Odell, IL USDA Eligibility

USDA Eligibility Guide

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

Odell, IL USDA Loan Eligibility Guide

A USDA (United States Department of Agriculture) mortgage, also known as a Odell, 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 Odell, 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 Odell, 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 Odell, IL USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Odell, IL USDA home loan professionals. Get pre-approved with our easy and stress free Odell, IL USDA home mortgage today.

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

    Mortgage Resource Center

    More About Odell, Illinois

    Odell is a village in Livingston County, Illinois, United States. The population was 1,046 at the 2010 census.

    In October 2006, Odell was featured on the USA Food Network’s “Riding Old Route 66”, which visited the Standard Oil station.

    Odell is in northern Livingston County, in the northern part of Odell Township. Interstate 55 passes north and west of the village, with access from Exit 209. I-55 leads northeast 9 miles (14 km) to Dwight and 87 miles (140 km) to downtown Chicago, while to the southwest it leads 11 miles (18 km) to Pontiac, the Livingston county seat, and 48 miles (77 km) to Bloomington. Historic US 66 passes through the northwest side of the village, on an older bypass than I-55.

    According to the 2010 census, Odell has a total area of 1.126 square miles (2.92 km2), of which 1.11 square miles (2.87 km2) (or 98.58%) is land and 0.016 square miles (0.04 km2) (or 1.42%) is water.

    Odell was laid out by Sydney S. Morgan (1823 – 1884) and Henry A. Gardner (1816 – 1875) on August 10, 1856. Both men were railroad engineers who had worked on the survey and construction of what soon became the Chicago and Alton Railroad. For a time Sydney S. Morgan divided his time between Joliet and Odell, but soon settled in Odell on a permanent basis where he became the town’s chief promoter. Gardner was born in Berkshire County, Massachusetts, and had begun his railroad career working as a rodman on an extension of the Great Western Railroad in Massachusetts. He rose quickly through the ranks until he became chief engineer of the Mohawk and Hudson Railroad. Gardner came west in 1853 to work as assistant engineer to Oliver H. Lee on the Chicago and Mississippi Railroad. He purchased land near Dwight and later went on to become Chief Engineer on the Michigan Central Railroad. Gardner was never a resident of Odell.