” Elizabethtown, IL USDA Loan”

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Elizabethtown, IL USDA Home Loan Guide

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

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

    Elizabethtown is a village in and the county seat of Hardin County, Illinois, United States, along the Ohio River. The population was 299 at the 2010 census, down from 348 at the 2000 census. It is the least-populous county seat in the state.

    One of the earliest settlers in the area of the future village of Elizabethtown was James McFarland who arrived around 1809. The village was later founded around the McFarland Tavern built in 1812. The tavern later became the site of the Rose Hotel named after the owner Sarah Rose. Up until the 1960s when it closed as a hotel the Rose Hotel was the oldest continuously run hotel in the state of Illinois and is now a state historic site. Elizabethtown was named after James McFarland’s wife. The First Baptist Church located in Elizabethtown, is the oldest Baptist church congregation in Illinois and the oldest known Protestant church in Illinois, founded in 1806.
    Elizabethtown is referred to as “Etown” by the local population as the nickname is preserved in the name of the downtown E’town River Restaurant.

    Elizabethtown is located in southern Hardin County at 37°26′57″N 88°18′13″W / 37.44917°N 88.30361°W / 37.44917; -88.30361 (37.449136, -88.303748). It is bordered to the south by the Ohio River, which forms the state boundary with Kentucky.

    Illinois Route 146 passes through the village, leading southwest (downriver) 15 miles (24 km) to Golconda and east 9 miles (14 km) to Illinois Route 1 north of Cave-In-Rock. Rosiclare, the only city in Hardin County, is reached by traveling 2.5 miles (4.0 km) west on IL-146 then 2 miles (3 km) south on IL-34.

    According to the 2010 census, Elizabethtown has a total area of 0.715 square miles (1.85 km2), of which 0.71 square miles (1.84 km2) (or 99.3%) is land and 0.005 square miles (0.01 km2) (or 0.7%) is water.

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