Deer Park, IL USDA Eligibility

USDA Eligibility Guide

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Deer Park, IL USDA Loan Eligibility Guide

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

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    More About Deer Park, Illinois

    Deer Park is a village in Lake and Cook Counties, Illinois. Per the 2020 census, the population was 3,681. The village is one of the few left in the Chicago area that enjoy a green belt which is bordered by two large natural areas providing outdoor recreation and open space. The village is home to popular shopping and dining destinations: Deer Park Town Center and the Town Center Promenade. The town is also home to the Vehe Farm, an Illinois Centennial Farm.

    Residential zoning is mainly single family homes with lot of sizes of 1-acre (4,000 m2) or more. Upscale townhomes are available near the Deer Park Center. The Metra/Chicago & Northwestern train line provides commuter service to Chicago with stations in nearby Barrington and Palatine.

    Deer Park is located at 42°09′59″N 88°05′09″W / 42.166458°N 88.085859°W / 42.166458; -88.085859.

    According to the 2021 census gazetteer files, Deer Park has a total area of 3.76 square miles (9.74 km2), of which 3.65 square miles (9.45 km2) (or 97.31%) is land and 0.10 square miles (0.26 km2) (or 2.69%) is water.

    As of the 2020 census there were 3,681 people, 1,377 households, and 1,124 families residing in the village. The population density was 980.29 inhabitants per square mile (378.49/km2). There were 1,451 housing units at an average density of 386.42 per square mile (149.20/km2). The racial makeup of the village was 85.41% White, 0.65% African American, 0.27% Native American, 7.85% Asian, 0.00% Pacific Islander, 1.01% from other races, and 4.81% from two or more races. Hispanic or Latino of any race were 3.31% of the population.