Illinois No Money Down Chicago 100% Mortgage Home Loans
Posted by madisonmortgage on May 11th, 2009
In recent years, no money down loans in Illinois have helped buyers, especially those new to the market, stretch their budgets and get into homes they might not otherwise have been able to afford. Well, those loans have completely disappeared in the last 6-12 months. We continue to offer FHA loans (now requires 3.5% down), VA loans and USDA Rural Housing loans requiring no down payment (100% financing).
No Money Down Mortgage loans are a colossal risk for the lender, therefore, any borrower that applies for one of these programs must have extensive documentation to prove their eligibility for this mortgage program.
A No Money Down Mortgage Loan is an excellent choice for a home buyer, who may not have enough money for the standard 20% down payment. As an Illinois mortgage banker, we know all the available funding sources and which are best for you.
No down payment loans require PMI (except USDA loans) at lower rates than conventional loans which are necessary buffers used by lenders to protect themselves from potential loss due to the costs of foreclosing a property in case of loan default. When obtaining this type of no money down loan, you are simply taking out a mortgage loan for 100% of the home’s cost and paying a monthly PMI payment.
Your local Illinois no money down mortgage banker. Contact us for questions or additional information.
Visit our no money down mortgage page for additional Illinois no money down program requirements.
Dennis Hardy
Toll Free: (877) 240-5810 x104
dennis.hardy@madisonmortgageguys.com
www.Madisonmortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/blog/
Visit my rural housing blog post at http://www.madisonmortgageguys.com/blog/content/wisconsin-and-illinois-rural-housing-mortgage-loans/
Visit my VA loan blog post at http://www.madisonmortgageguys.com/blog/content/wisconsin-va-mortgage-loans-illinois-va-home-loans/
Visit my FHA mortgage blog post at http://www.madisonmortgageguys.com/blog/content/wisconsin-fha-loans-and-illinois-fha-mortgage-home-loans/
Visit my no money down blog post at http://www.madisonmortgageguys.com/blog/content/illinois-no-money-down-wisconsin-no-money-down-mortgage-loans/
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