Rosemont, IL USDA Eligibility

USDA Eligibility Guide

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Rosemont, IL USDA Loan Eligibility Guide

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

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    More About Rosemont, Illinois

    Rosemont is a village in Cook County, Illinois, located immediately northwest of Chicago. As of the 2020 census, the village had a population of 3,952. The village was incorporated in 1956, though it had been settled long before that. While Rosemont’s land area and population are relatively small among municipalities in the Chicago Metropolitan Area, the village is a major center for commercial activity in the region and is a key component of the Golden Corridor. It contains the Allstate Arena, which hosts the Chicago Wolves AHL hockey team. Since its founding, the village has been governed by one family (the Stephens’).

    Rosemont is at 41°59′27″N 87°52′26″W / 41.99083°N 87.87389°W / 41.99083; -87.87389 (41.990730, −87.873816).

    According to the 2010 census, Rosemont has a total area of 1.79 square miles (4.64 km2), all land.

    As of the 2020 census there were 3,952 people, 1,597 households, and 1,016 families residing in the village. The population density was 2,205.36 inhabitants per square mile (851.49/km2). There were 1,810 housing units at an average density of 1,010.04 per square mile (389.98/km2). The racial makeup of the village was 56.05% White, 2.76% African American, 2.10% Native American, 5.29% Asian, 0.13% Pacific Islander, 20.57% from other races, and 13.11% from two or more races. Hispanic or Latino of any race were 39.50% of the population.

    There were 1,597 households, out of which 31.1% had children under the age of 18 living with them, 45.40% were married couples living together, 6.45% had a female householder with no husband present, and 36.38% were non-families. 33.81% of all households were made up of individuals, and 12.90% had someone living alone who was 65 years of age or older. The average household size was 3.38 and the average family size was 2.61.