” Downs, IL USDA Loan”

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Downs, IL USDA Home Loan Guide

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

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

    Downs is a village in McLean County, Illinois, United States. The population was 1,201 at the 2020 census, up from 1,005 in 2010. It is part of the Bloomington–Normal Metropolitan Statistical Area.

    Downs is in southern McLean County, 9 miles (14 km) southeast of Bloomington, the county seat. U.S. Route 150 passes through the northeast side of the village, leading northwest to Bloomington and southeast 6 miles (10 km) to Le Roy. Interstate 74 passes through the southwest side of the village, with access from Exit 142. I-74 leads northwest to Bloomington and southeast 40 miles (64 km) to Champaign.

    According to the U.S. Census Bureau, Downs has a total area of 3.00 square miles (7.77 km2), all land. Kickapoo Creek flows through the northwest side of the village, leading southwest to Salt Creek, a tributary of the Sangamon River, near Lincoln.

    Downs was originally a small community known as “Delta”, established by McLean County settlers in 1829. Previously, the area served as a trading post for the Kickapoo people. When the Indiana, Bloomington and Western Railway was built in 1869, several buildings were dismantled and reconstructed further south to put the town closer to the railroad. The town was then renamed “Priceville” in honor of John Price, a resident who owned the land near the tracks. In 1902, the town’s name was changed to “Downs”, after postal clerks commonly confused Priceville with the similarly-named Illinois town of Princeville. Downs is named for Lawson Downs, one of the area’s pioneer settlers.

    As of the census of 2000, there were 776 people, 284 households, and 220 families residing in the village. The population density was 286.8 inhabitants per square mile (110.7/km2). There were 301 housing units at an average density of 111.3 per square mile (43.0/km2). The racial makeup of the village was 97.81% White, 0.90% African American, 0.13% Asian, 0.52% from other races, and 0.64% from two or more races. Hispanic or Latino of any race were 0.90% of the population.
    There were 284 households, out of which 43.0% had children under the age of 18 living with them, 65.8% were married couples living together, 9.5% had a female householder with no husband present, and 22.5% were non-families. 17.3% of all households were made up of individuals, and 6.3% had someone living alone who was 65 years of age or older. The average household size was 2.73 and the average family size was 3.13.

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