” Kempton, IL USDA Loan”

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Kempton, IL USDA Home Loan Guide

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

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

    Kempton is a village in Ford County, Illinois, United States. The population was 176 at the 2020 census.

    A post office was established at the site of Kempton in 1869 and called Sugar Loaf. The name of the post office was changed to Kempton in 1878, when the village was founded and named after its founder, Wright Kemp. Arthur R. Falter (1906–1979), Illinois state legislator and businessman, was born on a farm near Kempton. Jason Colclasure is a famous resident of Kempton. David Hatcher Childress, famously featured in over 100 episodes of Ancient Aliens on the History Channel lives in Kempton and Camp Verde, Arizona and is another famous resident of Kempton.

    According to the 2021 census gazetteer files, Kempton has a total area of 0.17 square miles (0.44 km2), all land.

    As of the 2020 census there were 176 people, 127 households, and 60 families residing in the village. The population density was 1,066.67 inhabitants per square mile (411.84/km2). There were 97 housing units at an average density of 587.88 per square mile (226.98/km2). The racial makeup of the village was 96.02% White, 0.00% African American, 0.00% Native American, 0.00% Asian, 0.00% Pacific Islander, 2.84% from other races, and 1.14% from two or more races. Hispanic or Latino of any race were 2.84% of the population.

    There were 127 households, out of which 25.2% had children under the age of 18 living with them, 31.50% were married couples living together, 7.87% had a female householder with no husband present, and 52.76% were non-families. 25.20% of all households were made up of individuals, and 17.32% had someone living alone who was 65 years of age or older. The average household size was 3.02 and the average family size was 2.50.

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