Which loan is best for you?
Conforming Loans - There are a few options when it comes to the down payment amount when taking out a conforming loan. Making a down payment of equal or greater than 20% avoids the need for mortgage insurance. A lower down payment of as little as 5% is an option but does require mortgage insurance which is an additional expense.
The largest conforming loan amount for single unit homes varies by county across the country. For Chicago and it's surrounding suburbs, the maximum conforming loan amount is currently $417,000. Orange County in California has a limit of $729,750 while Routt County in Colorado has a limit of $675,000.
FHA Loans - The FHA loan is a great option for the borrower that either does not have or does not want to make a significant down payment. For single family and condominium properties, the down payment requirement is just 3.5% of the purchase price. FHA is also a good option for borrowers with less than perfect credit. FHA allows gift funds received from a qualified source such as a relative or employer to be used for the entire down payment. Also, FHA allows the seller to pay for the borrower's closing costs (not to exceed 6% of the purchase price).
FHA maximum loan amounts also vary by county across the country. The FHA maximum loan amount is considerably higher than it had been in recent years. For example, in Chicago and it's surrounding suburbs the FHA maximum loan amount is $410,000.
FHA 203K Rehab and Repair Loans - Finance the purchase and rehab and repair of a home with only 3.5% down payment required.
Jumbo Loans - I have access to some of the best jumbo programs in the market!
VA Loans - Qualified veterans, active-duty personnel and reservists can achieve homeownership when using a VA home financing program. Financing up to 100% and seller contributions up to 4% of the purchase price allowed for paying closing costs and discount points.
Homepath Program - Purchase a Fannie Mae REO property with as little as 3% down and no mortgage insurance or property appraisal required.
The largest conforming loan amount for single unit homes varies by county across the country. For Chicago and it's surrounding suburbs, the maximum conforming loan amount is currently $417,000. Orange County in California has a limit of $729,750 while Routt County in Colorado has a limit of $675,000.
FHA Loans - The FHA loan is a great option for the borrower that either does not have or does not want to make a significant down payment. For single family and condominium properties, the down payment requirement is just 3.5% of the purchase price. FHA is also a good option for borrowers with less than perfect credit. FHA allows gift funds received from a qualified source such as a relative or employer to be used for the entire down payment. Also, FHA allows the seller to pay for the borrower's closing costs (not to exceed 6% of the purchase price).
FHA maximum loan amounts also vary by county across the country. The FHA maximum loan amount is considerably higher than it had been in recent years. For example, in Chicago and it's surrounding suburbs the FHA maximum loan amount is $410,000.
FHA 203K Rehab and Repair Loans - Finance the purchase and rehab and repair of a home with only 3.5% down payment required.
Jumbo Loans - I have access to some of the best jumbo programs in the market!
VA Loans - Qualified veterans, active-duty personnel and reservists can achieve homeownership when using a VA home financing program. Financing up to 100% and seller contributions up to 4% of the purchase price allowed for paying closing costs and discount points.
Homepath Program - Purchase a Fannie Mae REO property with as little as 3% down and no mortgage insurance or property appraisal required.