” Harvey, IL USDA Loan”

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Harvey, IL USDA Home Loan Guide

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

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

    Harvey is a city in Cook County, Illinois, United States. The population was 20,324 at the 2020 census.

    Harvey is bordered by the villages of Dixmoor and Riverdale to the north; Dolton, Phoenix, and South Holland to the east; East Hazel Crest to the south; and Hazel Crest, Markham and Posen to the west.

    Harvey was founded in 1891 by Turlington W. Harvey, a close associate of Dwight Moody, the founder of the Moody Bible Institute in Chicago. Harvey was originally intended as a model town for Christian values and was one of the Temperance Towns. It was closely modeled after the company town of Pullman, which eventually was annexed into the city of Chicago.

    The city had its greatest growth in the prosperous postwar years, when it was home to the Buda Engine Co., which was acquired by Allis-Chalmers in 1953. The city reached its peak population in 1980. By this time, it was beginning to suffer losses in jobs and population through restructuring of steel and similar industries. The Dixie Square Mall closed in November 1978.

    In the 2000s and 2010s, Mayor Eric Kellogg attempted to boost Harvey’s economy, with little success. Kellogg offered developers millions of dollars in incentives to revive the long-vacant Dixie Square Mall, but trends in retail adversely affected malls around the country. The city granted a developer $10 million in incentives to redevelop the Chicago Park Hotel, but he abandoned the project before completion, leaving the building gutted.

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