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Think You Can't Buy a Home in Chicagoland? 10 Facts That May Change Your Mind
 
 Think You Can't Buy a Home in Chicagoland? 10 Facts That May Change Your Mind
     I've found that Home Buyers looking to be Pre-Qualified  for a home loan purchase are sometimes quite surprised by their ability to successfully get a Loan Approval without having PERFECT credit.   
     To add to that (pleasant) surprise, they also find that they can obtain a Mortgage with just 3.5% down payment for a FHA loan, or even no (0%) down payment as a Veteran (VA Loan).  In certain rural areas, USDA-Rural Development Loans are also available with no down (0%) payment requirements.
     Note:   It has been reported that Fannie Mae will soon begin authorizing Mortgages for Borrowers with as little as 3% down payment, according to a recent statement made by the company's President and CEO, Timothy Mayopoulos. (Oct. 26, 2014)  

     Mayopoulos reported that Fannie Mae will offer a 97% Loan-to-Value Mortgage that may be originated by Lenders doing business with Fannie Mae.  He stated that, "Increased underwriting quality and improving representations and warranties will allow Fannie to buy these loans".

     As of the writing of this post, (November 6, 2014) no exact starting date has ... more

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