Chicago FHA loans have returned to the lending market as a smart option for home financing for first time home buyers and those with less than perfect credit. FHA loans are insured through a combination of a small upfront mortgage insurance premium (UFMIP), as well as a small monthly mortgage insurance premium. FHA loans are not just for first time buyers and are available to everyone looking to purchase or refinance a home.
Visit our website for current FHA rates and program information:
Chicago FHA loans are available to $410,000 thru the end of 2008.
FHA is on the verge of moving to a risk-based pricing system that, for the first time, will use credit scores and require higher mortgage premiums from those whom it believes pose a higher risk of default. The changes will not impact most borrowers and will actually require lower premiums for good credit and low loan to value loans.
Saving to buy a home can be a difficult task. For many potential home buyers saving enough money for a down payment and closing costs may take years relegating them to renting instead of owning a home. You can use Gift funds for both first time and repeat homebuyers in Chicago or any where in Illinois:
●Gift funds up to 6% of the final contract sales towards your down payment and/or closing costs
●Gift funds for both new construction and resale homes
●No repayment of gift money
●No income or asset limits
●No geographical restrictions
For more information on Chicago, Illinois FHA refinance, FHA cash out refinance and FHA purchase loans please visit our site at http://www.madisonmortgageguys.com.
Also view our other Government Loans including VA and Rural Housing: http://www.madisonmortgageguys.com/
Inlanta Mortgage is your Chicago, Illinois Mortgage Broker:
Dennis Hardy
Toll Free: 877-240-5810 x104
dennis.hardy@
www.madisonmortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/
FHA loan limit announcement:
Illinois communities Chicago | Aurora | Waukegan | Rockford | Naperville | Joliet | Cicero | Peoria | Elgin | Schaumburg | Arlington Heights | Northbrook | Mount Prospect | Glenview | Normal | Buffalo Grove | Evanston | Wheaton
http://www.madisonmortgageguys.com/
No money down FHA purchase, FHA Refinance, FHA mortgage, FHA loans in Illinois including Chicago.
