Millington, IL USDA Eligibility

USDA Eligibility Guide

“Find out if you’re eligible for a USDA home loan with Smart Mortgage!”

Millington, IL USDA Loan Eligibility Guide

A USDA (United States Department of Agriculture) mortgage, also known as a Millington, IL USDA Rural Development Loan, is designed to assist low-to-moderate-income households in purchasing homes in eligible rural and some suburban areas. Here are the general eligibility requirements:

1. Property Eligibility:

    • The home must be located in a USDA-eligible rural or suburban area around Millington, IL. The USDA provides an online tool to help potential borrowers determine if a specific property is in an eligible area.
    • The property must be used as the borrower’s primary residence.
    • The home must meet all local codes and program regulations.

2. Applicant/Household Eligibility:

    • U.S. citizenship or permanent residency is required.
    • The borrower must be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet.
    • The applicant must have a stable and dependable income, typically verified by two years of consistent employment. The income must also be sufficient to cover the mortgage payment, including taxes and insurance.
    • The household’s adjusted income must be at or below the applicable low-to-moderate income limit for the area.
    • A reasonable credit history. While a specific credit score is not mandated, a credit score of 640 or higher is typically required for streamlined processing. However, those with lower scores may still be eligible but may undergo a more stringent evaluation.

Questions Call (888)416-4805

Get Pre-Approved Now

    Once this form is completed you will have the option to start your USDA mortgage application.

    Thank you for choosing iloanusda.com

    Get cash from your home.

    Apply to see how a cash out refinance can help you.

    Get Cash

    Homebuyer Seminars

     Discover the keys to homeownership at our local home buying seminar – your first step towards securing your dream home!

    Seminars

    See our home loans.

    Explore our diverse range of home loan programs tailored to fit your unique needs!

    All Programs

    3. Income Limits:

    • Income limits vary by county and household size. You’ll need to check with our Millington, IL USDA service center or the USDA’s online tools to see specific limits.

    4. Loan and Debt Ratios:

    • Typically, a 29/41 ratio is followed. This means that 29% or less of your monthly income can go towards your mortgage (Principal, Interest, Taxes, and Insurance) and 41% or less of your monthly income can go towards your total debt (this includes the mortgage and other debt obligations). Exceptions can be made in certain circumstances.

    5. Other Requirements:

    • Borrowers must personally occupy the dwelling as their primary residence.
    • The borrower must be legally able to take on the loan obligation.
    • First-time homebuyers are required to take a homeowner counseling class in some situations.

    6. Loan Terms:

    • The loan term is typically 30 years.
    • No down payment is usually required.
    • The interest rate can be set by the lender but is subject to USDA review.

    7. Guarantee Fee and Annual Fee:

      • The USDA charges an upfront guarantee fee, which can be rolled into the loan amount.
      • There’s also an annual fee, which is a percentage of the remaining principal amount, typically spread out in monthly installments.

    It’s crucial to remember that while these are the general requirements for Millington, IL USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Millington, IL USDA home loan professionals. Get pre-approved with our easy and stress free Millington, IL USDA home mortgage today.

    Call Now phone
    Do you need a Pre-Approval?
    Get a same day Millington, Illinois USDA pre-approval to shop for your dream home!
    Start My Approval

    Mortgage Resource Center

    More About Millington, Illinois

    Millington is a village in Kendall and LaSalle counties in the U.S. state of Illinois. The population was 617 at the 2020 census, down from 665 at the 2010 census.

    The Kendall County portion of Millington is part of the Chicago–Naperville–Joliet Metropolitan Statistical Area, while the LaSalle County portion is part of the Ottawa Micropolitan Statistical Area.

    Millington is in the western part of Kendall County and the northeastern part of LaSalle County at 41°33′43″N 88°35′59″W / 41.562020°N 88.599606°W / 41.562020; -88.599606. In the 2010 census, 245 of Millington’s residents lived in Kendall County and 420 lived in LaSalle County. The actual boundary line of the counties is not clearly defined in town, although a road farther south, named “Sandhill Road” in Kendall County and “N. 4201 Rd.” in LaSalle County, clearly shows the county line, especially in the winter, as LaSalle County is slower in plowing the road, while the Kendall County portion is somewhat clear.[citation needed]

    According to the 2021 census gazetteer files, Millington has a total area of 0.76 square miles (1.97 km2), of which 0.71 square miles (1.84 km2) (or 92.79%) is land and 0.06 square miles (0.16 km2) (or 7.21%) is water. It lies mostly on the southeast side of the Fox River, except for a neighborhood along Belle Rive Drive on the northwest side of the river.

    Millington is 2 miles (3 km) north of Newark, 7 miles (11 km) south of Sandwich, and 11 miles (18 km) southwest of Yorkville. Joliet is 30 miles (48 km) to the east, and Aurora is 22 miles (35 km) to the northeast.