USDA Loans for Illinois Homeowners
Home Point Financial is pleased to announce that we now have Illinois USDA financing. USDA Loans in Illinois are intended to provide lower-income homeowners with 100 percent financing (with no down payment). USDA (United States Department of Agriculture) loans, once known as farm loans, are now available to Illinois residents in almost every IL county outside of major metropolitan areas (rural areas in Illinois including Alexander County, Dearborn County, Harrison County and others).
USDA Loan Requirements
There are a number of requirements to qualify for Illinois USDA Loans:
- Monthly Illinois housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (29% ratio).
- Credit background will be fairly considered. At least a 640 FICO credit score is required to obtain a USDA approval through most lenders in Illinois.
- Illinois borrower must have enough income to pay your housing costs plus all additional monthly debt (41% ratio with some flexibility).
- Income can be up to 115% of the median income for the area.
- Bankruptcy: Have been discharged from a Chapter 7 bankruptcy for three years or more (if applicable).
- Illinois property must be considered rural which is generally defined as open country with fewer than 10,000 people. Learn more here: http://eligibility.sc.egov.usda.gov.
Illinois families must be able to afford the mortgage payments, including taxes and insurance.
What are Illinois USDA Mortgage Rates?
IL USDA Loan rates vary by individual and are determined by a number of factors specific to the individual, Illinois property being financed, etc. In general, IL USDA rates are better than average compared to other options for qualifying individuals.
Apply for a USDA Home Loan
Apply now or contact the Illinois USDA Mortgage experts at Home Point Financial to learn more about USDA Loans in Illinois, eligibility and more.
