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Wheaton, IL USDA Home Loan Guide
What is a Wheaton, 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 Wheaton, 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 Wheaton 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 Wheaton, 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 Wheaton, IL USDA mortgage, borrowers must meet certain requirements:
- Location: The Wheaton, 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 Wheaton, IL USDA loan can be more affordable in the long run.
- Inclusive: It’s a great option for Wheaton, 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 Wheaton, 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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Wheaton is a city in Milton and Winfield Townships and is the county seat of DuPage County, Illinois, United States. It is located approximately 25 miles (40 km) west of Chicago. As of the 2020 census, Wheaton’s population was 53,970, making it the 27th most populous municipality in Illinois.
The city dates its founding to the period between 1831 and 1837, following the Indian Removal Act, when Erastus Gary laid claim to 790 acres (320 ha) of land near present-day Warrenville. The Wheaton brothers arrived from Connecticut, and in 1837, Warren L. Wheaton laid claim to 640 acres (260 ha) of land in the center of town. Jesse Wheaton later made claim to 300 acres (120 ha) of land just west of Warren’s. It was not long before other settlers from New England joined them in the community. In 1848, they gave the Galena and Chicago Union Railroad three miles (5 km) of right-of-way, upon which railroad officials named the depot Wheaton. In 1850, ten blocks of land were platted and anyone who was willing to build immediately was granted free land. In 1853, the lots were surveyed and a formal plat for the community was filed with the county. The community was then incorporated as a village on February 24, 1859, with Warren serving as its first President. The village was later incorporated as a city on April 24, 1890, when the first mayor of the city was selected, Judge Elbert Gary, son of Erastus Gary and founder of Gary, Indiana.
In 1857, the Illinois state legislature authorized an election to be held to decide the question of whether the DuPage county seat should remain in Naperville or be moved to the more centrally located Wheaton, which was on the Galena and Chicago Union Railroad. Naperville won the election by a vote of 1,542 to 762. Hostility between the two towns continued for the next decade and another election was held in 1867, in which Wheaton narrowly won by a vote of 1,686 to 1,635. At a cost of $20,000, the City of Wheaton quickly built a courthouse to house a courtroom, county offices, and a county jail. The building was dedicated on July 4, 1868.
However, animosity between the two towns continued, and in 1868, as records were moved from the old Naperville courthouse to the new courthouse in Wheaton, Naperville refused to turn over the remaining county records, prompting a band of Civil War veterans from Wheaton to conduct what came to be known as the “Midnight Raid” on the Naperville courthouse. As Wheatonites fled back on Wheaton-Naperville Road, Napervillians were able to secure some of the last remaining records, which were then taken to the Cook County Recorder in Chicago for safekeeping. During this time, Naperville was mounting a lawsuit against Wheaton accusing election judges of leaving their posts for lunch during the vote when duplicate ballot stuffing allegedly occurred. As the courts deliberated the fate of the county seat, the records were destroyed in the Great Chicago Fire of 1871. Shortly thereafter, Wheaton was officially proclaimed the county seat.
As demand for space increased, the courthouse was rebuilt in 1887 at a cost of $69,390, modeled after the courthouse in Aledo. This structure was used for the next 94 years until the county’s rapid growth prompted the building of a brand new complex. The old courthouse is listed on the National Register of Historic Places, and was formerly used by National Louis University until National Louis moved to Lisle in 2004. It is currently being developed into luxury condominiums.
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