Bloomingdale, IL USDA Eligibility

USDA Eligibility Guide

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Bloomingdale, IL USDA Loan Eligibility Guide

A USDA (United States Department of Agriculture) mortgage, also known as a Bloomingdale, IL USDA Rural Development Loan, is designed to assist low-to-moderate-income households in purchasing homes in eligible rural and some suburban areas. Here are the general eligibility requirements:

1. Property Eligibility:

    • The home must be located in a USDA-eligible rural or suburban area around Bloomingdale, IL. The USDA provides an online tool to help potential borrowers determine if a specific property is in an eligible area.
    • The property must be used as the borrower’s primary residence.
    • The home must meet all local codes and program regulations.

2. Applicant/Household Eligibility:

    • U.S. citizenship or permanent residency is required.
    • The borrower must be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet.
    • The applicant must have a stable and dependable income, typically verified by two years of consistent employment. The income must also be sufficient to cover the mortgage payment, including taxes and insurance.
    • The household’s adjusted income must be at or below the applicable low-to-moderate income limit for the area.
    • A reasonable credit history. While a specific credit score is not mandated, a credit score of 640 or higher is typically required for streamlined processing. However, those with lower scores may still be eligible but may undergo a more stringent evaluation.

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    3. Income Limits:

    • Income limits vary by county and household size. You’ll need to check with our Bloomingdale, IL USDA service center or the USDA’s online tools to see specific limits.

    4. Loan and Debt Ratios:

    • Typically, a 29/41 ratio is followed. This means that 29% or less of your monthly income can go towards your mortgage (Principal, Interest, Taxes, and Insurance) and 41% or less of your monthly income can go towards your total debt (this includes the mortgage and other debt obligations). Exceptions can be made in certain circumstances.

    5. Other Requirements:

    • Borrowers must personally occupy the dwelling as their primary residence.
    • The borrower must be legally able to take on the loan obligation.
    • First-time homebuyers are required to take a homeowner counseling class in some situations.

    6. Loan Terms:

    • The loan term is typically 30 years.
    • No down payment is usually required.
    • The interest rate can be set by the lender but is subject to USDA review.

    7. Guarantee Fee and Annual Fee:

      • The USDA charges an upfront guarantee fee, which can be rolled into the loan amount.
      • There’s also an annual fee, which is a percentage of the remaining principal amount, typically spread out in monthly installments.

    It’s crucial to remember that while these are the general requirements for Bloomingdale, IL USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Bloomingdale, IL USDA home loan professionals. Get pre-approved with our easy and stress free Bloomingdale, IL USDA home mortgage today.

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    More About Bloomingdale, Illinois

    Bloomingdale is a village in DuPage County, Illinois, United States, settled in 1833, and 25 miles northwest of downtown Chicago. The population was 22,382 at the 2020 census.

    Bloomingdale is one of the earliest villages settled in what is now DuPage County. The Meacham family settled here in 1833, and by the end of the following year, 12 to 15 families had settled in the locality. It was originally named Meacham’s Grove. The community was served by the Chicago-Galena Highway, modern day Lake Street. It became an important stop for stage coaches and westward travelers. Originally a Cook County settlement, it was annexed by DuPage County in 1839. The northern part of the village wanted to develop commercially while the southern part wished to remain a farming community. In 1923, the village split to accommodate this—the northern portion of the town was incorporated as Roselle. From 1950 to 1980, the population increased from 338 to 12,659.

    The landmark U.S. Supreme Court case Illinois v. Gates began with an anonymous letter written to the Bloomingdale police department.

    Stratford Square Mall, located at Springfield Road and Schick Road, is the largest of Bloomingdale’s shopping centers. The indoor, landscaped mall contains two major department stores and 35 shops, plus 100 vacancies, as well as several restaurants with five vacant anchors (formerly six, yet one was demolished to make way for a Woodman’s.)
    Also, Old Town Bloomingdale, at the intersection of Lake Street and Bloomingdale Road, is a collection of small businesses, restaurants and shops located in restored buildings at the original site of the village’s first settlement.

    Bloomingdale is located at 41°56′58″N 88°4′57″W / 41.94944°N 88.08250°W / 41.94944; -88.08250 (41.949540, -88.082564).