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La Harpe, IL USDA Home Loan Guide
What is a La Harpe, 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 Harpe, 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 Harpe 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 Harpe, 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 Harpe, IL USDA mortgage, borrowers must meet certain requirements:
- Location: The La Harpe, 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 Harpe, IL USDA loan can be more affordable in the long run.
- Inclusive: It’s a great option for La Harpe, 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 Harpe, 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 Harpe is a town in Hancock County, Illinois, United States. The population was 1,235 at the 2010 census, down from 1,385 at the 2000 census.
During the 18th century, French explorers headed by Bernard de la Harpe were forced to spend the winter just north of the present city of La Harpe. About 1896, four stone tablets dated June 15, 1715, and inscribed in French were reportedly found a few miles east of the old fortification built by the explorers. Stones were translated locally by the only French family in town as follows: “We are surrounded by indians and have no hope for survival unless help soon arrives.” Said stone tablets were reported to be sent to the Smithsonian for authentication, and were ruled a hoax. Their whereabouts are currently unknown.
Soon after 1830, landowners in the area began to develop a town which they called “Franklin”. In 1836, they applied for a post office and were informed another town in Illinois was already named Franklin. The first postmaster, Louis Rice Chaffin, suggested the name be registered as “La Harpe”, for the Frenchman who spent the winter over 100 years earlier. The City of La Harpe was granted a charter by the Illinois legislature in 1859. The charter was amended in 1861 to change the size of the town, and the boundaries have changed through the years. Today the city has 22 streets and avenues.
In 1867, the TP&W railroad line was completed through the town. In 1888, the city council bought the first fire engine, but a fire in October 1893 still destroyed nearly all the businesses in one block of Main Street. City Hall was built in 1894. The election of 1895 was the first election in which the women of La Harpe were allowed to vote on the issue of liquor licenses. (The women had a separate ballot box.) The La Harpe Carnegie Public Library was built in 1905, with local support and a donation from Andrew Carnegie. Today it is listed on the National Register of Historic Sites. The City Park was donated by Marvin Tyron, one of the town’s founders, as a public square.
In 1986, La Harpe celebrated 150 years of history. During that year, a sesquicentennial history entitled La Harpe, Illinois, 1836-1986 was published.
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