Chicago FHA mortgage loan requirements are standards that allow first time home buyers the opportunities to meet mortgage qualifications. The closing costs with the FHA loans in Chicago are same as conventional loans excepting that you would have to pay the extra FHA mortgage insurance premium.
FHA home loans are easier to qualify for than conventional loans offered by lending. FHA rules impose limits on some of the fees that mortgage companies may charge in making a loan. Whether you're a first time home buyer, moving to a new home or want to refinance your existing conventional or FHA mortgage, the Chicago FHA loan program will let you purchase a home with a low down payment and flexible guidelines.
Today's FHA Insured mortgage loan offers the flexibility borrowers are looking for along with the traditional benefits of low down payments, low closing costs, competitive interest rates, and easier qualifying ratios. The FHA mortgage can help you get the best and the lowest possible fixed rates for your mortgage and has helped a number of first time home buyers in getting a mortgage and buying the house of their choice.
An eligible property must be a principal residence, but it can be a single-family residence, a one- to four-unit building with one unit occupied by the borrower, a unit in an FHA approved condominium, or a unit in a planned unit development. Taking advantage of the FHA loan program is a great way for first time home buyers, or anyone with a shortage of down payment funds, to buy a home.
For additional information on FHA mortgage loans in Chicago 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 USDA Rural Housing Mortgage
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