” Fairfield, IL USDA Loan”

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Fairfield, IL USDA Home Loan Guide

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

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

    Fairfield is a city in and the county seat of Wayne County, Illinois, United States, and the location of Frontier Community College. The population was 4,883 at the 2020 census.

    Fairfield is most famous for being the hometown of the “friendly” people, and for the Shelton Brothers Gang, notorious bootleggers who fought it out with the Harrisburg, Illinois-based Birger Gang to control criminal activities in Southern Illinois. During the first half of the 20th century, gang leaders Carl, Earl and Bernie Shelton made Fairfield a household name. Based on testimony of Charlie Birger himself, the Shelton Brothers were convicted for a 1925 unsolved mail carrier robbery of $15,000 and were sentenced to 25 years. They were released a few years later. Birger dominated bootlegging in Southern Illinois until he himself was hanged in Benton for the murder of West City Mayor Joe Adams in 1928. After serving their time, the Shelton brothers built a new criminal empire. Based in East St Louis, one of the most prosperous cities of its day, they controlled all vice from Peoria and southward.

    They met their demise at the hands of the Chicago mob and an insider Charles “Blackie” Harris. A land dispute led to Blackie joining forces with the Mob to kill off members of the Shelton gang. His most notable victim was Carl Shelton, the leader. He was ambushed several miles southeast of Fairfield, shot from his Jeep. Bernie was killed at his Peoria roadhouse. Earl moved to Jacksonville, Florida and became a successful land speculator.

    According to the 2010 census, Fairfield has a total area of 4.054 square miles (10.50 km2), of which 4.02 square miles (10.41 km2) (or 99.16%) is land and 0.034 square miles (0.09 km2) (or 0.84%) is water.

    As of the census of 2000, there were 5,421 people, 2,495 households, and 1,494 families residing in the city. The population density was 1,499.0 inhabitants per square mile (578.8/km2). There were 2,727 housing units at an average density of 754.0 per square mile (291.1/km2). The racial makeup of the city was 98.40% White, 0.09% African American, 0.26% Native American, 0.63% Asian, 0.02% Pacific Islander, 0.06% from other races, and 0.55% from two or more races. Hispanic or Latino of any race were 0.42% of the population.

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