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La Grange, IL USDA Home Loan Guide
What is a La Grange, 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 Grange, 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 Grange 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 Grange, 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 Grange, IL USDA mortgage, borrowers must meet certain requirements:
- Location: The La Grange, 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 Grange, IL USDA loan can be more affordable in the long run.
- Inclusive: It’s a great option for La Grange, 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 Grange, 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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The village of La Grange (/lə ˈɡreɪndʒ/ lə GRAYNJ; often spelled LaGrange), a suburb of Chicago, is a village in Cook County, in the U.S. state of Illinois. The population was 16,321 at the 2020 census.
The area around La Grange was first settled in the 1830s, when Chicago residents moved out to the west due to the rapid population increase in the city in the decade since its incorporation. The first settler, Robert Leitch, came to the area in 1830, seven years before the City of Chicago was incorporated. La Grange’s location, at approximately 13 miles (21 km) from the Chicago Loop, is not considered far from the city by today’s standards, but in that time the residents enjoyed the peace of rural life without much communication with urban residents.
The village was officially incorporated on June 11, 1879. It was founded by Franklin Dwight Cossitt, who was born in Granby, Connecticut, and raised in Tennessee, and moved to Chicago in 1862 where he built a successful wholesale grocery business.
In 1870, Cossitt purchased several hundred acres of farmland in Lyons Township, along the Chicago-Dixon Road, known today as Ogden Avenue (U.S. Highway 34). Ogden Avenue, on the site of a defunct Native American trail, was also referred to as the “Old Plank Road”. Planks were often stolen by settlers to be used as building material, which made traveling very bumpy. When the Chicago, Burlington & Quincy Railroad came to town, La Grange was a milk stop called Hazel Glen. A few miles to the south, through present-day Willow Springs, the Illinois and Michigan Canal had emerged as a major shipping corridor, connecting Chicago and the Great Lakes with the Illinois and Mississippi rivers.
Cossitt set out to build the ideal suburban village – laying out streets, planting trees, donating property for churches and schools, and building quality homes for sale between $2,000–$8000 USD. He also placed liquor restrictions in the land deeds he sold to prevent the village from becoming a saloon town.
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