Illinois USDA Loans

What are Illinois USDA Loans?

USDA Mortgage from Illinois USDA Rural Development a low-cost insured home mortgage loan that suits a variety of options. A USDA mortgage is likely the best home loan option if you want to purchase a home with no down payment. If you’re unsure about your credit rating, or have concerns about a down payment when you’re doing a home loan comparison, USDA Rural Mortgage Loans can give you piece of mind with zero-down, super low closing costs and low monthly mortgage insurance.

What types of loans does USDA offer in Illinois?

Currently, there are two kinds of USDA Home Loans available in Illinois for single family housing:

. USDA Guaranteed Loans
USDA Guaranteed Home Mortgage Loans are the most common type of USDA Loan in Illinois and allow for higher income limits and 100% financing for home purchases. USDA Guaranteed Loan applicants may have an income of up to 115% of the median household income for the area. Area income limits for this program can be viewed here. All USDA Guaranteed Loans carry 30 year terms and are set at a fixed rate.

. USDA Direct Loans
USDA Direct Housing Loans are less common than USDA Guaranteed Loans and are only available for low and very low income households to obtain homeownership, as defined by the USDA. Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI. Click here to see area income limits for this program.

What factors determine if I am eligible for a USDA Loan in Illinois?

To be eligible for A USDA Rural Loan in Illinois, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income (29% ratio). Your credit background will be fairly considered. A 620 FICO credit score is required to obtain a USDA Rural Housing Loan approval through most lenders. You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio). These ratios can be exceeded somewhat with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. Maximum USDA Guaranteed Loan income limits for your area can be found at here. Maximum USDA Direct Loan income limits for your area can be found at here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.

What is the maximum amount that I can borrow?

The maximum amount for an USDA home loan is determined by:

Maximum Loan Amount: The is no set maximum loan amount allowed for USDA Rural Home Loans. Instead, your debt-to-income ratios will dictate how much home your can afford (29/41 ratios). Additionally, your total household monthly income must be within USDA allowed maximum income limits for your area. Maximum USDA Guaranteed Loan income limits for your area can be found at here.

Maximum financing: The maximum USDA Rural Development Loan amount is 102% of the appraised value of the home (100% plus the 2% USDA RD Loan guarantee fee).

How much money will I need for the down payment and closing costs?

USDA Rural Development Mortgage Loans require no down payment and they allow for the closing costs to be included in the loan amount (appraisal permitting).

What property types are allowed for USDA Rural Loan Mortgages?

While USDA Mortgage Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and single family residences.

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Illinois USDA Loan Adjusted Maximum Income Limits by County
Updated 05/01/2012

 

