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Coal Valley, IL USDA Home Loan Guide
What is a Coal Valley, 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 Coal Valley, 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 Coal Valley 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 Coal Valley, 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 Coal Valley, IL USDA mortgage, borrowers must meet certain requirements:
- Location: The Coal Valley, 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 Coal Valley, IL USDA loan can be more affordable in the long run.
- Inclusive: It’s a great option for Coal Valley, 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 Coal Valley, 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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The village of Coal Valley is located in both Rock Island County and Henry County in the U.S. state of Illinois. The population was 3,743 at the 2010 census, up from 3,606 in 2000. It is mostly residential, housing families who work in or out of the greater Quad Cities Area and is considered a suburb. The students of the Rock Island County part of Coal Valley attend the Moline School District number 40, and in the Henry County portion, Orion Community Unit School District 223
Oakwood Country Club, located in Coal Valley, was host of the Hardee’s Golf Classic from 1986 through 1994. The tournament was later renamed to “John Deere Classic” once sponsorship was taken over by Deere & Company. The tournament is now hosted at the TPC at Deere Run course in Silvis, Illinois.
The first settlers in Coal Valley were trappers and farmers who came from Wales, England, Ireland, Germany and Sweden. The pioneer settlers of the community are thought to have been William and Charles Bailey who built the first house within the present village limits. It is also believed that they operated a small mine, which could have been the first discovery of coal in the vicinity.
The Coal Valley Mining Company was formed in 1856. The men who incorporated the company were Holmes Hakes, Charles Buford, S. S. Guyer, Ben Harper and N. B. Buford. They gave the community its name. The booming years for coal mining in Coal Valley were from the 1850s to about the middle of the 1870s. Over the years other mining companies moved in. 1942 saw the end of coal mining in and around the community.
In March 1876, a vote was taken and passed to form the Village of Coal Valley. On April 22, 1876, the first Board of Trustees was made. On April 22, 1876, H. B. Sudlow was chosen president and Harvey Clark was appointed the first Constable.
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