” Goodfield, IL USDA Loan”

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Goodfield, IL USDA Home Loan Guide

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

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

    Goodfield is a village in Tazewell and Woodford counties in Illinois. The population was 936 at the 2020 census, up from 686 at the 2000 census. Goodfield is part of the Peoria, Illinois, Metropolitan Statistical Area.

    The site of Goodfield was surveyed for John Guth of Washington, Illinois, on 29 August 1888. The name Goodfield is believed to derive from Guthville (via Goodville), named after John Guth.

    The area of the village gained local, national, and global notoriety when a 9-year-old boy allegedly set fire to a trailer that contained his mother and several other relatives, killing five, including at least one or two young children who were relatives. The fire was, after some time, determined to be suspicious by the coroner and fire investigators and area police. The boy, who as a young juvenile cannot be named (there is, after the mother gave an interview, also a court-imposed gag order on all parties), is subsequently being prosecuted on five first degree murder charges and aggravated arson resulting in death. The boy, taken from his mother after the fire, is a ward of the state, and his grandparents are now his legal guardians. His initial appearance was before Judge Charles Feeney, who took careful time to explain the charges and their meaning. Under Illinois law, those under 10 cannot be detained except for brief questioning, and those under 13 cannot be detained in a juvenile facility or juvenile detention center. They must be at least 16 to be transferred to adult court. He will face probation for a minimum of five years but not after age 21, restitution and/or some form of service, and intensive therapy, counseling, and rehabilitation. He is the youngest to be charged in central Illinois since at least 2006, especially for such a serious offense that in adult could bring life without parole in the non-death penalty state.

    According to the 2010 census, Goodfield has a total area of 1.698 square miles (4.40 km2), of which 1.69 square miles (4.38 km2) (or 99.53%) is land and 0.008 square miles (0.02 km2) (or 0.47%) is water.

    As of the census of 2000, there were 686 people, 229 households, and 199 families residing in the village. The population density was 474.2 inhabitants per square mile (183.1/km2). There were 235 housing units at an average density of 162.4 per square mile (62.7/km2). The racial makeup of the village was 99.13% White, 0.15% African American, 0.29% from other races, and 0.44% from two or more races.

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