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Scales Mound, IL USDA Home Loan Guide

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

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

    Scales Mound is a village in Jo Daviess County, Illinois, United States. The population was 436 at the 2020 census.

    The original town of Scales Mound was located at the base of an erosional remnant similar to Charles Mound, about a mile southwest of the present-day village. In 1830 Samuel Scales purchased the original village site from John Sole and built a tavern at the base of the mound along Sucker Trail, a major east-west corridor. The land that the present-day village of Scales Mound is on was purchased from the U.S. government in 1848 by a man named Dunning. Little is known about Dunning or the use of the land until the 1850s.

    In 1851 the Illinois Central Railroad (ICRR) was established and it would become a major factor in the settlement of much of rural Illinois, including Scales Mound. In September 1853, anticipating the arrival of the railroad, the village of Scales Mound was platted by Josiah Conlee and B.B. Provost. During the summer of 1854 track crews from ICRR laid out 20 miles (32 km) of track between Scales Mound and Apple River and trains were running the line the day after completion. With the arrival of the railroad, Scales Mound’s first building was constructed in the late fall 1854; a store built by Sherman Eddy.

    As of the census of 2000, there were 401 people, 164 households, and 108 families residing in the village. The population density was 1,709.5 inhabitants per square mile (660.0/km2). There were 188 housing units at an average density of 801.5 per square mile (309.5/km2). The racial makeup of the village was 98.25% White, 0.25% Asian, and 1.50% from two or more races. Hispanic or Latino of any race were 3.49% of the population.

    There were 164 households, out of which 31.1% had children under the age of 18 living with them, 54.3% were married couples living together, 8.5% had a female householder with no husband present, and 34.1% were non-families. 32.3% of all households were made up of individuals, and 18.3% had someone living alone who was 65 years of age or older. The average household size was 2.45 and the average family size was 3.08.

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