Pierron, IL USDA Eligibility

USDA Eligibility Guide

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

Pierron, IL USDA Loan Eligibility Guide

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

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

    Mortgage Resource Center

    More About Pierron, Illinois

    Pierron is a village in Bond and Madison counties, Illinois, United States. The population was 459 at the 2020 census, down from 600 at the 2010 census. The village is part of the St. Louis metropolitan area.

    The first post office was established at Pierron in 1870. Pierron was laid out as a village in 1871, and named for its founder Jacques Pierron. Pierron was incorporated as a village in 1893.

    Pierron is located in southwestern Bond County and eastern Madison County. The village has two sections that are 4 miles (6 km) apart and connected by Illinois Route 143. The western section, also known as “Pierron Station” and crossed by the CSX Transportation St. Louis Line railroad, is on the Bond–Madison county line, while the eastern section, also known as “Millersburg”, is four miles to the east. Highland is 5 miles (8 km) southwest of the western part of Pierron, while Pocahontas is 4 miles (6 km) north of the eastern part.

    According to the U.S. Census Bureau, Pierron has a total area of 0.73 square miles (1.89 km2), all land. The western part of the village drains west to Sugar Creek, while the east part drains east to Shoal Creek, both of which are south-flowing tributaries of the Kaskaskia River.

    As of the 2020 census there were 459 people, 180 households, and 111 families residing in the village. The population density was 625.34 inhabitants per square mile (241.45/km2). There were 232 housing units at an average density of 316.08 per square mile (122.04/km2). The racial makeup of the village was 92.37% White, 0.65% African American, 0.44% Native American, 0.22% Asian, 0.65% from other races, and 5.66% from two or more races. Hispanic or Latino of any race were 1.74% of the population.