” Riverton, IL USDA Loan”

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Riverton, IL USDA Home Loan Guide

What is a Riverton, 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 Riverton, 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 Riverton 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 Riverton, 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 Riverton, IL USDA mortgage, borrowers must meet certain requirements:

    • Location: The Riverton, 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 Riverton, IL USDA loan can be more affordable in the long run.
    • Inclusive: It’s a great option for Riverton, 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 Riverton, 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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    More information About Riverton, Illinois

    Riverton is a village in Sangamon County, Illinois, United States. The population was 3,455 at the 2010 census, up from 3,062 in 2000. It is part of the Springfield, Illinois Metropolitan Statistical Area.

    Riverton was founded by John Taylor in 1837. Originally named Judy’s Ferry for the ferry crossing the Sangamon River there, then Jamestown, after politician James Shields, the village was successful for about a decade, producing lumber for a planned railroad. When it was discovered that the railroad was badly constructed and unreliable, Jamestown fell into economic distress and the land on which it sat was sold.
    The town was sold to Joseph Loose of Maryland, then again to John D. Keedy, a Springfield distiller. Land south of Jamestown was purchased and a distillery was put up. Yet again, the properties were lost, first mortgaged to Jacob Bunn, then given as a claim settlement to Parley L. Howlett, another distiller.
    Jamestown was soon renamed Howlett, Shields had fallen from popularity, and a new flour mill and coal mine caused a short-lived boom. Despite their success, most of Howlett was sold to Jacob Bunn to pay off debt. Bunn started selling the lots to the residents, the only owner to do so. After a state requirement was passed preventing communities from being named after people, Howlett was rechristened as Riverton in the 1870s.
    In 1876, train robber Jesse James spent a night in Riverton while en route to a bank heist in Minnesota. Al Capone also reportedly used Riverton as one of his hideouts. Riverton historically had a higher immigrant population than other small towns in the Springfield area due to the coal mining industry. There is still a lot of Italian-American influence in the town.

    Riverton is located at 39°50′54″N 89°32′25″W / 39.84833°N 89.54028°W / 39.84833; -89.54028 (39.848305, -89.540166).

    According to the 2010 census, Riverton has a total area of 2.216 square miles (5.74 km2), of which 2.18 square miles (5.65 km2) (or 98.38%) is land and 0.036 square miles (0.09 km2) (or 1.62%) is water.

    As of the census of 2000, there were 3,048 people, 1,236 households, and 845 families residing in the village. The population density was 1,497.4 inhabitants per square mile (578.1/km2). There were 1,311 housing units at an average density of 644.1 per square mile (248.7/km2). The racial makeup of the village was 98.92% White, 0.10% African American, 0.16% Native American, 0.10% Asian, and 0.72% from two or more races. Hispanic or Latino of any race were 0.92% of the population.

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