” Cullom, IL USDA Loan”

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Cullom, IL USDA Home Loan Guide

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

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

    Cullom is a village in Livingston County, Illinois, United States. Cullom is situated twenty miles east of Pontiac which is the county seat, and is one mile west of the Ford County line. The population was 555 at the 2010 census.

    Cullom owes its beginning to the Illinois Central Railroad which reached the village in 1878. The location of the village was established by Frederick Hack who granted a 90 foot right of way across his farm and paid a cash bonus of $4000 to the railroad company. Hack platted and laid out the village and donated forty acres of land on which to build it.

    The village was named for Shelby Moore Cullom, 17th governor of Illinois. The story was that Mr. Hack wanted the town called Jeffrey after the man who was roadmaster of the Illinois Central Railroad at that time. Jeffrey wanted the town called Hack but he declined the honor. The two men then compromised and called it Cullom. The governor was notified of their decision, and he sent a draft for $25, to be given to the denomination that built the first church in the village. The money was given to the Methodists which built the first church in 1880.

    The main street going through the business district was then called Hack Street in honor of Mr. Hack. The first building was moved here from Chatsworth, Illinois in the fall of 1878 by John Tims. It was used for a lumber office. J. W. White and Dr. Keck arrived about the same time from Barrington, Illinois and shipped the first lumber into town with which to erect a building that was later used as a saloon.

    James Righter moved a two-story frame building from Sullivan Center, Illinois which was used for a general store. Another store building was erected on Maple Street by Dr. Kay and E. K. Brown which was later known as Crosten’s Drug Store.

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