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Lindenhurst, IL USDA Home Loan Guide

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

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

    Lindenhurst is a village in Lake County, Illinois, United States. Per the 2020 census, the population was 14,406. Lindenhurst lies within Lake Villa Township.

    The Village of Lindenhurst lies within the Valparaiso moraine from the most recent Ice Age. The area is rich in lakes and swamp land; it was inhabited by the Potawatomi Indian tribe, who mixed agriculture with hunting and fishing. The rich soil ultimately attracted European farmers. An expedition led by Colbee Benton in the 1830s was followed by treaties by which the Potawatomi, the Sauk and the Blackhawk Tribes agreed to leave the area. Most Euro-American settlers came from the east coast, the first recorded being the Pennsylvanian Noer Potter. There were also a number of early Scottish, German and English arrivals.

    Incorporation papers for Lindenhurst were filed in November 1956 with Lake County Judge Minard Hulse. The first village officials were elected in a December 1956 election, with 90% voter turnout. The village was incorporated on January 16, 1957.

    The first village president was Lee R. Lewis, and meetings were held on Saturdays to accommodate the commuting members of the board and community. The first meeting was held in the home of trustee Helen Skelton. Another election – mandated by law – was held in April 1957, and Robert Randall was elected the new president. The board held fundraisers like dances to purchase such things as stationery and record books. After his first year in office, President Randall reflected on the successes: ordinances and zoning laws had been passed, roads were being graded, snow removed, and police were patrolling the village. Running water from a tower near Fairfield Road and Hawthorne Drive arrived in the late 1950s.

    The village of Lindenhurst grew out of the farm of a wealthy landowner in northern Illinois. The Ernst E. Lehmann farm, known as Lindenhurst, was acquired by developer Morton “Mort” Engle, who bought it from Lehmann family friend Edna Siebel. The name Lindenhurst came from the two rows of linden trees outlining the original farmhouse. Engle subdivided the 600-acre (2.4 km2) farm in 1952, and in 1953, the first homes were built behind what is now Linden Plaza. Engle Homes at the time cost $12,000–$15,000, roof extra. “The idyllic family homes of Lindenhurst offered the perfect solution for a home-hungry nation,” states local historian Joseph Brysiewicz. In 1961, Ted Flanagan was elected mayor, and 200 houses were being built each year, under the control of Engle. After building an estimated 2,000 homes, Mort Engle sold his remaining 250 acres (1.0 km2) to the U.S. Home Corporation and 200 acres (0.81 km2) to the Federal Life Insurance Company and moved to Arizona. 550 acres (2.2 km2) were annexed into the village, and the growth of Lindenhurst brought up school and public safety issues.

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