Cave-In-Rock, IL USDA Eligibility

USDA Eligibility Guide

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Cave-In-Rock, IL USDA Loan Eligibility Guide

A USDA (United States Department of Agriculture) mortgage, also known as a Cave-In-Rock, 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 Cave-In-Rock, 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 Cave-In-Rock, 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 Cave-In-Rock, IL USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Cave-In-Rock, IL USDA home loan professionals. Get pre-approved with our easy and stress free Cave-In-Rock, IL USDA home mortgage today.

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    Mortgage Resource Center

    More About Cave-In-Rock, Illinois

    Cave-In-Rock is a village in Hardin County, Illinois, United States. Its principal feature and tourist attraction is nearby Cave-In-Rock, on the banks of the Ohio River. In 1816, the earliest known permanent white settlers arrived and started building a town near the cave. The town was originally known as Rock and Cave, Illinois, with a post office under this name. On October 24, 1849, the town was officially renamed Cave-In-Rock. Cave-In-Rock was incorporated as a village in 1901. The population was 318 at the 2010 census.

    Beginning in the 1790s, Cave-in-Rock became a refuge stronghold for frontier outlaws, on the run from the law which included river pirates and highwaymen Samuel Mason and James Ford, tavern owner/highwayman Isaiah L. Potts, serial killers/bandits the Harpe brothers, counterfeiters Philip Alston, Peter Alston, John Duff, Eson Bixby, and the Sturdivant Gang, and the post-American Civil War bandit, Logan Belt.

    Cave-In-Rock is located in southeastern Hardin County at 37°28′12″N 88°9′59″W / 37.47000°N 88.16639°W / 37.47000; -88.16639 (37.470050, -88.166297). It is bordered to the south by the Ohio River, which forms the state boundary with Kentucky. The Cave-In-Rock Ferry crosses the Ohio from Cave-In-Rock village to Crittenden County, Kentucky, at a point 11 miles (18 km) north of Marion. Cave-In-Rock is the southern terminus of Illinois Route 1, which leads north from the ferry 326 miles (525 km) to its northern terminus in Chicago.

    According to the 2010 census, Cave-In-Rock has a total area of 0.422 square miles (1.09 km2), of which 0.37 square miles (0.96 km2) (or 87.68%) is land and 0.052 square miles (0.13 km2) (or 12.32%) is water.

    Cave-in-Rock is located in the driftless area of southern Illinois and features geographical differential erosions from the Upper Mississippian and Lower Pennsylvanian ages. Bluffs and ridges are generally sandstone, while valleys are from limestones and shales. Cave-in-Rock is near the Hicks Dome.