” Des Plaines, IL USDA Loan”

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Des Plaines, IL USDA Home Loan Guide

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

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

    Des Plaines (/dɛs ˈpleɪnz/) is a city in Cook County, Illinois, United States. Per the 2020 census, the population was 60,675. The city is a suburb of Chicago and is located just north of O’Hare International Airport. It is situated on and is named after the Des Plaines River, which runs through the city just east of its downtown area.

    Potawatomi, Ottawa, and Ojibwe (Chippewa) Native American tribes inhabited the Des Plaines River Valley prior to Europeans’ arrival. When French explorers and missionaries arrived in the 1600s in what was then the Illinois Country of New France, they named the waterway La Rivière des Plaines (English translation: “Plains River”) as they felt that trees on the river resembled European plane trees. The first white settlers came from the eastern United States in 1833, after the 1833 Treaty of Chicago was negotiated, followed by many German immigrants during the 1840s and ’50s. In the 1850s, the land in this area was purchased by the Illinois and Wisconsin Land Company along a railroad line planned between Chicago and Janesville, Wisconsin. In 1852, the developers built a steam-powered mill next to the river to cut local trees into railroad ties. Socrates Rand then bought the mill and converted it into a grist mill, which attracted local farmers. The Illinois and Wisconsin Railroad made its first stop in the area in the fall of 1854.

    In 1857, the Chicago, St. Paul, and Fond du Lac Railroad began running its route, stopping near the mill on the Des Plaines river, where a small business section had grown up. The railroad platted the prospective town of Rand at the site. In 1859, the Chicago and North Western Railway purchased the rail line, giving the train station the name “Des Plaines”. In 1869, the Rand subdivision’s name was changed to Des Plaines, and the village of Des Plaines was then incorporated.

    Des Plaines was reincorporated in 1873 and elected a village board the following year. Local brick manufacturer Franklin Whitcomb served as the first Village President.

    In 1925, village residents voted to convert to a city form of government and annexed the village of Riverview to the south. Subsequent annexations included the Orchard Place area in 1956. The city experienced rapid growth after World War II and with the opening of nearby O’Hare International Airport.

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