Wyoming, IL USDA Eligibility

USDA Eligibility Guide

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Wyoming, IL USDA Loan Eligibility Guide

A USDA (United States Department of Agriculture) mortgage, also known as a Wyoming, IL USDA Rural Development Loan, is designed to assist low-to-moderate-income households in purchasing homes in eligible rural and some suburban areas. Here are the general eligibility requirements:

1. Property Eligibility:

    • The home must be located in a USDA-eligible rural or suburban area around Wyoming, IL. The USDA provides an online tool to help potential borrowers determine if a specific property is in an eligible area.
    • The property must be used as the borrower’s primary residence.
    • The home must meet all local codes and program regulations.

2. Applicant/Household Eligibility:

    • U.S. citizenship or permanent residency is required.
    • The borrower must be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet.
    • The applicant must have a stable and dependable income, typically verified by two years of consistent employment. The income must also be sufficient to cover the mortgage payment, including taxes and insurance.
    • The household’s adjusted income must be at or below the applicable low-to-moderate income limit for the area.
    • A reasonable credit history. While a specific credit score is not mandated, a credit score of 640 or higher is typically required for streamlined processing. However, those with lower scores may still be eligible but may undergo a more stringent evaluation.

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    3. Income Limits:

    • Income limits vary by county and household size. You’ll need to check with our Wyoming, IL USDA service center or the USDA’s online tools to see specific limits.

    4. Loan and Debt Ratios:

    • Typically, a 29/41 ratio is followed. This means that 29% or less of your monthly income can go towards your mortgage (Principal, Interest, Taxes, and Insurance) and 41% or less of your monthly income can go towards your total debt (this includes the mortgage and other debt obligations). Exceptions can be made in certain circumstances.

    5. Other Requirements:

    • Borrowers must personally occupy the dwelling as their primary residence.
    • The borrower must be legally able to take on the loan obligation.
    • First-time homebuyers are required to take a homeowner counseling class in some situations.

    6. Loan Terms:

    • The loan term is typically 30 years.
    • No down payment is usually required.
    • The interest rate can be set by the lender but is subject to USDA review.

    7. Guarantee Fee and Annual Fee:

      • The USDA charges an upfront guarantee fee, which can be rolled into the loan amount.
      • There’s also an annual fee, which is a percentage of the remaining principal amount, typically spread out in monthly installments.

    It’s crucial to remember that while these are the general requirements for Wyoming, IL USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Wyoming, IL USDA home loan professionals. Get pre-approved with our easy and stress free Wyoming, IL USDA home mortgage today.

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    More About Wyoming, Illinois

    Wyoming is a city in Stark County, Illinois, United States. The population was 1,429 at the 2010 census, up from 1,424 in 2000. It is the headquarters of the Rock Island Trail State Park. Wyoming is part of the Peoria, Illinois Metropolitan Statistical Area. The former CB&Q Railroad depot in town is the Rock Island Trail State Park’s headquarters.

    The city of Wyoming was founded on May 3, 1836, by General Samuel Thomas, a veteran of the War of 1812. General Thomas was born in 1787 and died in 1879. He is buried in the Wyoming City Cemetery where a plaque below his stone denotes that he was the founder and benefactor of the town of Wyoming. The main city park in Wyoming is Thomas Park; there is also a Thomas Street in honor of General Thomas. Samuel Thomas as well as many of the other early settlers came from the state of Pennsylvania. It is for the Wyoming Valley in Pennsylvania that the city is named.

    Stark County is rural, consisting mostly of farm land. The county was established on March 2, 1839, and named for John Stark, a soldier of the French and Indian wars and a Major General of the Continental Army during the American Revolution, serving with great distinction at Bunker Hill, Trenton, Princeton, and Bennington.

    Wyoming is the largest community in Stark County, with 1,429 people as of the 2010 census. The other principal villages are Toulon, Bradford, Lafayette, Castleton, Camp Grove, West Jersey, Duncan, Stark, Speer, Milo, Elmira, Osceola, and Modena. Toulon is the county seat, and an historic courthouse is sited there.

    Wyoming is located at 41°3′49″N 89°46′27″W / 41.06361°N 89.77417°W / 41.06361; -89.77417 (41.063576, -89.774041). According to the 2010 census, Wyoming has a total area of 0.84 square miles (2.18 km2), all land.