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Bourbonnais, IL USDA Home Loan Guide

What is a Bourbonnais, 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 Bourbonnais, 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 Bourbonnais 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 Bourbonnais, 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 Bourbonnais, IL USDA mortgage, borrowers must meet certain requirements:

    • Location: The Bourbonnais, 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 Bourbonnais, IL USDA loan can be more affordable in the long run.
    • Inclusive: It’s a great option for Bourbonnais, 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 Bourbonnais, 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 Bourbonnais, Illinois

    Bourbonnais is a village in Kankakee County, Illinois, United States. The population was 18,164 at the 2020 census.

    The original French pronunciation of Bourbonnais came to be Anglicized over time to /bərˈboʊnɪs/ bər-BOH-nis. In 1974, a state representative from Bourbonnais introduced a resolution “correcting” the pronunciation of the town’s name to /bɜːrbəˈneɪ/ bur-bə-NAY, closer to the French. In 1976, for the U.S. Bicentennial, the Village Board passed a resolution making “ber-buh-NAY” the official pronunciation.

    The village is named for François Jace Bourbonnais père, a fur trapper, hunter and agent of the American Fur Company, who had married a Native American woman and arrived in the area near the fork of two major Indian trails and the Kankakee River circa 1830. John Jacob Astor had founded the company in 1808, and when the United States banned foreign (i.e. British and Canadian) companies (such as the Hudson’s Bay Company) from competing in the country after the War of 1812, it flourished. By 1830 it had a near monopoly of fur trading in the midwest, but the number of local trappable wild animals had declined.

    In 1832, Noel Le Vasseur arrived as the Astor firm local fur trading agent, establishing a trading post in the area, and becoming the first permanent non-Native American settler. He married Watseka, niece of a Potawatomi chieftain, and after the Potawatomi were relocated to Iowa, recruited French-Canadiens to settle around his store. The Potawatomi were forced to move westward by a series of treaties culminating in the Treaty of Tippecanoe, which Congress ratified in 1833. The treaty reserved two sections for Potawanomi chief Me-she-ke-te-no, and one section each for Catish (Mrs. Bourbonnais Sr.) and Manteno (daughter of Francois Bourbonnais Jr.). LeVasseur received considerable land through a series of shrewd trades, and eventually divorced Watseka and married a Canadian woman named Ruth. After establishment of the new Catholic diocese of Chicago, missionary Fr. Stephen Badin briefly settled in Bourbonnais Grove in 1846, before retiring further south.

    In 1853, the Illinois legislature split Iroquois County, and Bourbonnais Grove became part of new Kankakee County. Because the Illinois Central Railroad ran through Kankakee, founded in 1854, it became the county seat, with Bourbonnais Grove as one of several townships. In 1858, residents built the Maternity of the Blessed Virgin Mary Church, and soon nuns of the Congregation of Notre Dame arrived from Canada to teach and provide nursing care. Two years later they founded Notre Dame Academy. In 1865 clerics of St. Viator founded St. Viator College for boys.

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