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Matteson, Illinois USDA Loan Benefits
The Matteson, 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 Matteson, 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, Matteson, 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 Matteson, 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 Matteson, 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 Matteson, Illinois
Matteson (/ˈmætɪsən/) is a village in Cook County, Illinois, United States. The population was 19,073 at the 2020 census. It is a suburb of Chicago.
Matteson is located in Chicago’s Southland area. The village is home to multiple warehouse facilities, a large commercial corridor, and housed the now-demolished Lincoln Mall. There are currently plans to redevelop the mall property into a mixed-use complex. The village is served by two stations on the Metra Electric District’s main line; Matteson station and 211th Street station.
The area encompassed by modern Matteson was settled in the late 1800s, primarily by people of German descent. Platted in 1855, Matteson had nearly 500 residents when it incorporated as a village in 1889. The village’s namesake is Joel Aldrich Matteson, who served as Illinois’ tenth governor from 1853 to 1857. The 20th century saw improvements in plumbing, the electrification of the Illinois Central Railroad, and the construction of today’s school district, resulting in significant population growth to more than 3,000 residents by the end of the 1960s. By 2000, Matteson was home to Lincoln Mall (opened 1973) and annexed 195 acres of land for the village. Today, Matteson is home to nearly 20,000 residents, hundreds of businesses, and the close proximity of two major hospitals.
By 1995, African-Americans made up a significant portion of Matteson’s residential population. The village launched a program to encourage potential homeowners identifying as European-American to move to the village. Instead by 2011 the community had attracted many well-to-do African-Americans, many of whom had been previously based in Chicago. The village simultaneously recorded increases in the average household incomes in several census tracts. Between 2000-2010, Matteson’s African-American population increased by roughly 85% while its European-American population declined by about 1,200.
According to the 2021 census gazetteer files, Matteson has a total area of 9.32 square miles (24.14 km2), of which 9.29 square miles (24.06 km2) (or 99.64%) is land and 0.03 square miles (0.08 km2) (or 0.36%) is water. The village’s topography is mostly flat.