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Towanda, IL USDA Home Loan Guide
What is a Towanda, 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 Towanda, 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 Towanda 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 Towanda, 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 Towanda, IL USDA mortgage, borrowers must meet certain requirements:
- Location: The Towanda, 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 Towanda, IL USDA loan can be more affordable in the long run.
- Inclusive: It’s a great option for Towanda, 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 Towanda, 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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Towanda is a village in McLean County, Illinois, United States. The population was 431 at the 2020 census. It is part of the Bloomington–Normal Metropolitan Statistical Area.
The village was named for Towanda in Bradford County, Pennsylvania. The name means “burial ground” in Nanticoke, an Algonquian language. The land on which Towanda stands was first entered by Charles Badeau who had graduated from Wesleyan University, Middletown, Connecticut, in 1840, and was employed as the assistant to the chief engineer of what was then the Alton and Springfield Railroad. Because in Illinois at that time it was illegal for railroads or their officials to establish new towns, much of the land was then transferred to two McLean County real estate developers, Jesse W. Fell (1808 – 1887) and Charles W. Holder (1819 – 1900). These two men laid out the town of Towanda and filed the plat on December 7, 1854. Fell, a native of Chester County in southeastern Pennsylvania, was a widely known land dealer in central Illinois who played a major role in founding many towns in the region, including Clinton, Dwight, Normal, and Pontiac, and who was the driving force behind the establishment of the school that would become Illinois State University. Holder was linked with Fell in many of his town founding schemes including Normal, Illinois, and Larchwood in Lyon County, Iowa; the McLean County town of Holder is named in his honor. Fell’s association with the railroad goes back to the time when it was surveyed. On at least two occasions he was able to alter the path of the railroad to suit his own interests: organizing a bend in the road so it would pass through his town of Normal and making a slight change in the survey so it would pass through the Livingston County town of Pontiac, where he had interests, rather than the rival town of Richmond. Shortly after Towanda was laid out, most of the land was back in the hands of the railroad’s land agent, English-born Charles Roadnight (1814-?). Roadnight built the first warehouse in Towanda; he settled in Bloomington, had a farm in Dwight, and in 1858 later became treasurer of what was then the Chicago and Alton Railroad.
Central Illinois towns of the 1830s, such as Bloomington, Lexington, Leroy and Pontiac, were usually built around a central square. In contrast, most towns of the 1850s, like Towanda, were oriented toward the railroad tracks. In the case of Towanda a diagonal main street was established parallel to the railroad, with the main building lots on only one side; the effect was to have the commercial establishments look across the street toward the tracks. This was a common design in newly established towns along the Chicago and Alton Railroad and may be found, with slight variations, in places like Dwight, Gardner, Odell and McLean; Fell’s town of Normal, established at the same time as Towanda, was to have had exactly the same arrangement; except that in Normal, the original street paralleling the railroad quickly lost its importance to the reverse side of the block. This standard town plan often left town designers with odd triangular pieces of land, where the diagonal street met with other streets which were aligned north–south or east–west. These triangles are often still in public hands. In the case of Towanda, Fell gave each of two triangular areas, one on either side of the tracks, to the town. On the original deed they were given the name “plaza”, and both have always served the city as parks.
Alex Warren built the first residence in the new town and James Alexander the first warehouse. These were soon followed by Wesley Bishop’s grocery and Frank Henderson’s dry goods store. The largest building was a two-story structure built by Charles Roadnight, which was 50 by 100 feet (15 by 30 m); the first floor was used for stores and the second as a meeting room. It burned about 1900. In 1873–1874, wooden sidewalks were being built, followed by brick sidewalks in 1891 and concrete walkways in 1916. The town was officially incorporated in 1870. The first jail was built in the North Park and replaced at least once; the structure can not have been very substantial because in 1901 the town fathers were forced to appoint a committee to inquire into what had happened to the jail. Perhaps the most exciting event in the town’s history was the attack on the Buena Vista Tavern. A group of local women took exception to the amount of money their menfolk were spending on whiskey. They assembled at the hardware store where they were issued hatchets. They then marched into the Buena Vista smashing bottles, threatening the barman, and hurling whatever they could find through the tavern windows. Each of the women was fined one dollar.
A series of photographs taken in the 1870s give a striking view of early Towanda town. They show a town crisscrossed with fences and looking rather like the set for a western movie. Cattle and hogs were driven into town at night and penned before shipping on the railroad. Houses are carefully fenced to protect gardens from stray livestock. The majority of the homes are wooden I-cottages: single story, or story-and-a-half, wood frame dwellings with a symmetrical façade. There are some modest two-story structures. Along the railroad, long rail corn crib may be seen. The simple board-and-batten railroad station is clearly visible. Perhaps the most striking structure is a stone tank house topped with a windmill.
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