” Ellsworth, IL USDA Loan”

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Ellsworth, IL USDA Home Loan Guide

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

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

    Ellsworth is a village in Dawson Township, McLean County, Illinois, United States. The population was 184 at the 2020 census. It is part of the Bloomington–Normal Metropolitan Statistical Area.

    Ellsworth is in eastern McLean County, 16 miles (26 km) east of Bloomington, the county seat, and 9 miles (14 km) north-northeast of Le Roy.

    According to the U.S. Census Bureau, Ellsworth has a total area of 0.22 square miles (0.57 km2), all land.

    Ellsworth was laid out on December 6, 1871, by Jonathan H. Cheney (1833–1920), Almon Brigham Ives (1816–1887), and Oliver Ellsworth, whom the town was named after. Cheney was one of three sons of early McLean County settler Jonathan Cheney active in promoting the Lafayette Bloomington and Mississippi Railroad; when his brother, Haines Cheney, was in the Illinois Senate he had helped to arrange the charter of the railroad. Almon B. Ives was a Bloomington lawyer specializing in land law; both Cheney and Ives were on the board of directors of the new railroad. In 1876 the railroad was leased to the Lake Erie and Western Railroad and in 1879 was incorporated into that road. Construction began on the railroad in 1869. The new townsite occupied 40 acres (16 ha) on each side of the tracks. The plan of Ellsworth was almost identical to that of its neighbor, Arrowsmith. A 200-foot (61 m) swath of railroad land cut the town into two almost equal parts. Most of the early commercial development was along Main Street south of the tracks. The depot was on the south side of the tracks, and the early elevator on the north side.

    In November 1871 an advertisement appeared in the Bloomington Pantagraph saying that on November 8 an auction of 150 lots would be held at the site of the new town. The advertisement praised the fertility of the surrounding countryside and stressed that the farms were of moderate size. Readers were told that the new town would be the logical point for shipping grain. They were also told that by shipping from Ellsworth their grain would go through Toledo, Ohio, “avoiding the grain scalpers of Chicago.” All interested people were to gather at the Illinois Central Depot in Bloomington at 9:00 in the morning. A free train would take them to the site of the new town. A free lunch would be provided, and Bloomington brewers Meyer and Wochner would provide the beer. Some two hundred people consumed 200 loaves of bread, 150 pounds of boiled ham, 60 barrels of cheese and a barrel of crackers. A. J. Wampler bought the first lot. Most lots sold at from forty to sixty-five dollars.

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