” Washington, IL USDA Loan”

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Washington, IL USDA Home Loan Guide

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

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

    Washington is a city in Tazewell County, Illinois, United States. Washington is on U.S. Route 24 and Illinois Route 8, northeast of East Peoria. The population was 15,134 at the 2010 census, a 39.6 percent increase over 2000. It is a suburb of Peoria and is part of the Peoria Metropolitan Statistical Area.

    Washington was founded in 1825 by William Holland Sr., who came from North Carolina and was hired by the U.S. government to provide blacksmith services to the local Native Americans. During his long and eventful life he was married three times, and was the father of twenty-one children: fourteen by his first wife and seven by his second wife. He had eighty-two grandchildren and fifty great grandchildren. He died in Washington on November 27, 1871, at the age of ninety-one. The post office (and later the city) was originally named Holland’s Grove in 1833 before being renamed in honor of the first U.S. president, George Washington, in 1837.

    In the 1920s, a man named George Heyl put Washington on the map as the home of the famous Heyl Pony Farm. Some of the original barns still exist on North Main Street. The Heyl Pony Farm supplied Shetland ponies to buyers around the world; George Heyl also raised pure bred poultry. When Heyl died suddenly in 1932, it was recorded as one of the largest funerals ever held in Washington.

    Another local site of interest is the “old canning factory”, which is now occupied by American Allied Railway Equipment Company Inc. In 1943, the canning factory (which after the war was run by the Libby’s company) had a shortage of workers, and the government needed K rations and canned goods to feed the troops. So 50 captured German soldiers from the prisoner of war camp known as Camp Ellis in Fulton County were brought in. The Washington sub-camp was first commanded by Colonel John S. Sullivan, and later by Captain T. A. Cox. The POWs were brought in on the old rail line that ran down Wood Street (the foundation of a sentry tower can be seen just northeast of the intersection of Wood and Jefferson near the entrance to the bike trail). They were trucked from the camp to various local farms to help with the pumpkin harvest. The prisoners were allowed no visitors, nor could residents speak to the prisoners. An exception was made for local ministers, such as Pastor Kammeyer from St. Mark’s Lutheran who spoke fluent German and ministered to the POWs spiritual needs.[citation needed]

    A new community center, named Five Points Washington, opened in October 2007. The facility houses the Washington Public Library, a performing arts center, swimming pools, fitness center, and banquet center.

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