Illinois first time home buyers returning to FHA loans: Chicago, Streamwood, Mount Prospect, Glenview and Vernon Hills
FHA mortgages are becoming popular again in Illinois! It's an institution that has been around for a long time, since June 27, 1934. The Department of Housing & Urban Development folded the Federal Housing Administration (FHA) under its umbrella in 1965.
Blemished Credit History
If your credit is less than perfect, FHA might be the loan for you. You may qualify for an FHA loan even though you have had financial problems.
The Illinois FHA Program applies to owner occupied properties and can be utilized multiple times:
- You can qualify for 1 to 6% credit toward: earnest money, application fees, mortgage insurance and tax credit
- There are minimal or no money down loans
- Any buyer not just the first time home buyer
- A co-mortgager or co-signer can be a non-occupant
- Interest rates are lower and are equal to or better than normal financing
- FHA can qualify for one to four unit properties and HUD approved condos
- There are NO reserve requirements (unlike conventional which requires 1or 2 month reserves)
- Gift funds are allowed for the entire down payment but must be a family member
- The maximum allowed amount for new FHA is $417,000.00 with a 3.5% down payment and mortgage insurance premium
- Only the VA and FHA loans are assumable (could be an advantage to either buyer or seller)
Illinois High Cost Areas:
$410,000 Loan Amount Limit
Cook County, DeKalb County, DuPage County, Grundy County, Kane County, Kendall County, Lake County, McHenry County and Will County
$339,250 Loan Amount Limit
Boone County and Winnebago County
$281,250 Loan Amount Limit
Bond County, Calhoun County, Clinton County, Jersey County, Macoupin County, Madison County, Monroe County and St. Clair County
The above loan limits are for single family homes. 2-4 family properties have different maximum loans amounts.
View the new premiums.
For more information on Illinois FHA refinance, FHA cash out refinance and FHA purchase loans please visit our Illinois FHA page.
Also view our other Government Loans including VA and Rural Housing: http://www.madisonmortgageguys.com/government_loans/index.htm
Inlanta Mortgage is your Illinois Mortgage Banker:
Dennis Hardy
Toll free: (877) 240-5810 x104
dennis.hardy@madisonmortgageguys.com
www.madisonmortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/blog/
FHA loan limit announcement: http://www.madisonmortgageguys.com/announcements/FHA_loan_limits.htm
FHA refinance information:
http://www.madisonmortgageguys.com/blog/content/chicago-fha-mortgage-loans-chicago-fha-refinance/
FHA spot loan approval checklist:
http://www.madisonmortgageguys.com/blog/content/fha-condo-spot-loan-approval-in-illinois-and-wisconsin-chicago-milwaukee-madison/
Illinois FHA blog entry:
http://www.madisonmortgageguys.com/blog/content/chicago-fha-loans-illinois-fha-mortgage-home-loans-refinance/
Visit our FHA refinance blog entry:
http://www.madisonmortgageguys.com/blog/content/illinois-fha-refinance-wisconsin-fha-refinance-mortgage-loans/
Visit our FHA blog entry:
http://www.madisonmortgageguys.com/blog/content/wisconsin-fha-loans-and-illinois-fha-mortgage-home-loans/
another blog entry:
http://www.madisonmortgageguys.com/blog/content/illinois-fha-wisconsin-fha-chicago-fha-milwaukee-fha-madison-fha-mortgage-loans/
http://www.madisonmortgageguys.com/blog/content/fha-loans-in-illinois-and-wisconsin-including-chicago-fha-milwaukee-and-madison/
FHA mortgage loans in Illinois
http://www.madisonmortgageguys.com/government_loans/fha_wisconsin/index.htm
First time home buyers mortgage in Illinois
no money down
http://wisconsinmortgageillinoismortgage.wordpress.com/2009/06/18/illinois-first-time-home-buyers-returning-to-fha-loans-chicago-streamwood-mount-prospect-glenview-and-vernon-hills/
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