USDA Eligibility Guide
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Broadlands, IL USDA Loan Eligibility Guide
1. Property Eligibility:
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- The home must be located in a USDA-eligible rural or suburban area around Broadlands, 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:
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- 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 Broadlands, 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:
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- 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 Broadlands, IL USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Broadlands, IL USDA home loan professionals. Get pre-approved with our easy and stress free Broadlands, IL USDA home mortgage today.
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More About Broadlands, Illinois
Broadlands is a village in Champaign County, Illinois, along the East Branch of the Embarras River. The population was 316 at the 2020 census. Originally owned by the Sullivant family, Broadlands was, at over 70,000 acres (280 km2), one of the world’s largest farms in the late 1860s. Broadlands was sold to John T. Alexander in 1866, and it was broken up upon his death in 1876 to pay his creditors.
According to the 2021 census gazetteer files, Broadlands has a total area of 0.32 square miles (0.83 km2), all land.
As of the 2020 census there were 316 people, 122 households, and 88 families residing in the village. The population density was 981.37 inhabitants per square mile (378.91/km2). There were 144 housing units at an average density of 447.20 per square mile (172.66/km2). The racial makeup of the village was 93.67% White, 0.95% African American, 0.95% from other races, and 4.43% from two or more races. Hispanic or Latino of any race were 2.53% of the population.
There were 122 households, out of which 28.7% had children under the age of 18 living with them, 67.21% were married couples living together, 3.28% had a female householder with no husband present, and 27.87% were non-families. 19.67% of all households were made up of individuals, and 11.48% had someone living alone who was 65 years of age or older. The average household size was 3.32 and the average family size was 2.79.
The village’s age distribution consisted of 22.9% under the age of 18, 9.7% from 18 to 24, 22.3% from 25 to 44, 27.9% from 45 to 64, and 17.1% who were 65 years of age or older. The median age was 40.0 years. For every 100 females, there were 94.3 males. For every 100 females age 18 and over, there were 89.9 males.