This blog post is #6 in a series we call "Mortgage 101." To see the whole Mortgage 101 document, click on this link:
Types of Loans:
- Conforming. Unless theirs is a jumbo purchase, people with at least 5% down and good credit typically apply for what is called a ‘conforming' loan (it conforms to Fannie May / Freddie Mac standards).
- FHA. ‘Modernized FHA' is the replacement for subprime loans-and, by all counts, a big improvement. Anyone who doesn't qualify for a ‘conforming' loan will want to investigate this.
- Jumbo. For loans too large to meet ‘conforming' guidelines, lenders have ‘jumbo' loans. The interest rate may be higher, but typically the down payment requirements stay the same.
Here is a link that will take you to the Tools / Resources page of the Chicagoland2to4Flats.info website-where you can see and print:
And this is just the start of what you'll find at www.Chicagoland2to4Flats.info!!!