Pingree Grove, IL USDA Eligibility

USDA Eligibility Guide

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Pingree Grove, IL USDA Loan Eligibility Guide

A USDA (United States Department of Agriculture) mortgage, also known as a Pingree Grove, 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 Pingree Grove, 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.

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    3. Income Limits:

    • Income limits vary by county and household size. You’ll need to check with our Pingree Grove, 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 Pingree Grove, IL USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Pingree Grove, IL USDA home loan professionals. Get pre-approved with our easy and stress free Pingree Grove, IL USDA home mortgage today.

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    More About Pingree Grove, Illinois

    Pingree Grove (/ˈpɪŋɡʌriː/ PING-GREE) is a village in Kane County, Illinois, United States. The population was 124 at the 2000 census. However, with rapid development in the following years, the 2010 census indicated 4,532 residents, and the 2020 census was 10,365.

    Pingree Grove is located in northern Kane County. Neighboring communities are Hampshire to the west, Huntley to the north, Gilberts to the northeast, and the city of Elgin to the southeast. U.S. Route 20 passes through the village, leading northwest 17 miles (27 km) to Marengo and southeast 7 miles (11 km) into Elgin. Downtown Chicago is 45 miles (72 km) southeast of Pingree Grove.

    According to the 2010 census, the village has a total area of 3.67 square miles (9.51 km2), all land.

    Note: the US Census treats Hispanic/Latino as an ethnic category. This table excludes Latinos from the racial categories and assigns them to a separate category. Hispanics/Latinos can be of any race.

    As of the census of 2000, there were 124 people, 50 households, and 35 families residing in the village. The population density was 201.3 inhabitants per square mile (77.7/km2). There were 52 housing units at an average density of 84.4 per square mile (32.6/km2). The racial makeup of the village was 99.19% White, 0.81% from other races. Hispanic or Latino of any race were 4.03% of the population.