” Mettawa, IL USDA Loan”

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Mettawa, IL USDA Home Loan Guide

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

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

    Mettawa is a village in Lake County, Illinois, United States. Per the 2020 census, the population was 533. The village maintains trails for pedestrian, bicycle and equestrian usage. Five forest preserves of the Lake County Forest Preserve District are located within village boundaries.

    The name of the town derived from Potawatomi chief Mettaywah, who lived in the area before signing the 1833 Treaty of Chicago and being displaced to Kansas. The traveler Colbee reported visiting the chief’s village near the Des Plaines River and eating pork, cakes fried in pork fat, and a corn and bean dish. Many Potawatomi returned to Illinois annually until the end of the nineteenth century to visit their burial grounds.

    Mettawa was founded by area residents in 1960 who worked together with a common goal of protecting their rural area from encroaching commercial development. Mettawa’s first mayor was James Getz; subsequent mayors included Edward FitzSimons, Julius Abler, Barry McLean and Jess Ray. The current treasurer is Amy Weiland. Famous residents and property owners within the area now known as Mettawa have included two-time presidential nominee Adlai E. Stevenson, city planner Edward H. Bennett, and more recently, news anchor and rancher Bill Kurtis and Chicago Bears’ linebacker Brian Urlacher (brother of current Mettawa Mayor Casey Urlacher) and running back Matt Forte. Stevenson’s Mettawa estate on the Des Plaines River is a designated Illinois Historic Site and is listed on the National Register of Historic Places.

    Mettawa is governed by an elected Mayor and a six-member Board of Trustees.

    Mettawa lacks a dedicated Village Hall and has few paid administrative staff. Village meetings are held in a local hotel, and the Village contracts with an engineer, attorney, Mettawa Open Lands Association, and various consultants for operational services. In January 2009, the Village Board established its website which serves as a virtual Village Hall, providing official information including Village contacts, official documents and maps, meeting agendas and the Comprehensive Plan.

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