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Harristown, IL USDA Home Loan Guide
What is a Harristown, 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 Harristown, 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 Harristown 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 Harristown, 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 Harristown, IL USDA mortgage, borrowers must meet certain requirements:
- Location: The Harristown, 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 Harristown, IL USDA loan can be more affordable in the long run.
- Inclusive: It’s a great option for Harristown, 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 Harristown, 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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Harristown is a village in Macon County, Illinois, United States. The population was 1,310 at the 2020 census. It is included in the Decatur, Illinois Metropolitan Statistical Area.
The village was named in honor of Major Thomas L. Harris, who was elected and served as Major of the Fourth Illinois Regiment in the Mexican–American War, and who was afterward a member of Congress from 1849 to 1858.
The first settlers arrived in 1828 and began building log cabins and improving land around the area. 1841 saw the building of the township’s first schoolhouse, a log building, and served as both the school and as a place of worship until 1853 when the first church was built. Harristown was along the main line of the Wabash Railroad, which contributed to increased population and business.
Harristown was the first Illinois home of Abraham Lincoln. His family settled alongside the Sangamon River 4 miles (6 km) south of the present village in 1830 for a little over a year before relocating due to the harsh winter and extreme sickness. Lincoln and his family constructed a log cabin and fenced in 10 acres (4.0 ha) of land, planting corn in the fenced land. During that winter, Lincoln, together with his stepmother’s son, John D. Johnston, and John Hanks were hired by Denton Offutt to build a flatboat and navigate it from Beardstown, Illinois, down the Illinois and Mississippi rivers to New Orleans. It was during this time that Lincoln saw slavery first-hand for the first time.
Lincoln departed the Harristown area in the spring of 1831. Lincoln Trail Homestead State Park was created in 1904 and marks the spot where his cabin stood.
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