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Staunton, IL USDA Home Loan Guide
What is a Staunton, 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 Staunton, 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 Staunton 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 Staunton, 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 Staunton, IL USDA mortgage, borrowers must meet certain requirements:
- Location: The Staunton, 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 Staunton, IL USDA loan can be more affordable in the long run.
- Inclusive: It’s a great option for Staunton, 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 Staunton, 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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Staunton is the second largest city in Macoupin County, Illinois, United States. As of the 2020 census, the population was 5,054.
A settler named Stanton bought land in the area and donated the land to a nearby village. The village decided to name the town Stanton after the original settler. An application for the town’s incorporation was sent to Washington DC where it was approved but misspelled as Staunton due to the name being similar to Staunton, Virginia.[citation needed]
In 1817, John Wood became the first colonial settler to settle in what is now downtown Staunton. The town slowly grew and by the town’s incorporation in 1859, had a schoolhouse, general store, a doctor’s office and a mill. Staunton grew with the introduction of the railroad and a coal mine in the 1860s. New immigrants from Ireland, Germany and Italy moved to Staunton, and the community soon became one of the largest cities in southern Illinois. The Staunton Star-Times started publication in 1878. In 1891, Staunton applied for city status and elected its first mayor, F. E. Godfrey.
Coal mining characterized the city for nearly a century. Henry Voge opened the first coal mine in 1869 (“The Gin Shaft”). Two large mounds of slag that rise from prairie farmland on the outskirts of Staunton tell much about the history and the present status of the small city. The size of the piles indicates many years of deep shaft coal production, while the weeded erosions indicate the tipples have been idle for years. Mining started here shortly before the Civil War. It ended shortly before World War II. When the shafts were operating, they provided most of the employment in the town. Note: although it has been said that coal mining had started in Staunton before the Civil War era, I found no indication of that in any other source. All of these indicate that coal mining first started in Staunton in 1869.[citation needed]
Staunton Local 755 became the largest coal miners’ union in the state. The Labor Temple was built in 1914 by the local union. The front doors of this fine structure opened onto an attractive lobby with a wide stairway to the second floor on the right and a ticket office centered between two entrances to a large auditorium which had a sloping floor, aisles between three sections of comfortable seats and in front a large, well-arranged stage. This auditorium had the first air conditioning system to be found anywhere within thirty-five miles of Staunton. From Tuesday through Sunday it was a theatre showing first-run movies for many years. The musical film Don’t Give Up the Ship gave inspiration to local high school students in writing the Staunton High School fight song Don’t Give Up the Fight. The first Monday of each month the Miners Union held their meeting there. The other Mondays could be booked for graduations, dramatic or musical productions by local groups, speakers, etc. Upstairs were toilet facilities, several small conference or committee meeting rooms, and a large hall where lodges met and dances and receptions could be held.[citation needed]
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