100%: Loans in Beecher

100%: Loans in Beecher

There are 4 comments on the Chicago Sun-Times story from Feb 26, 2010, titled 100%: Loans in Beecher. In it, Chicago Sun-Times reports that:

Qualified home buyers at Prairie Park in Beecher can receive 100 percent financing, low interest rates and bypass mortgage insurance.

Join the discussion below, or Read more at Chicago Sun-Times.

Ken

Dolton, IL

#1 Feb 26, 2010
I was the one that saved huge with the USDA loan.. Castle Town were great throughout the whole process.
Ken

Frisco, TX

#2 Mar 19, 2010
Ken wrote:
I was the one that saved huge with the USDA loan.. Castle Town were great throughout the whole process.
Hi, names also Ken. I'm quite interested in the process and am considering buying a ranch style home. What style home do you have?
ActiveResident

Park Forest, IL

#4 Mar 20, 2010
I wrote my opinion about this in a topic labeled "subsidized homes in Beecher" which drew no comments. I'll repeat here:

Wow, I think this practice should be stopped! In the Southtown paper this Sunday (link below), it says that Beecher is defined as a "rural" town. Because of that, the US Dept of Agriculture has a law where it helps people buy homes there, and mentions the new Prairie Park subdivision. Thru the USDA you don't have to put a downpayment, don't have to pay private mortgage insurance, and get a good mortgage rate. Any household up to $86,700 can apply, so it's not just for low income people. The best part -- if the person defaults on the bank loan, the USDA is required to pay off the loan! So our tax dollars to the USDA is being used to pay off deadbeat mortgagors! I guess the law was intended long ago to encourage people to buy farm land and farm houses. Now it's being used to buy brand new homes built in corn fields. Holy cow (pun intended)!
Ken

Dolton, IL

#5 Mar 20, 2010
Active resident,
I must say that I agree with your argument.. But when you just spent all your savings on your father's funeral, I couldn't help but take advantage of this program when told about it.
I've been a tax payer for 20 years now and never accepted anything from the government, but yet you have people that drain the government for every penny they can. I don't have no shame in accepting this loan and I thank God for blessing my family and I at the right time.


Ken,
I have the two story home, which I couldn't be happier. I liked the ranch home, but I have a large family and I don't think three bedrooms would have worked.
I moved to Prairie Park from the south end of Beecher. I love it here and the neighbors are great. The retention ponds are full of fish too, ha ha ha!!! I have a contact number for a broker who specializes in USDA loans. Let me know if you want his number.

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