Chicago FHA Mortgage Loans: Chicago First Time Home Buyer: Chicago No Money Down Mortgage Loans
Chicago FHA mortgage loans are not just for first time buyers and are available to everyone looking to purchase or refinance a home. With no income limits or credit scoring, many people who can afford the monthly mortgage payments and have reasonable credit will qualify for an FHA mortgage. A borrower who meets FHA credit standards will usually do better with an FHA than with a sub-prime loan, despite having to pay a small mortgage insurance premium. By providing private lenders with mortgage insurance, the FHA gives them the security they need to lend to first-time buyers who might not be able to qualify for conventional loans.
FHA mortgages are also attractive because the standards used to qualify borrowers are more liberal than the requirements for conventional loans. A Chicago FHA mortgage can be an attractive option to many first-time homebuyers, as down-payment requirements for an FHA mortgage are minimal and with gift funds it is possible to purchase a Chicago property with no money down. Contact us for additional information on gift funds.
Chicago FHA loans can offer much better loan terms than traditional mortgage loans because the loans are guaranteed by the federal government, so there is almost no risk involved. FHA allows for borrowers with less than perfect credit to still receive a favorable interest rate. They can also be great alternative options for borrowers with small down payments, lower incomes, and past credit issues. Chicago FHA mortgage loan programs are designed to make homeownership more readily available, so take advantage of what's available to you today.
FHA maximum loan amounts vary by state/county and by property type. FHA qualifying is very flexible and is not based as heavily on credit scores.
For more information on Chicago, Illinois FHA refinance, FHA cash out refinance and FHA purchase loans please visit our site at https://www.madisonmortgageguys.com/.
To view additional FHA loans requirements visit our FHA Loan page on our website.
Also view our other Government Loans including VA and Rural Housing: https://www.madisonmortgageguys.com/programs/government/
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