FHA loans in Chicago are guaranteed home mortgage loans, backed by the federal government. Since the government is guaranteeing the loan, lenders will likely offer you a better interest rate. Visit http://www.madisonmortgageguys.com for additional FHA program information.
There are many other benefits of Chicago FHA loans to consider:
• You don’t need to have a credit score to obtain a FHA loan.
• Only a 3% down payment is required (as opposed to the usual 5%)
• There are low closing costs, and all mortgage insurance can be financed
• There is a higher debt-to-income ratio associated with FHA loans.
Usually a lender will require that the monthly payment on your home mortgage loan not be more than 28% of your income for that month, and that all of your other debt payments not exceed 36% of your monthly income. With FHA loans, your monthly payment can be up to 29% of your monthly income, and your other debt payments can be up to 41% of your monthly income. In some cases your debt-to-income ratio can be higher, if you can justify the increase.
• Non-citizens qualify for minimum down payment home mortgage loans.
• Your credit history doesn’t need to be perfect.
• Cash out refinance up to 95% LTV.
• Get up to a 6% seller contribution on a minimum down payment mortgage.
• FHA home mortgage loans require no cash reserves.
•FHA loans are available to family members co-owning a property even if only one of them resides in that property.
• 100% of your down payment can come from gifts.
If you sell your home, your FHA home mortgage loan is assumable at the rate on your note. This can be an incentive for potential buyers.
You can use the FHA Streamline Refinance program to refinance investor properties at owner-occupied rates. You can do this even without any documentation of your income, credit score, or employment status.
FHA appraisals are valid for 6 months.
Speak to a Chicago FHA mortgage professional today!
Dennis Hardy
Toll Free: (877) 240-5840
dennis.hardy@
http://www.madisonmortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/
Effective October 1st, 2008 Down payment assistance (no money down FHA loans) are going away. You can find the FHA down payment assistance updates on our new FHA Down Payment Assistance page of our site.
Effective July 14, 2008 FHA mortgage loans will charge new mortgage insurance premiums based on a combination of credit scores and percentage down. You can find the premium changes on our new FHA Mortgage Insurance Premiums page of our site.
FHA loans in Chicago, Illinois
http://www.madisonmortgageguys.com/
FHA Mortgage loans in Chicago IL
