Chicago Illinois Mortgage Lender offers FHA Mortgage, First Time Home Buyer, VA, Refinance, No Money Down, Jumbo loans, Rural, Cash Out

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Home : Blogs : David Leonard : Chicago Illinois Mortgage Lender offers FHA Mortgage, First Time Home Buyer, VA, Refinance, No Money Down, Jumbo loans, Rural, Cash Out : Archives December, 2011

Credit Issues of an Illinois VA Loan – Part 4 - 12/21/11 02:06 PM

The final part of our Illinois VA Loans series will explain different credit issues that may be discussed and questioned during the application process.
Lack of CreditIt is possible for a veteran that has never borrowed money to obtain a VA mortgage. If the veteran can show consistent and prompt monthly payments on items like utilities, rent, car insurance, and other similar items then a credit file can be built for the veteran to show their responsible nature.

Chapter 13 BankruptcyIf the Chapter 13 trustee approves of the loan, then it is possible for a veteran currently enrolled in a Chapter … (0 comments)

Funding Fees on an Illinois VA Loan – Part 3 - 12/21/11 02:05 PM

In this part of our Illinois VA Loans series we will explain the VA Funding Fees.
The Funding Fees are assessed on all VA mortgages whether it is a purchase or a refinance loan. First time buyers will be asked to pay 2.15% of the total loan amount if they get a mortgage with no down payment. The fee is designed to provide funds for future loans in order to use less taxpayer money for the mortgage loans.
If a veteran chooses to sell the first home and use an Illinois VA mortgage on their next purchase, the fee increases to 3.3% … (0 comments)

Debt to Income Ratios of an Illinois VA Loan – Part 2 - 12/21/11 02:00 PM

In this part of our Illinois VA mortgage loan series we will explain the debt to income ratios used to qualify a borrower for a VA home loan.
41% is the Magic NumberThe ratio is a fairly simple math formula. The first step is to determine the borrower’s monthly gross income. This is income from all sources such as full time employment, military retirement or disability pay, money from the reserves, and any part time jobs. After determining the income amount the next step is to calculate the monthly debt. This is simply adding up all of the payments the borrower currently … (0 comments)

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David Leonard

Buffalo Grove, IL

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Inlanta Mortgage

Address: Illinois, Minnesota, Florida and Wisconsin Mortgage Banker

Office Phone: (877) 240-5810

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Your local Wisconsin, Illinois, Minnesota and Florida mortgage banker, offers first time home buyer, refinance, jumbo, fha 203k rehab loans, reverse mortgages, no money down, current mortgage rates, refinance, 100% financing, conventional financing, interest only, FHA loans, VA loans and USDA rural housing loans. Visit us online at www.MadisonMortgageguys.com Toll Free: 877-240-5810

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