Home financing in Bond County.

Home financing is the process of borrowing money to purchase, build, or improve a home — and then repaying that loan over time, usually with interest. The most common type is a mortgage, where the home itself serves as collateral for the loan.

There are several kinds of home loans worth knowing about:

- **Conventional loans** are offered by private lenders and are not backed by the government. They often require stronger credit scores and larger down payments.

- **FHA loans** are insured by the Federal Housing Administration and allow lower down payments (as little as 3.5%), making them popular with first-time buyers.

- **USDA Rural Development loans** are particularly relevant in Bond County, which qualifies as a rural area. These loans can offer zero down payment for eligible borrowers.

- **VA loans** serve veterans and active-duty military members with favorable terms.

- **ITIN loans** are available through select lenders for borrowers who do not have a Social Security number but do have an Individual Taxpayer Identification Number (ITIN).

Understanding which loan type fits your situation is the first step — and a good local lender or housing counselor can walk you through the differences without pressure.

Bond County is a small, predominantly rural county in southwestern Illinois, centered around the county seat of Greenville. Its economy includes agriculture, small manufacturing, retail trade, and a growing number of self-employed tradespeople and contractors.

**You may qualify for home financing in Bond County if:**

- You have steady income — including self-employment income from contracting, farming, or a small business

- You have a credit score of 580 or higher (some ITIN lenders and USDA programs have flexible standards)

- You have been employed or self-employed for at least two years (lenders typically want to see consistency)

- You have savings for a down payment — though some programs require little to none

- You have an ITIN instead of a Social Security number (select lenders and CDFIs accommodate this)

**Local economy note:** Many Bond County residents work in trades, agriculture, or are employed at regional employers such as Greenville University or local manufacturing facilities. Self-employed income is acceptable to most lenders when properly documented with two years of tax returns.

**USDA eligibility:** Much of Bond County falls within USDA-designated rural zones, making USDA Single Family Housing Guaranteed Loan Program loans a strong option for eligible buyers. Income limits apply — check the USDA eligibility map for specific addresses.

Gathering your paperwork ahead of time makes the process much smoother. Here is what most lenders will ask for:

**For income and employment:**

- Last two years of federal tax returns (W-2s, 1099s, or Schedule C for self-employed)

- Last two to three recent pay stubs (if employed by someone else)

- Profit and loss statement (if self-employed or a contractor)

- Bank statements from the last two to three months

**For identity and residency:**

- Government-issued photo ID (driver's license, passport, or consular ID/matrícula)

- ITIN letter from the IRS (if you do not have a Social Security number)

- Proof of residence (utility bill, lease agreement)

**For the property:**

- Purchase agreement or contract (once you have one)

- Property address for appraisal and title search purposes

**For down payment:**

- Documentation of where your down payment funds come from (savings, gift letter, or down payment assistance grant)

If you are self-employed, do not be alarmed if a lender asks for extra documentation. This is normal and does not mean you will be denied — it just means they need a clearer picture of your income.