County Name
1-4 Person Households
(Guaranteed Loans)
5-8 Person Households 
(Guaranteed Loans)
QUINCY, IL-MO (MICRO)
ADAMS
$73,600
$97,150
CAPE GIRARDEAU-JACKSON, MO-IL (MICRO)
ALEXANDER
$73,600
$97,150
ST. LOUIS, MO-IL (MSA)
BOND
$73,600
$97,150
ROCKFORD, IL (MSA)
BOONE
$73,600
$97,150
NON-METRO
BROWN
$73,600
$97,150
OTTAWA-STREATOR, IL (MICRO)
BUREAU
$73,600
$97,150
ST. LOUIS, MO-IL (MSA)
CALHOUN
$73,600
$97,150
NON-METRO
CARROLL
$73,600
$97,150
NON-METRO
CASS
$73,600
$97,150
CHAMPAIGN-URBANA, IL (MSA)
CHAMPAIGN
$73,600
$97,150
TAYLORVILLE, IL (MICRO)
CHRISTIAN
$73,600
$97,150
NON-METRO
CLARK
$73,600
$97,150
NON-METRO
CLAY
$73,600
$97,150
ST. LOUIS, MO-IL (MSA)
CLINTON
$73,600
$97,150
CHARLESTON-MATTOON, IL (MICRO)
COLES
$73,600
$97,150
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISIO
COOK
$73,600
$97,150
NON-METRO
CRAWFORD
$73,600
$97,150
CHARLESTON-MATTOON, IL (MICRO)
CUMBERLAND
$73,600
$97,150
NON-METRO
DE WITT
$73,600
$97,150
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISIO
DEKALB
$73,600
$97,150
NON-METRO
DOUGLAS
$73,600
$97,150
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISIO
DUPAGE
$73,600
$97,150
NON-METRO
EDGAR
$73,600
$97,150
NON-METRO
EDWARDS
$73,600
$97,150
EFFINGHAM, IL (MICRO)
EFFINGHAM
$73,600
$97,150
NON-METRO
FAYETTE
$73,600
$97,150
CHAMPAIGN-URBANA, IL (MSA)
FORD
$73,600
$97,150
NON-METRO
FRANKLIN
$73,600
$97,150
CANTON, IL (MICRO)
FULTON
$73,600
$97,150
NON-METRO
GALLATIN
$73,600
$97,150
NON-METRO
GREENE
$73,600
$97,150
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISIO
GRUNDY
$73,600
$97,150
MOUNT VERNON, IL (MICRO)
HAMILTON
$73,600
$97,150
NON-METRO
HANCOCK
$73,600
$97,150
NON-METRO
HARDIN
$73,600
$97,150
BURLINGTON, IA-IL (MICRO)
HENDERSON
$73,600
$97,150
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (MSA)
HENRY
$73,600
$97,150
NON-METRO
IROQUOIS
$73,600
$97,150
CARBONDALE, IL (MICRO)
JACKSON
$73,600
$97,150
NON-METRO
JASPER
$73,600
$97,150
MOUNT VERNON, IL (MICRO)
JEFFERSON
$73,600
$97,150
ST. LOUIS, MO-IL (MSA)
JERSEY
$73,600
$97,150
NON-METRO
JO DAVIESS
$73,600
$97,150
NON-METRO
JOHNSON
$73,600
$97,150
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISIO
KANE
$73,600
$97,150
KANKAKEE-BRADLEY, IL (MSA)
KANKAKEE
$73,600
$97,150
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISIO
KENDALL
$73,600
$97,150
GALESBURG, IL (MICRO)
KNOX
$73,600
$97,150
OTTAWA-STREATOR, IL (MICRO)
LA SALLE
$73,600
$97,150
LAKE COUNTY-KENOSHA COUNTY, IL-WI METROPOLITAN DIV
LAKE
$73,600
$97,150
NON-METRO
LAWRENCE
$73,600
$97,150
DIXON, IL (MICRO)
LEE
$73,600
$97,150
PONTIAC, IL (MICRO)
LIVINGSTON
$73,600
$97,150
LINCOLN, IL (MICRO)
LOGAN
$73,600
$97,150
DECATUR, IL (MSA)
MACON
$73,600
$97,150
ST. LOUIS, MO-IL (MSA)
MACOUPIN
$73,600
$97,150
ST. LOUIS, MO-IL (MSA)
MADISON
$73,600
$97,150
CENTRALIA, IL (MICRO)
MARION
$73,600
$97,150
PEORIA, IL (MSA)
MARSHALL
$73,600
$97,150
NON-METRO
MASON
$73,600
$97,150
PADUCAH, KY-IL (MICRO)
MASSAC
$73,600
$97,150
MACOMB, IL (MICRO)
MCDONOUGH
$73,600
$97,150
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISIO
MCHENRY
$73,600
$97,150
BLOOMINGTON-NORMAL, IL (MSA)
MCLEAN
$73,600
$97,150
SPRINGFIELD, IL (MSA)
MENARD
$73,600
$97,150
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (MSA)
MERCER
$73,600
$97,150
ST. LOUIS, MO-IL (MSA)
MONROE
$73,600
$97,150
NON-METRO
MONTGOMERY
$73,600
$97,150
JACKSONVILLE, IL (MICRO)
MORGAN
$73,600
$97,150
NON-METRO
MOULTRIE
$73,600
$97,150
ROCHELLE, IL (MICRO)
OGLE
$73,600
$97,150
PEORIA, IL (MSA)
PEORIA
$73,600
$97,150
NON-METRO
PERRY
$73,600
$97,150
CHAMPAIGN-URBANA, IL (MSA)
PIATT
$73,600
$97,150
NON-METRO
PIKE
$73,600
$97,150
NON-METRO
POPE
$73,600
$97,150
NON-METRO
PULASKI
$73,600
$97,150
OTTAWA-STREATOR, IL (MICRO)
PUTNAM
$73,600
$97,150
NON-METRO
RANDOLPH
$73,600
$97,150
NON-METRO
RICHLAND
$73,600
$97,150
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (MSA)
ROCK ISLAND
$73,600
$97,150
HARRISBURG, IL (MICRO)
SALINE
$73,600
$97,150
SPRINGFIELD, IL (MSA)
SANGAMON
$73,600
$97,150
NON-METRO
SCHUYLER
$73,600
$97,150
JACKSONVILLE, IL (MICRO)
SCOTT
$73,600
$97,150
NON-METRO
SHELBY
$73,600
$97,150
ST. LOUIS, MO-IL (MSA)
ST. CLAIR
$73,600
$97,150
PEORIA, IL (MSA)
STARK
$73,600
$97,150
FREEPORT, IL (MICRO)
STEPHENSON
$73,600
$97,150
PEORIA, IL (MSA)
TAZEWELL
$73,600
$97,150
NON-METRO
UNION
$73,600
$97,150
DANVILLE, IL (MSA)
VERMILION
$73,600
$97,150
NON-METRO
WABASH
$73,600
$97,150
GALESBURG, IL (MICRO)
WARREN
$73,600
$97,150
NON-METRO
WASHINGTON
$73,600
$97,150
NON-METRO
WAYNE
$73,600
$97,150
NON-METRO
WHITE
$73,600
$97,150
STERLING, IL (MICRO)
WHITESIDE
$73,600
$97,150
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISIO
WILL
$73,600
$97,150
MARION-HERRIN, IL (MICRO)
WILLIAMSON
$73,600
$97,150
ROCKFORD, IL (MSA)
WINNEBAGO
$73,600
$97,150
PEORIA, IL (MSA)
WOODFORD
$73,600
$97,150

 

 USDA Loan information for Illinois Top Cities:

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