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Harrisburg, Illinois USDA Loan Benefits
The Harrisburg, 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 Harrisburg, 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, Harrisburg, 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 Harrisburg, 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 Harrisburg, 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 Harrisburg, Illinois
Harrisburg (/ˈhærɪsbɜːrɡ, ˈhɛərz-/) is a city in and the county seat of Saline County, Illinois, United States. It is located about 57 miles (92 kilometers) southwest of Evansville, Indiana, and 111 mi (179 km) southeast of St. Louis, Missouri. Its 2020 population was 8,219, and the surrounding Harrisburg Township had a population of 10,037, including the city residents. Harrisburg is included in the Illinois–Indiana–Kentucky tri-state area and is the principal city in the Harrisburg micropolitan statistical area with a combined population of 24,913.
Located at the concurrency of U.S. Route 45, Illinois Route 13, Illinois Route 145, and Illinois Route 34, Harrisburg is known as the “Gateway to the Shawnee National Forest”, and is also known for the Ohio River flood of 1937, the old Crenshaw House (also known as the Old Slave House), the Tuttle Bottoms Monster, prohibition-era gangster Charlie Birger, and the 2012 EF4 tornado. A Cairo and Vincennes Railroad boomtown, the city was one of the leading bituminous coal-mining distribution hubs of the American Midwest between 1900 and 1937.
At its peak, Harrisburg’s population reached 16,000 by the early 1930s. The city had one of the largest downtown districts in Southern Illinois. The city was the 20th-most populated city in Illinois outside the Chicago metropolitan area and the most-populous city in Southern Illinois outside the Metro East in 1930. However, the city has seen an economic decline due to the decreased demand for high-sulfur coal, the removal of the New York Central railroad, and tributary lowlands leaving, much area around the city unfit for growth due to flood risks.
At the beginning of recorded American history, the Harrisburg area was inhabited by several Algonquian tribes, including the Shawnee and Piankashaw, who lived in the dense inland forests. Prior to the arrival of European settlers, the Piankashaw tribe was driven out by the more aggressive Shawnee. European settlement in Illinois began with the French from 1690 and reached its peak about 1750, mainly along the Mississippi River. American settlers arrived in 1790. The French came as merchants and missionaries, with farming supplementing the need for trade. The result had benefited both the settlers and the Native Americans. The American migration, however, followed treaties which resulted in land being distributed through American Law, ignoring previous indigenous rights. Encroachment ensued and caused hard feelings between the Indians and the settlers who moved into the interior and along migration routes. Many of the Indians allied themselves with the British to resist, though trade with the Americans was an important reason why the Native Americans remained largely peaceful.
The town of Harrisburg was platted a few miles south of the junction of the Goshen and Shawneetown–Kaskaskia Trail, two of the first pioneer trade routes in the state. Prior to the War of 1812, most of the population of today’s Saline County lived in cabins clustered around blockhouses to protect against Indian attack and dangerous wildlife such as cougars and bears. Permanent settlements in the forested area were inevitable with the influx of more settlers, and the first land entry was made in 1814 by John Wren and Hankerson Rude. By 1840 the settlers outnumbered the Native Americans, and most of the black bear population of the county had been killed off by 1845.