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Riverton, Illinois USDA Loan Benefits
The Riverton, 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 Riverton, 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, Riverton, 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 Riverton, 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 Riverton, 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 Riverton, Illinois
Riverton is a village in Sangamon County, Illinois, United States. The population was 3,455 at the 2010 census, up from 3,062 in 2000. It is part of the Springfield, Illinois Metropolitan Statistical Area.
Riverton was founded by John Taylor in 1837. Originally named Judy’s Ferry for the ferry crossing the Sangamon River there, then Jamestown, after politician James Shields, the village was successful for about a decade, producing lumber for a planned railroad. When it was discovered that the railroad was badly constructed and unreliable, Jamestown fell into economic distress and the land on which it sat was sold.
The town was sold to Joseph Loose of Maryland, then again to John D. Keedy, a Springfield distiller. Land south of Jamestown was purchased and a distillery was put up. Yet again, the properties were lost, first mortgaged to Jacob Bunn, then given as a claim settlement to Parley L. Howlett, another distiller.
Jamestown was soon renamed Howlett, Shields had fallen from popularity, and a new flour mill and coal mine caused a short-lived boom. Despite their success, most of Howlett was sold to Jacob Bunn to pay off debt. Bunn started selling the lots to the residents, the only owner to do so. After a state requirement was passed preventing communities from being named after people, Howlett was rechristened as Riverton in the 1870s.
In 1876, train robber Jesse James spent a night in Riverton while en route to a bank heist in Minnesota. Al Capone also reportedly used Riverton as one of his hideouts. Riverton historically had a higher immigrant population than other small towns in the Springfield area due to the coal mining industry. There is still a lot of Italian-American influence in the town.
Riverton is located at 39°50′54″N 89°32′25″W / 39.84833°N 89.54028°W / 39.84833; -89.54028 (39.848305, -89.540166).
According to the 2010 census, Riverton has a total area of 2.216 square miles (5.74 km2), of which 2.18 square miles (5.65 km2) (or 98.38%) is land and 0.036 square miles (0.09 km2) (or 1.62%) is water.
As of the census of 2000, there were 3,048 people, 1,236 households, and 845 families residing in the village. The population density was 1,497.4 inhabitants per square mile (578.1/km2). There were 1,311 housing units at an average density of 644.1 per square mile (248.7/km2). The racial makeup of the village was 98.92% White, 0.10% African American, 0.16% Native American, 0.10% Asian, and 0.72% from two or more races. Hispanic or Latino of any race were 0.92% of the population.