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Mount Vernon, IL USDA Home Loan Guide
What is a Mount Vernon, 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 Mount Vernon, 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 Mount Vernon 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 Mount Vernon, 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 Mount Vernon, IL USDA mortgage, borrowers must meet certain requirements:
- Location: The Mount Vernon, 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 Mount Vernon, IL USDA loan can be more affordable in the long run.
- Inclusive: It’s a great option for Mount Vernon, 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 Mount Vernon, 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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Mount Vernon is a city in and the county seat of Jefferson County, Illinois, United States. The population was 14,600 at the 2020 census. Mount Vernon is the principal city of the Mount Vernon Micropolitan Statistical Area, which includes all of Jefferson and Hamilton counties.
Mt. Vernon was founded in 1817 by Zadok Casey, who was elected to the State Senate in 1822 and was elected lieutenant governor in 1833. He served in the U.S. Congress between 1833 and 1843. The town was named for George Washington’s plantation, Mount Vernon, which was named for Edward Vernon, a British naval hero.
When the town was founded, there was no road to it. Travelers had to get there by either following the high ground from the north or crossing the swamps from the south. In the early 19th century the Goshen Road crossed Illinois in a northwesterly direction from Old Shawneetown, Illinois to the Goshen Settlement, near what is now Edwardsville. This road was the main road in Illinois. When Mt. Vernon was first settled, the Goshen Road made a wide arc across Jefferson County, crossing Casey Creek and the Big Muddy north of Mt. Vernon, avoiding the swamps to the south, but bypassing Mt. Vernon. The road entered the county at its southeast corner. It passed through, or near, what are now Opdyke, East Salem, Idlewood, Dix and Walnut Hill. However, it was apparent to the early settlers that the town would fail without roads. In 1820–1821, Ben Hood and Carter Wilkey built a bridge over Casey Creek, to the southeast of town. This bridge was near the present bridge on Illinois Route 142. A road was built from there northwest, over ground that is now impassable, toward the old cemetery behind the modern Bethel Cemetery. Deep cuts through the old cemetery attest to the location of the road. From there the road probably followed modern Route 37 into town, somewhere shifting from 10th Street on west to 12th Street.
After the state capital was moved to Vandalia in 1819, it became apparent that a road to Vandalia was needed. A party was sent out to the northwest to mark the road. In 1823, Thomas D. Minor and William Maxwell built the “Vandalia Road”, now called the “Old Centralia Road.” It runs northwest out of Mt. Vernon to Walnut Hill. Although legend says that this road is crooked because of the drunken state of the surveyors, the path is probably just the natural path of a pioneer road following the terrain. After the bridge and the Vandalia Road were built, Mt. Vernon was “on the map.” The bridge across Casey Creek and the Vandalia Road provided a much shorter path across Jefferson County than the original Goshen Road. The new Goshen Road soon captured most of the traffic, and Mt. Vernon became an important stop on the road west.
In 1836, Joshua Grant came to Mt. Vernon from Christian County, Kentucky with several of his sons and daughters. His family was a wealthy slave-owning family, most of whom soon moved to Arkansas, probably because slavery was illegal in Illinois. Joshua left behind several daughters and one son, Angus McNeil Grant, who soon became important in the development of the town. “Upon his arrival, there were but four or five houses in the place, and from that time to the present (1883) he has constantly and ably exerted himself in securing to it the full development of its resources.” Angus M. Grant’s brother, Joshua Jr. taught school in Mt. Vernon in 1838. Some sources cite him as the first schoolteacher in the town.
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