East Hazel Crest, IL USDA Eligibility

USDA Eligibility Guide

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East Hazel Crest, IL USDA Loan Eligibility Guide

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

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    More About East Hazel Crest, Illinois

    East Hazel Crest is a village in Cook County, Illinois, in the United States. It is a south suburb of Chicago. As of the 2020 census, the village population was 1,297.

    East Hazel Crest was a part of Hazel Crest when it incorporated in 1911 until the Illinois Central Railroad elevated their commuter and mainline tracks above grade, isolating the rural community from the rest of Hazel Crest. The community voted for incorporation into their own village in 1918. The village later annexed a small commercial area and residential subdivision, Bremerton Woods, that lies west of the Illinois Central Railroad where the village administration and Metra station now stand.

    East Hazel Crest is located at 41°34′35″N 87°39′8″W / 41.57639°N 87.65222°W / 41.57639; -87.65222 (41.576384, -87.652171).

    According to the 2021 census gazetteer files, East Hazel Crest has a total area of 0.78 square miles (2.02 km2), all land.

    As of the 2020 census there were 1,297 people, 575 households, and 356 families residing in the village. The population density was 1,654.34 inhabitants per square mile (638.74/km2). There were 630 housing units at an average density of 803.57 per square mile (310.26/km2). The racial makeup of the village was 57.98% African American, 25.60% White, 0.23% Native American, 0.31% Asian, 0.00% Pacific Islander, 7.09% from other races, and 8.79% from two or more races. Hispanic or Latino of any race were 16.11% of the population.