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La Fayette, IL USDA Home Loan Guide
What is a La Fayette, 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 La Fayette, 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 La Fayette 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 La Fayette, 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 La Fayette, IL USDA mortgage, borrowers must meet certain requirements:
- Location: The La Fayette, 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 La Fayette, IL USDA loan can be more affordable in the long run.
- Inclusive: It’s a great option for La Fayette, 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 La Fayette, 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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La Fayette (named after Gilbert du Motier, Marquis de Lafayette, pronounced locally “Lay – fay – et”) is a village in Stark County, Illinois. It is located south of Kewanee off Route 78 on Route 17|IL-17 (Madison Street). The population was 223 at the 2010 census, down from 227 in 2000. It is part of the Peoria, Illinois Metropolitan Statistical Area. Once a prominent strip coal mine and farming village with; a general store, high school(until 1970), hotel, bank, grain elevator, train depot, and many other features and amenities. Once the coal mines shut down and railroad was removed in the early 1980s, it slowly became a low income and high poverty village with many people moving away and it eventually diminished to the hollow shell of what it once was.
La Fayette is located at 41°6′35″N 89°58′25″W / 41.10972°N 89.97361°W / 41.10972; -89.97361 (41.109825, -89.973632).
According to the 2010 census, La Fayette has a total area of 0.19 square miles (0.49 km2), all land.
As of the census of 2000, there were 227 people, 91 households, and 63 families residing in the village. The population density was 1,235.2 inhabitants per square mile (476.9/km2). There were 93 housing units at an average density of 506.0 per square mile (195.4/km2). The racial makeup of the village was 96.48% White, 0.44% Asian, 1.76% from other races, and 1.32% from two or more races. Hispanic or Latino of any race were 1.76% of the population.
There were 91 households, out of which 30.8% had children under the age of 18 living with them, 59.3% were married couples living together, 6.6% had a female householder with no husband present, and 29.7% were non-families. 24.2% of all households were made up of individuals, and 15.4% had someone living alone who was 65 years of age or older. The average household size was 2.49 and the average family size was 2.98.
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