” Lombard, IL USDA Loan”

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Lombard, IL USDA Home Loan Guide

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

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

    Lombard is a village in DuPage County, Illinois, United States, and a suburb of Chicago. The population was 44,476 at the 2020 census.

    Originally part of Potawatomi Native American landscape, the Lombard area was first settled by Americans of European descent in the 1830s. Lombard shares its early history with Glen Ellyn. Brothers Ralph and Morgan Babcock settled in a grove of trees along the DuPage River. In what was known as Babcock’s Grove, Lombard developed to the east and Glen Ellyn to the west. In 1837, Babcock’s Grove was connected to Chicago by a stagecoach line which stopped at Stacy’s Tavern at Geneva and St. Charles Roads. Fertile land, the DuPage River, and plentiful timber drew farmers to the area.

    Sheldon and Harriet Peck moved from Onondaga, New York, to this area in 1837 to farm 80 acres (320,000 m2) of land. In addition, Peck was an artist and primitive portrait painter who traveled to clients across northeastern Illinois. The Peck house also served as the area’s first school and has been restored by the Lombard Historical Society.
    In 2011, the Peck House was inducted into the National Park Service’s Network to Freedom—a list of verified Underground Railroad locations.

    The 1848 arrival of the Galena and Chicago Union Railroad provided local farmers and merchants rail access to Chicago, and commercial buildings soon sprang up around the train station. Lombard was officially incorporated in 1869, named after Chicago banker and real estate developer Josia Lewis Lombard.

    On April 6, 1891, Ellen A. Martin led a group of women to the voting place at the general store. She demanded that the three male election judges allow the women to vote. The judges were so surprised that one of them had a “spasm,” one leaned against the wall for support, and the other fell backwards into a barrel of flour. They acquiesced to Ellen, but fundamentally did not want to let the women vote, so a county judge was asked to decide. He agreed that the women were right. Ellen Martin then became the first woman in Illinois to vote, and one of the first in the entire U.S. In 1916 Illinois women could vote in national elections, but the 19th Amendment (the Women’s Suffrage Amendment) was not passed until 1920.

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