” Benton, IL USDA Loan”

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Benton, IL USDA Home Loan Guide

What is a Benton, IL USDA Mortgage?

Welcome to the Smart Mortgage guide on USDA Mortgages. Navigating the home financing world can be a daunting task, but understanding the various mortgage options available can significantly streamline the process. One such option that you might not be familiar with is the Benton, IL USDA mortgage. Let’s dive in.

1. Overview

A USDA mortgage, formally known as the USDA Rural Development Guaranteed Housing Loan, is a mortgage loan offered to rural property owners by the United States Department of Agriculture (USDA). Designed primarily to promote Illinois homeownership in rural and some suburban areas, the Benton USDA loan comes with a range of benefits that make it a viable option for eligible homebuyers.

2. Key Features

  • No Down Payment: One of the standout features of a USDA loan in Benton, IL is the possibility of financing up to 100% of the home’s price. This means eligible borrowers can buy a Illinois home with no down payment.
  • Competitive Interest Rates: Typically, USDA loans come with interest rates that are either at or below the market rate.
  • Flexible Credit Guidelines: USDA loans often have more lenient credit requirements, which can be beneficial for those with a less than perfect credit history.

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    3. Eligibility Criteria

    To be eligible for a Benton, IL USDA mortgage, borrowers must meet certain requirements:

    • Location: The Benton, IL property must be located in an eligible rural or certain suburban area as defined by the USDA.
    • Income Limits: There are specific income requirements, both minimum and maximum, based on the median income of the area.
    • Creditworthiness: While the USDA is generally more lenient with credit scores, a certain credit standard must still be met.
    • Primary Residence: The borrower must occupy the home as their primary residence.

    4. Benefits of a USDA Mortgage

    • Affordability: With no down payment and the potential for lower mortgage insurance premiums, a Benton, IL USDA loan can be more affordable in the long run.
    • Inclusive: It’s a great option for Benton, IL first-time homebuyers or those without a substantial savings for a down payment.
    • Supporting Rural Development: By opting for a USDA mortgage, you’re indirectly supporting the development and sustainability of rural communities.

    5. How Smart Mortgage Can Help

    Navigating the intricacies of USDA mortgages can be challenging. That’s where Smart Mortgage steps in. Our team of seasoned USDA mortgage professionals is here to guide you through every step, ensuring you make informed decisions tailored to your needs. Whether you have questions about your eligibility or the application process, we’re here to help.

    Take the Next Step Interested in exploring if a Benton, IL USDA mortgage is right for you? Get in touch with our Smart Mortgage team today at (888)416-4805. We’re committed to helping you find the best mortgage solution for your unique situation.

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    More information 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.

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