” Chestnut, IL USDA Loan”

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Chestnut, IL USDA Home Loan Guide

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

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

    Chestnut is a census-designated place in Aetna Township, Logan County, Illinois. As of the 2010 census, its population was 246. The community is located northwest across the railroad tracks along Illinois Route 54 at Dauphin Street. Its claim to fame, for the sake of town promotion, is that it is the geographic center of the state. A small monument to this effect has been erected in a park near the southwest corner of Melvin Street and East Olive street (in §34 T19N R1W). However, the exact center of Illinois is about eight miles southwest of Chestnut, and on the other side of the town of Mount Pulaski, at 89°18.4’W 40°0.8’N.

    The town of Chestnut was laid out in 1872 by David Clark in conjunction with the directors of the then newly completed Gilman, Clinton, and Springfield (later the Springfield branch of the Illinois Central railroad). The land was surveyed on April 24 of that year by Thomas G. Gardner, county surveyor. Two years prior, a town had been laid out, platted, and surveyed on the same section by William M. Allen and S. Linn Beidler. A post office had been established there under the name of Allenville in honor of Mr. Allen. On the laying out of Chestnut, the town of Allenville was abandoned. Chestnut was named in honor of one of the directors of the Gilman, Clinton, and Springfield railroad. The Britton Brothers erected the first store, having moved the building from “Yankeetown,” a few miles distant; Dement and Clark erected the second store. William H. Daniels soon after started a blacksmith shop, George Lakin a drug store, and I. J. Michener erected an elevator in 1873. Mr. Lakin was postmaster and Mr. Michener was the railroad agent. In 1876, fire consumed the store and stock of Britton Brothers, at a loss of $3,000. In 1877, Dement and Clark’s store and stock burned at a loss of $5,000. On Jan. 24, 1905, the general store of Gobleman & Bapst was destroyed by fire at a loss of $10,000. A Methodist church was erected in the town in 1873. An effort to incorporate Chestnut as a village was defeated at a special election in 1898.

    Per the 2010 US Census, Chestnut had 246 people. Among non-Hispanics this includes 233 White, 1 Native American, 3 Asian, 2 of two or more races, and 7 Hispanic or Latino.

    The population was spread out, with 72.0% over the age of 18 and 15.4% who were 65 years of age or older. The median age was 37.5 years. The gender ratio was 47.6% male and 52.4% female. Among 99 occupied households, 88 were owner-occupied and 11 were renter-occupied.

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