” Calhoun, IL USDA Loan”

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Calhoun, IL USDA Home Loan Guide

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

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

    Calhoun is a village in Richland County, Illinois, United States. The population was 222 at the 2000 census.

    The community of Fairview, now Calhoun, is one of the oldest communities in Richland County. While it was not officially organized under village government, the community of that name was known in the early 1830s. It was originally platted into lots by Shadrach Ruark. Reverend Ruark was an early Methodist who performed the first wedding in Richland County on October 20, 1841, when Ebeneezer Waker and Abigail Reed were united. The original plat was lost and it was replatted in 1848. When the post office was established, it took the name Calhoun, after Hugh Calhoun, the original settler
    of what was known as Calhoun Prairie.

    Calhoun School was built in 1912 and was only one story. The upper floor was added in 1920 when a two-year high school was added. In 1922, it became a three-year high school. The high school used two classrooms in the basement in addition to the upper floor. Grades 1 through 8 were taught on the first floor. Calhoun had one of the first three-year high schools in Richland County.

    Calhoun lies just east of Illinois State Route 130, southeast of Olney.

    According to the 2010 census, Calhoun has a total area of 1.06 square miles (2.75 km2), all land.

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