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Stonefort, IL USDA Home Loan Guide
What is a Stonefort, 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 Stonefort, 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 Stonefort 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 Stonefort, 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 Stonefort, IL USDA mortgage, borrowers must meet certain requirements:
- Location: The Stonefort, 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 Stonefort, IL USDA loan can be more affordable in the long run.
- Inclusive: It’s a great option for Stonefort, 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 Stonefort, 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 Stonefort, Illinois
Stonefort is a village in Saline and Williamson Counties, Illinois, United States. The population was 297 at the 2010 census.
Stonefort is named for an ancient rock fortification that stood in the vicinity when the first settlers started arriving in the area in the early 1800s. The village of Stonefort was established in the late 1850s, and was originally located about a mile to the southeast, near the edge of the bluff. When the Cairo and Vincennes Railroad (later part of the Big Four and New York Central systems) was completed through the area in the 1870s, Stonefort’s public buildings were dismantled and moved to the village’s present location, which was adjacent to the railroad tracks. The former site of the village is now listed as “Oldtown” on maps.
Stonefort is located at 37°37′0″N 88°42′26″W / 37.61667°N 88.70722°W / 37.61667; -88.70722 (37.616615, -88.707143). The village is situated atop a ridge that rises above the South Fork Saline River valley to the north and the Little Saline River valley to the south. U.S. Route 45 connects Stonefort with Carrier Mills to the northeast and New Burnside to the southwest. The Tunnel Hill State Trail, a 45-mile (72 km) rail trail, traverses Stonefort.
According to the 2010 census, Stonefort has a total area of 1.456 square miles (3.77 km2), of which 1.45 square miles (3.76 km2) (or 99.59%) is land and 0.006 square miles (0.02 km2) (or 0.41%) is water.
As of the census of 2010, there were 297 people, 131 households, and 89 families residing in the village. The population density was 199.9 inhabitants per square mile (77.2/km2). There were 144 housing units at an average density of 98.6 per square mile (38.1/km2). The racial makeup of the village was 97.60% White, 1.03% African American, 1.03% from other races, and 0.34% from two or more races. Hispanic or Latino of any race were 1.71% of the population.
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