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Steward, IL USDA Home Loan Guide
What is a Steward, 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 Steward, 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 Steward 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 Steward, 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 Steward, IL USDA mortgage, borrowers must meet certain requirements:
- Location: The Steward, 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 Steward, IL USDA loan can be more affordable in the long run.
- Inclusive: It’s a great option for Steward, 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 Steward, 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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Steward is a village in Lee County, Illinois, United States. The population was 256 at the 2010 census, down from 271 in 2000.
Steward, Illinois, was named for Wesley Steward, who in 1855 came to this area in Alto Township to settle the land owned by his father, Marcus Steward. John Grimes built the first house in Alto Township in Plum Thicket in 1847, located east on the outskirts of the village as it is today. In 1861, Mr. Steward married and built the first farm house in the location of Steward, which is still standing. The town is located in the west central part of Alto Township and the northeast part of Lee County. Mr. Steward was influential in getting the Chicago and Iowa Railroad, now known as the Burlington Northern, through the township extending from Hinckley, Illinois to Rochelle, Illinois completed in 1870. The Village Hall on Main Street is one of the oldest buildings in existence and the jail cells bought in 1903 and housed in the building are still one of the few reminders of the early days (not used). In 1872 Mr. Steward built the first elevator at the east end of Main Street run by steam. The history of the elevators in Steward over the years is a story in itself. The first house in Steward after the town’s formation is on John Street, also standing today, built in 1872.
The railroad offices and warehouse were in Wesley Steward’s barn until 1871, when the first depot was then built. It is said to have burned down in 1894. The present depot, no longer in use by the Burlington Northern and in the process of being salvaged by a group in interested citizens of the village as a historical landmark, a museum, library, and social meeting place for anyone in the community, was built in 1896. This project “The Steward Illinois Depot Project, Inc.” was being projected as a Bicentennial venture during the 1976 year. In 1902 Steward was selected as the junctional point for the Chicago, Milwaukee and St. Paul Railroad Company as they recognized the need for a railroad to run south out of Rockford, Illinois. The Milwaukee depot and switch tower for both railroads were on the northwest edge of town.
The first businesses were a restaurant and general merchandise store built in 1871. By the early 1900s, business houses were located on both sides of Main Street with a steady growth and expansion until the depression days when the town could then gradually see a decline in the businesses. The charter for the First National Bank of Steward was signed and issued on December 18, 1902. A new building was erected and business started January 2, 1903 and continued till 1933. The first Post Office was established at Heaton Aug. 31, 1871 and located in the Steward depot. It was relocated in Steward April 12, 1876. Today it is located in the old bank building on Main Street. By 1976, the village became mostly a residential community with the exception of the Post Office.
Steward, IL has one public school in its district (district #220) named, Steward Elementary School. This school serves children ages Kindergarten through 8th grade. Their mascot is an Eagle.
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