Wisconsin, Illinois, Minnesota and Florida Mortgage Bankers

Chicago home buyers returning to FHA loans

FHA mortgages are becoming popular again in Chicago! It’s an institution that has been around for a long time, since June 27, 1934. The Department of Housing & Urban Development folded the Federal Housing Administration (FHA) under its umbrella in 1965.

Less than Perfect Credit
Even with blemished credit, FHA may be the loan for you.

Competitive Rates and Terms
- Mortgage insurance is funded into the loan, meaning a premium of 1.75% (going up to 2.25% in April) is added to the loan balance instead of being paid out-of-pocket. In addition, a small portion for the mortgage insurance premium is added to the monthly payment, but it is far less than private mortgage insurance premiums.
- Borrowers can finance 96.5% of the purchase price and put down 3.5 percent. In some cases, when combined with acceptable gift funds (ask your loan officer for additional information), this can be a no money down loan.
- Allowable debt ratios are higher than the debt-ratio limits imposed for conventional loans.

We can use FHA to refinance existing Conventional ARM’s with little or No Equity.

FHA loans are available to $410,000 (2010 Limit) for the following counties:
Cook County, DeKalb County, DuPage County, Grundy County, Kane County, Kendall County, Lake County, McHenry County and Will County.

For more information on Chicago, Illinois FHA refinance, FHA cash out refinance and FHA purchase loans please visit our Chicago FHA page.

Also view our other Government Loans including VA and Rural Housing: http://www.madisonmortgageguys.com/government_loans/index.htm

Your local Wisconsin, Illinois, Minnesota and Florida Mortgage Bankers:

Toll Free: (877) 240-5810
questions@madisonmortgageguys.com
www.MadisonMortgageguys.com

Visit our main blog at http://www.madisonmortgageguys.com/blog/

FHA loan limit announcement: http://www.madisonmortgageguys.com/announcements/FHA_loan_limits.htm

Chicago FHA refinance information:
http://www.madisonmortgageguys.com/blog/content/chicago-fha-mortgage-loans-chicago-fha-refinance/

Chicago FHA blog entry:
http://www.madisonmortgageguys.com/blog/content/chicago-fha-loans-illinois-fha-mortgage-home-loans-refinance/

Visit our FHA refinance blog entry:
http://www.madisonmortgageguys.com/blog/content/illinois-fha-refinance-wisconsin-fha-refinance-mortgage-loans/

Visit our FHA blog entry:
http://www.madisonmortgageguys.com/blog/content/wisconsin-fha-loans-and-illinois-fha-mortgage-home-loans/

another blog entry:
http://www.madisonmortgageguys.com/blog/content/illinois-fha-wisconsin-fha-chicago-fha-milwaukee-fha-madison-fha-mortgage-loans/

Our Chicago page:
http://www.madisonmortgageguys.com/communities/illinois_mortgage/chicago_mortgage/index.htm

FHA mortgage loans in Chicago
http://www.madisonmortgageguys.com/government_loans/fha_wisconsin/index.htm

First time home buyers mortgage in Chicago
no money down