Bourbonnais, IL USDA Benefits

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Bourbonnais, Illinois USDA Loan Benefits

The Bourbonnais, IL USDA home loan program, designed to assist rural homebuyers, offers several significant benefits. Here’s a guide outlining its key advantages:

  1. No Down Payment Required: One of the most significant benefits of the Bourbonnais, 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.
  2. 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.
  3. 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.
  4. 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.
  5. 100% Financing: Since there’s no down payment required, Bourbonnais, 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 Bourbonnais, 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 Bourbonnais, 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.

    By offering these benefits, the USDA home loan program makes homeownership more achievable and affordable for a broader range of people, particularly in rural and suburban areas.

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    Learn more about Bourbonnais, Illinois

    Bourbonnais is a village in Kankakee County, Illinois, United States. The population was 18,164 at the 2020 census.

    The original French pronunciation of Bourbonnais came to be Anglicized over time to /bərˈboʊnɪs/ bər-BOH-nis. In 1974, a state representative from Bourbonnais introduced a resolution “correcting” the pronunciation of the town’s name to /bɜːrbəˈneɪ/ bur-bə-NAY, closer to the French. In 1976, for the U.S. Bicentennial, the Village Board passed a resolution making “ber-buh-NAY” the official pronunciation.

    The village is named for François Jace Bourbonnais père, a fur trapper, hunter and agent of the American Fur Company, who had married a Native American woman and arrived in the area near the fork of two major Indian trails and the Kankakee River circa 1830. John Jacob Astor had founded the company in 1808, and when the United States banned foreign (i.e. British and Canadian) companies (such as the Hudson’s Bay Company) from competing in the country after the War of 1812, it flourished. By 1830 it had a near monopoly of fur trading in the midwest, but the number of local trappable wild animals had declined.

    In 1832, Noel Le Vasseur arrived as the Astor firm local fur trading agent, establishing a trading post in the area, and becoming the first permanent non-Native American settler. He married Watseka, niece of a Potawatomi chieftain, and after the Potawatomi were relocated to Iowa, recruited French-Canadiens to settle around his store. The Potawatomi were forced to move westward by a series of treaties culminating in the Treaty of Tippecanoe, which Congress ratified in 1833. The treaty reserved two sections for Potawanomi chief Me-she-ke-te-no, and one section each for Catish (Mrs. Bourbonnais Sr.) and Manteno (daughter of Francois Bourbonnais Jr.). LeVasseur received considerable land through a series of shrewd trades, and eventually divorced Watseka and married a Canadian woman named Ruth. After establishment of the new Catholic diocese of Chicago, missionary Fr. Stephen Badin briefly settled in Bourbonnais Grove in 1846, before retiring further south.

    In 1853, the Illinois legislature split Iroquois County, and Bourbonnais Grove became part of new Kankakee County. Because the Illinois Central Railroad ran through Kankakee, founded in 1854, it became the county seat, with Bourbonnais Grove as one of several townships. In 1858, residents built the Maternity of the Blessed Virgin Mary Church, and soon nuns of the Congregation of Notre Dame arrived from Canada to teach and provide nursing care. Two years later they founded Notre Dame Academy. In 1865 clerics of St. Viator founded St. Viator College for boys.