois. In an interview, Harrison’s sister Louise said “his real first visit to America was when he came to the Midwest in September 1963 and he met these wonderful, warm, friendly, real warm Midwesterners … school teachers, retired miners and all kinds of just wonderful people… and a little band. He had a fantastic time. He thought they were just wonderful people.”
In April 1995, a Ku Klux Klan (KKK) rally was held outside the Franklin County Courthouse in Benton that drew a crowd of about 400, though not all those in attendance were in support of the KKK. Two members of the KKK spoke negatively of Jews, Blacks, Gays, liberal politicians, and reporters. About 40 police officers were present for the event, and some were wearing riot gear.